Super Bowl Spending Trends
As the much-anticipated Super Bowl draws near, a new report reveals an interesting shift in Americans’ spending habits. The study by LendingTree highlights that while overall Super Bowl related expenditures have risen, more enthusiasts prefer to curb their spending for the big game this year.
Understanding the Shift in Spending Patterns
According to the report, approximately 75% of Americans plan to watch the Super Bowl, but among these viewers, almost a third (31%) intend to spend less on the festivities compared to the previous year. This contrasts with the 19% who are open to spending more. The rest anticipate their spending to mirror that of last year.
Those gearing up to spend for Super Bowl festivities anticipate an average expenditure of $142, a significant 22% jump from the $116 average of the previous year. Top on the list of things to splurge on are food, beverages, and fan gear.
The Inflation Effect
“Despite a larger number of individuals planning to rein in their spending, we notice a considerable increase in the average spending amount,” explains Matt Schulz, chief credit analyst at LendingTree. “The rise might seem modest at $25, but it’s significant when considering that this is about a casual football game viewing event.”
He further attributes this to the ongoing inflation and high-priced environment, which might be a likely cause for the spending divide.
The Betting Perspective
The report further notes that about 41% of Super Bowl viewers are likely to place bets on the game. This figure comprises 66% of Gen Z, 59% of parents with young children, 56% of Millennials, and 51% of men. The majority favor smaller bets, with only 41% planning to wager $100 or more. Almost the same number of bettors plan to use a credit card to place their bets.
Increased Spending on Sports
Meanwhile, a separate study by the Bank of America Institute reveals that Americans’ expenditure on spectator sports reached an all-time high in 2024. The analysis showed that consumers spend an average of $1,122 on sports annually – a figure that includes everything from attending games to purchasing athletic equipment.
Sports Spending and Local Economy
The report also provided insights into the economic impact of live sporting events, noting a noticeable increase in retail expenditure during such occasions. For example, last year’s Super Bowl LVIII in Las Vegas led to an 8% rise in retail spending compared to the rest of the month.
Super Bowl LIX
Super Bowl LIX is slated to air on FOX on Sunday, Feb. 9, at 6:30pm Eastern. Taking place in New Orleans, Louisiana, the game will feature the Kansas City Chiefs, seeking a third straight Super Bowl title, going head-to-head with the Philadelphia Eagles.
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