SAN FRANCISCO--(StubHub, the world's largest ticket marketplace, recent survey findings show that the landscape of ticket buying on the secondary market is trending towards last-minute purchases, and this procrastination is paying off for StubHub fans. Compared to three years ago, more than half of respondents said they are making more last-minute plans, and nearly 30 percent said they have attended sporting events or concerts planned within three days of the event. Further, while many of the fans surveyed perceived that tickets would be more expensive closer to the event, StubHub found that on average those who waited until the day of an event paid 30 percent less than if they had purchased tickets one month prior.)--
“Because event tickets eventually expire, we find that sellers often lower their prices gradually as the event date approaches, and dramatically on the day of the event”
So far in 2012, the average ticket price for a concert or marquee sporting event one month from the event date was $95 on StubHub. However, just three days away from the event the average ticket price dropped to $66, and within 24 hours of the event the average ticket price was $62. This means that fans who want to purchase tickets to high-profile games, such as the NHL or NBA playoffs, can likely score the best deal by waiting until game day to purchase.
Since May 1, there have been more than 32,000 last-minute (within three days) transactions for NBA and NHL playoffs games, and of that, roughly 10% took place within two hours of the event. Further, people who waited until right before game time purchased more than 1,000 tickets for $5 or less, including 10 tickets at 39 cents each for Game 1 of the Celtics at Hawks matchup in Atlanta.
“Because event tickets eventually expire, we find that sellers often lower their prices gradually as the event date approaches, and dramatically on the day of the event,” said Ray Elias, Chief Marketing Officer of StubHub. “This is obviously demand driven, and can vary based on the number of buyers competing. If you can deal with some uncertainty, and don’t need to make specific plans, there are tremendous deals to be found on StubHub by waiting. On the other hand, if you are traveling, or just need to know where you will be sitting well in advance, waiting may not be the best option.”
Access to last-minute tickets is also contributing to the trend of waiting to buy, with 75 percent of fans saying it is easier to get tickets to games and concerts on event day compared to three years ago.
StubHub expects the growing mobile commerce sector to turn even more fans onto last minute purchasing, as they can search for and buy tickets on-the-go. Mobile ticket sales on StubHub have increased 500% year-over-year, yet just 20 percent of survey respondents said they have used a mobile device to purchase tickets. More than half reported that they would be open to it if they knew it was an option. In these NBA and NHL playoffs purchases since May 1, only 369 transactions were conducted via mobile.
The overall survey data reflects a growing shift in the culture of event goers toward avoiding commitment too far in advance. Nearly one third of fans prefer not to make plans ahead of time because something better might come up, and the same number of fans also say it’s not important to have set social plans for the upcoming weekend.
The survey was conducted by Penn Schoen Berland in April 2012 by 500 respondents who reported that they purchased sports or concert tickets from StubHub within the past year.
StubHub is the world's largest ticket marketplace, enabling fans to buy and sell tickets to tens of thousands of sports, concert, theater and other live entertainment events. StubHub reinvented the ticket resale market in 2000 and continues to lead it through innovation. The company's unique online marketplace, dedicated solely to tickets, provides all fans the choice to buy or sell their tickets in a safe, convenient and highly reliable environment. All transactions are processed and delivered by StubHub and backed by the company’s FanProtect Guarantee™. Company partners include the New York Yankees, University of Texas, and FedExField, along with over 60 teams in the NFL, MLB, NBA, NHL and NCAA, complemented with companies such as ESPN, Tickets.com, and Paciolan.
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