Sipping on Honey Deuces behind the players’ boxes at the US Open. Sitting courtside next to A-list celebrities at NBA games. Strolling the paddocks of Formula 1.
Some sports fans are willing to pay steep prices for experiences like these—provided sports orgs know how to speak their language, according to an August report from PwC.
The consultancy surveyed 1,000 sports fans from the US who earn more than $200,000 annually on their own or who have household incomes of more than $300,000 and found it takes more than good stadium food to please the high-earning crowd.
Outside the box: About one-third (34%) of high-income sports fans attend live sports events at least monthly, and they “demonstrate a strong willingness to invest in premium experiences,” PwC found.
- The majority (60%) of affluent fans said they’d be willing to spend more than $250 for a special event like a playoff game.
- 1 in 5 high-income fans, or 20%, said they’d spend more than $1,000.
For events that offer “premium hospitality” like player meet and greets, 42% of high-income fans said they’d spend more than $250 to gain access, per the report, while 1 in 4 said they’d spend more than $500.
Young, affluent fans are particularly drawn to exclusive experiences, said Mike Keenan, head of PwC’s sports practice, who previously worked for the Cleveland Browns and for the NFL at the league level.
“They want to be able to do something that others are not able to do,” Keenan told Marketing Brew. “Think about it in terms of the social media world, just kind of documenting your life, like…‘I’m down on the field for a game,’ or ‘I’m meeting a player.’ It’s digital-first, unique content that they’re looking at, and they’re more likely to share all those experiences on social media.”
Where deals get done: Older affluent fans, aka those 45 and up, “prioritize comfort, reliability, and business networking” at games over extra likes on their next post, Keenan said, and the 25–44 demographic also sees the business case for premium sports experiences, according to the report.
- Almost all (90%) of that age group said that “hospitality preferences are important when attending events with clients or business partners.”
- Closer to three-quarters (70%) of the 55-and-up group said the same.
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Those stats were somewhat surprising to Keenan at first, but considering younger generations’ desire to network or find something of a “social scene” at work, he said, the findings ultimately made sense to him. Almost one-third (31%) of men ages 25–34 and 23% of men ages 35–44 said networking and entertaining clients is a “key factor” in their decision to go to games, according to PwC.
Fresh threads: Many high-income fans who are shelling out for tickets don’t stop there; they also want the merch to go along with the experience, and more than half of them purchase it at least a few times annually, PwC found. Hats are most popular among this group, followed by jerseys and other apparel.
Again, “exclusivity is a key motivator” for these purchases, according to the report, with 21% of high-earning fans ages 25–34 saying it’s “the most important factor” behind their decision. That lines up with a growing trend of limited-edition merch drops and collabs in the sports space, per PwC. Demand is especially growing for women’s sports merch, which has traditionally been less widely available than men’s sports merch.
Screening room: Though affluent fans are willing to spend on tickets, they’re also watching sports from home. Almost two-thirds (61%) of the high-income demo spend at least three hours a week watching sports on TV, with the NFL and college football topping the viewing list, according to the report.
But viewership drops off among younger men. The lion’s share (90%) of men ages 55 and up will watch at least half of a game, the survey found, a number that drops to 63% among men ages 18–24. And 70% of high-earning fans ages 25-34 reported checking social media while they watch.
Teams and leagues seem well aware of this behavior across fan demos, with many building out robust social media strategies in addition to their broadcast, streaming, and in-person experiences.
“Teams are going anywhere their fans are,” Keenan said, later adding that from social to venues, sports orgs “have to tailor offerings to make sure that there’s a baseline for all fans, but then give the ability for those that want to to pay to amplify their experience.”