LITTLETON, Colo. — Nearly one-third of Colorado residents plan to skip concerts, festivals and other major summer events because of cost, while another 24% remain undecided about attending, according to a survey commissioned by Red Rocks Credit Union.
The credit union’s Summer Squeeze Survey found rising costs are prompting consumers to become more selective about discretionary spending as entertainment expenses compete with higher costs for everyday necessities.
Nearly 59% of respondents identified ticket prices as a barrier to attending summer events, while 54% said the overall cost of living has left them with less money for entertainment, Red Rocks Credit Union said.
Transportation was the most frequently cited expense, with 64% of respondents identifying it as a significant factor. Another 46% cited food and beverage prices at events, and 35% pointed to lodging costs.
‘Much More Intentional’
“We’re seeing people become much more intentional about how they spend their discretionary income,” Darius Wise, president and CEO of Red Rocks Credit Union, said in a statement. “Whether it’s a concert, a weekend getaway or another summer tradition, households are asking tougher questions before they spend.”
Wise said understanding those pressures helps the credit union provide financial guidance that reflects the decisions consumers are making.
Similar Pressures Across Generations
The survey also found similar pressures across generations. Nearly one-third of Gen Z and millennial respondents and 28% of Gen X respondents said they planned to skip concerts and festivals this summer because of cost, according to Red Rocks.
Gen X respondents were the most likely to say the broader cost of living was reducing the amount available for entertainment. That was cited by 63% of Gen X respondents, compared with 53% of millennials and 47% of Gen Z respondents.
Millennials were more likely than other generations to identify food and beverage prices at events as a concern, while transportation costs were the leading barrier among all three groups.
Some Activities Prioritized
Despite the financial pressure, the survey found Coloradans continue to prioritize some summer activities.
Asked which seasonal experiences remained essential when money was tight, 26% selected outdoor recreation and adventure, the largest share of any category. Dining out and social activities ranked second at 18%, followed by travel or vacations at 14% and concerts and festivals at 10%.
Men were more likely to prioritize outdoor recreation, with 33% selecting it compared with 19% of women. Millennials were the generation most likely to prioritize outdoor activities, while Gen Z respondents were more likely than other generations to choose dining and social outings.
Nearly one-third of Gen X respondents, however, said none of the summer experiences listed in the survey were essential when money was tight, suggesting some households are reducing discretionary spending more broadly.
Pressure Across Income Categories
The financial pressure was not limited to lower-income consumers. Red Rocks said respondents earning between $50,000 and $100,000 annually were the most likely to identify transportation costs and ticket prices as barriers to attending summer events.
The findings are the third and final installment of Red Rocks Credit Union’s Summer Squeeze Survey examining how higher costs are affecting seasonal spending decisions in Colorado.
Earlier findings from the research showed inflation affecting spending on weddings, with couples, families and guests scaling back celebrations and related expenses. Another installment found Coloradans increasingly choosing road trips instead of flights as transportation and lodging costs affected vacation plans.
Difficult Trade-Offs
Red Rocks Credit Union said the findings collectively show consumers making more difficult trade-offs involving travel, entertainment and other summer activities.
The Summer Squeeze Survey was commissioned by Red Rocks Credit Union and conducted online by Pollfish from June 2-4 among 300 Colorado residents. The survey has a margin of error of plus or minus 5.66 percentage points.
Red Rocks Credit Union, based in Littleton, serves nearly 18,000 members in Arapahoe, Douglas and Jefferson counties in Colorado.
