Nearly half (46 per cent) of live music fans prioritise spending on live entertainment, even during times of economic uncertainty. That’s according to new research from AEG Global Partnerships. Consumers are unwilling to forgo opportunities to feel positive emotions, like joy and excitement, and make lasting memories.

AEG Global Partnerships’ new report – The Live Effect – investigates the power of live music for consumers and brands in the UK. Only one in five (22 per cent) would cut live entertainment if they needed to reduce their spending due to financial pressures. Consumers are more likely to cut spending on luxury grocery items (41 per cent), dining out (31 per cent), fitness memberships (30 per cent) and even international holidays (30 per cent) to hold onto live experiences.

Among dedicated live music fans, who have attended at least six shows in the past three years, only 16 per cent would give up live entertainment – ranking it 13^th out of 14 categories on the chopping block and highlighting the value music-loving consumers place on live events.

Strategy experts from AEG’s Global Partnerships division put the inclination to prioritise live events down to the impact of positive emotions. Anticipation builds from the moment of booking, with 59 per cent feeling highly excited when purchasing live music tickets – second only to booking a holiday (70 per cent).

When attending events, music fans feel excitement (70 per cent), joy (63 per cent) and even euphoria (32 per cent). Many also feel a sense of freedom (35 per cent), inspiration (35 per cent) and nostalgia (34 per cent). For all but two per cent of fans, these feelings extend far beyond events themselves, with around one in five (22 per cent) agreeing that the positive emotions become lasting memories.

Positive emotions and cherished memories ensure that live music remains a high priority despite economic instability and high inflation, but they also create a halo effect for brands who can elevate experiences. Nearly half (49 per cent) of fans have made a purchase decision based on a brand’s association with a live entertainment event, increasing among traditionally hard-to-reach Gen Z and Millennials consumers (73 per cent and 65 per cent respectively).

Seven in ten (70 per cent) say they have felt “at home” among people who understand them at a live music event, while 63% report making an immediate connection with strangers. Remarkably, half (53 per cent) even feel more understood by fellow fans than by people in their everyday lives.

Paul Samuels, president – Global Partnerships at AEG International, said: “In times of economic instability, sometimes we need a little joy and excitement in our lives, which is why so few fans are prepared to curb their spending on live entertainment in the face of financial hardship. Brands that can elevate fans’ experiences through authentic activations can harness the halo of the positive emotions and heightened attention to shift perceptions, increase consideration, boost sales and build lasting relationships with niche or hard-to-reach groups of consumers.”