Millennials Can’t Afford Tickets But You Can’t Afford Not to Market to Them
When you’re selling tickets, one of the main groups you need to appeal to is the millennial generation: the 18-34(ish) year old group of current students, recent grads, and local sports fanatics.
And guess what?
Not just college-student-eating-ramen broke or first-job-small-salary broke, but seriously broke.
In 2016, there were more households in poverty headed by a Millennial than by a member of an older generation. Massive student loan is partially to blame: borrowers under the age of 39 are on the hook for 2/3 of the nation’s $1 trillion in student loan debt. Older generations often talk smack about lack of millennial responsibility and how they’re waiting longer to get married, buy a home, etc. but part of the reason this generation is lagging behind is because they simply can’t afford those “grown up” expenses.
Even though this group doesn’t have much money today and probably only makes up 25%-30% of your current revenue base, you shouldn’t write them off. Millennials are the biggest generation this country has ever spawned and they aren’t going to be broke forever. Just about the time Baby Boomers are dying off, Millennials will be hitting more solid financial ground and will represent the majority of your target audience.
So how do you get this strapped-for-cash group to spend money on tickets today?
Focus on the experience.
According to an Eventbrite report, Millennials are more likely to spend money on attending events than on material goods. They’re all about having experiences and creating memories. More than ¾ of Millennials credit an event or live experience with creating their best memories, and they’re eager to make more. When they come to a game, they’re there for more than just the game itself – they view it as an opportunity to hang out with friends or family and feel like they’re part of the action. They’re also driven by FOMO, so if you make your game the place to be they’ll want to be the one showing up and sharing it on social media.
Make it affordable.
Millennials love discounts and getting a good deal. What are you doing to put tickets within reach for this group? Think beyond simply offering discounted tickets for students and get creative. Have you tried a buy-one-get-one promotion to encourage greater attendance? Extended payment options for ticket packages? Geo-targeted digital ads that include a special offer in the days leading up to the game? According to a NACDA report, just over half of Millennials say they’d share their location in return for a relevant coupon or promotional deal, especially if it means better access at events. What about special discounts on game day? TodayTix (think Uber for ticket sales) did some research, and they found that men are 30% more likely than women to take advantage of last-minute sales. That’s an another insight worth keeping in mind as you design day-of-game discount promotions targeted at this group.
Even though the bad news is that Millennials don’t have much money to spend on tickets, the good news is that they’re more likely to spend their limited dough on experiences and events. Your challenge is to make your games both affordable and engaging. While this might not be your core fan base today, the more of a relationship you can form with Millennials, the more likely they’ll be to continue to support your program in the future when they’ve got some money to burn.