In the past, we’ve spent a bit of time discussing when the best time to buy tickets really is. Here, we’ll go into a bit more detail so that you can craft a more precise strategy to save money on tickets.
Sometimes, prices go down as you get closer to the event. Sometimes, prices will go up. It is hard to tell what will happen because it is supply and demand that dictate prices. The greater the demand and the smaller the supply, the higher the price will be. This means that these two factors need to be taken into account as you’re attempting to figure out when the best time to buy concert tickets is.
Creating a Buying Plan
If you’re going to buy concert tickets, then you should spend some time planning exactly when the best time to buy tickets is. To do so, you should start by considering the economic theory of supply and demand described above. One of the repercussions of this theory that needs to be taken into account is the number of tickets available to the show. For example, if Billy Joel is playing at Madison Square Garden and there is a seating capacity of 18,000, we can expect tickets to be less expensive than if he were to play at a stadium that only has a capacity of 12,000. Assuming that demand for the tickets was the same at each concert, having fewer tickets will drive the price up considerably.
Timing is the next thing to worry about. If Billy Joel tickets are being heavily marketed in NYC in the weeks leading up to a show, ticket demand will probably keep driving prices up. If marketing is not pushing the show, then prices will likely drop. Research on various artists shows that older, more established artists like Billy Joel, U2, and others saw prices go up the closer that it got to the night of the concert. However, newer musicians, like Taylor Swift and Ed Sheeran saw prices go down. Marketing isn’t the only thing that plays into this, but it is an easy gauge to use. You can even use the internet to help you figure this out through the paid advertising and ticket searches that you conduct.
Finally, start checking early. You never want to pay too much for tickets, but if you’re unsure of what prices will be, you can get a general idea of the price trend by checking in at sites like SeatGeek and StubHub for a week or two before you buy tickets. If ticket prices are dropping and seats continue to be widely available, there’s no hard in waiting to save money. If prices are increasing or you notice that scarcity is increasing, then buy as soon as you can. This isn’t foolproof, but it can be helpful.
Really, what you’re going to find is that the price fluctuations that you will see in third-party ticket sites will vary from show to show. There’s no exact formula for figuring this out, but rather patterns that emerge for specific artists and genres of music. You’ll even find that the popularity of the artist that’s playing will play a big role in how prices change. All of these little things will contribute to when the best time to buy concert tickets is. This certainly makes buying tickets at the best possible price hard, but it does provide us with a set of rules and guidelines to follow. When we are more aware of these patterns, we can time our ticket purchases better and save a few bucks here and there. The more you pay attention to this, the more you will save.