Last Minute Tickets – Savings, Buying, Price Trends

last-minuteWe know time is money, so we’re providing you with a 30-second recap of our blog post and examples:

  • Within 30 days of the event, ticket prices for 350 events dropped 20% or more
  • Save up to 80% on event tickets when you buy last-minute
  • On average, a person buys a ticket to an event 42 days before
  • 25% of people who purchased tickets bought the week of the event
  • 2.5% of total sales are made the day of the event
  • More people bought NBA tickets the day of the game than any other day

As with any market, this is a result of Economics 101, supply and demand. There is also a relationship between price and demand – the more people want, the more it will cost; as holds true, the less people want, the less it will cost. Every ticket essentially has an expiration date and time; that being, when the game, concert, or show begins. As an event approaches, demand for tickets decreases as most fans have already purchased tickets. When demand is low (as in this case) and the supply goes up (or remains constant), prices go down. Sellers not only want to get rid of their unsold inventory, choosing to take a small cut on the tickets they are holding on to than risk not selling their tickets at all, they are forced to drop their prices because demand for tickets from potential buyers hardly exists. Often, tickets being resold at the last minute are listed for lower than face value, savings to be had by buyers who are brave enough to wait until game time. After the jump, we’ll show you some examples of price drops leading up to an event, discuss last minute buying patterns, and finish with how Razorgator’s new eTickets app can save you money.

Last Minute Tickets – Average Ticket Price Drops

The below chart offers great examples of last minute ticket price drops. You’ll notice within the 30 days studied, prices were highest 23-30 days before the event while ticket prices were lowest 3-4 days before the event. With supply dropping rapidly in the last day or two, we did not include pricing data 48 hours or less before the event; however we’ll discuss last minute buying patterns later in the post.

Event Avg. Price (30 days before) Avg. Price (3 days before) Peak Day Lowest Price Day
Lady Gaga $812 $152 -81.28% 30 4
US W. Soccer $110 $25 -77.27% 30 3
Cher $543 $235 -56.72% 29 3
Miami Marlins $136 $62 -54.41% 26 3
John Legend $249 $138 -44.58% 30 3
Billy Joel $145 $81 -44.14% 30 3
Kings of Leon $150 $88 -41.33% 30 3
Chicago Cubs $46 $27 -41.30% 30 3
W. Final Four $254 $148 -41.73% 25 4
Masters $3,590 $2,176 -39.39% 29 3
Book of Mormon $231 $159 -31.17% 27 3

Last Minute Tickets – Examples of Price Drops

To give you a visual, we graphed four events over a variety of categories, including data up to 30 days before an event. The peak and minimum price points are noted in the charts below to better understand when demand for tickets was highest and lowest.

Lady Gaga – Roseland Ballroom Concert in New York

New York City native, Lady Gaga was chosen to close out Roseland Ballroom‘s stay with a 10-day residency. After selling out six shows – March 28, 30, 31 and April 2, 4, 6 – the Artpop singer added a seventh and final performance April 7. Due to the small venue size (low supply) and high demand for tickets after sell-outs were announced, prices on the secondary market were at a premium. Thirty days before the show, the average price of Lady Gaga tickets was $812. Four days before the show, the average price dropped to its lowest point at $150 before climbing to a slightly higher $152 three days out. The 81 percent drop from day 30 to day 3 was the greatest fall of the events we studied.

lady-gaga-tickets

Cher - Mohegan Sun Arena Concert in Uncasville

Cher is a living legend and is on tour in support of her recent album Closer To The Truth. The “World’s Number One Pop Icon” is embarking on her eighth tour titled Dressed to Kill which was announced on the Today Show at Rockefeller Center. Cher tickets to see the Goddess of Pop during her three-year Las Vegas residency and for her 2002-2005 Farewell Tour were always in high demand; as a result, fans snatched up their seats to her current tour early. Within 30 days, demand for tickets on the secondary market peaked 29 days before her concert in Connecticut. If you bought tickets to this particular show on three days before versus 24 hours earlier, you saved yourself a massive 32 percent, as the average price of tickets fell from $341 to $235.

cher-tickets

Chicago Cubs vs. Pittsburgh Pirates – Wrigley Field

In the final game of a three-game series, the Chicago Cubs took on the Pittsburgh Pirates at Wrigley Field. Heading into the Thursday meeting the teams were 1-1, the Pirates taking Tuesday’s matchup and the Cubs Wednesday. The two ball clubs met one week prior in Pittsburgh for Opening Day; that series went 2-1 in favor of the Pirates who got both W’s in extra innings. When looking at their recent record, the Cubs and Pirates appeared evenly matched. The below price trend is representative of many MLB games beit small or big market team. Chicago Cubs tickets 30 days prior to the third game of the series averaged $46, the highest price tag in the time studied. By the Monday before, prices had dropped 41 percent, averaging just $27. There were listings for $1, which means you could see the Cubbies for less than the cost of your train ticket to the ballpark.

chicago-cubs-tickets

Book of Mormon - Boston Opera House, Boston

The average price of Book of Mormon tickets on the secondary market is $247. In comparison, the average price of 30 performances at the Boston Opera House was $251. Called the “best musical in the century” the Book of Mormon’s unprecedented success has caused it to extend its second national tour; in other words, the overall demand for Book of Mormon tickets is high. If you take a look at the chart below, you’ll notice that demand slowly falls as the theater show date approaches, but not as drastically as the aforementioned events. Prices peak 27 and 26 days before (both avg. $237.50) and drop to their lowest point three days prior. One month before this Book of Mormon play in Boston, tickets averaged $230.50.

book-of-mormon-tickets

Last Minute Buying Patterns

The average person buys a ticket to an event 42 days before; however the data we found around those buying last minute may surprise you. Twenty-five percent of people who purchased tickets on Razorgator.com, bought the week of. Major league sports tickets surpassed that number by up to ten percent. Thirty-five percent of NBA tickets bought on the website were purchased the week of. With that, more people bought NBA tickets the day-of the game than any other day. Of the total NHL tickets sales on the site, 31.5 percent were purchased the week of while 30 percent of MLB tickets were purchased within seven days. NFL tickets were under the average at 23 percent; price trends show that football tickets are less likely to drop below face value (as we often see with MLB tickets and NBA tickets), so purchasing last-minute NFL tickets does not always translate to lower prices. Only 3 percent of College Football tickets are purchased the week of; like NFL tickets, buyers are less likely to see drastic price drops as the event draws near. In addition, many families purchase these tickets which requires planning and advance purchases. Twenty-eight percent of Theater tickets are purchased the week of; with Broadway being a main tourist attraction in New York, are travelers deciding on a show once they arrive to the concrete jungle? A much less 16 percent of Concert tickets are bought the week of as goers are more concerned with sellouts and minimal inventory available at the last minute. We see many sales the day of the on-sale and soon after a concert sells out on the primary market.

Two and a half percent of total sales are made the day of the event. Of the total sales made the day-of or the day before an event, 27 percent are MLB tickets, 19 percent NBA tickets, 14.5 percent NHL tickets, 13 percent Concert tickets, 9 percent NFL tickets, 2 percent College Football tickets, and 2 percent Theater tickets. If you waited until the day-of to buy MLB Opening Day tickets (March 31) as opposed to buying thirty days prior, you saved an average of 20 percent on your ticket. If you purchased a ticket to an NBA game on April 6 (which included a Lakers vs. Clippers and Heat vs. Knicks game) for a game that night, you saved yourself an average 26 percent. And, if you did the same for an NHL ticket for a game played April 7, you saved an average 25 percent.

Buying Last Minute Tickets on Razorgator eTickets App

app-store-02As you can see from the statistics just talked about, there are alot of savings to be had if you purchase tickets at the last minute. The new Razorgator app offers instant eTicket delivery; so waiting until the last-minute to purchase is a viable option for users. You can take advantage of the price drop discussed above and save up to 75 percent on some tickets. With the convenience of getting a ticket digitally delivered to you right on your iPhone, you will also save a few bucks. Where available, fans can get scanned in for entry with just their mobile device.

The same tactics that you see sellers use on the resale market (desktop), are used by our certified ticket sellers listing tickets on the app – sellers tend to drop their prices as show-time approaches. In cases where demand for a ticket is still high 24 hours out, app users will still save because for a limited time, we are waiving the digital download fee of $4.95.

The natural price trends set by sellers and the economics of supply and demand already provide last-minute ticket buyers with great deals. With the addition of no delivery fee, users of the Razorgator eTickets app will save on every ticket. The spontaneous, bargain shopping individual looking for last-minute tickets and instant gratification, need look no further.

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