People love their sports teams—and many Americans end up going into debt after spending big bucks on those team experiences.
Key Details
- Americans are willing to spend large amounts of money on their favorite sports teams—this includes tickets to live events, betting on games, and buying merchandise.
- This year 33% of Americans are expecting to go into debt supporting their favorite teams, according to a survey of 1,578 Americans done by financial services company LendingTree.
- “Americans love, love, love their sports, and we aren’t afraid to spend money on it,” says LendingTree chief credit analyst, Matt Schulz.
Why it’s news
Americans don’t typically shy away from credit card debt. American credit card debt totaled $841 billion in the first quarter of this year, with the average card holder having $5,769 in debt, according to MoneyGeek.
One thing that many Americans are willing to go into debt for—sports. 33% of Americans are expecting to go into debt from sports this year and on average expect to spend around $664.
The average sits around $664, but it differs by age. Here’s the average amount Americans plan to spend on their favorite sports teams by generation, according to CNBC:
- Generation Z (ages 18 to 25): $464
- Millennials (ages 26 to 41): $645
- Generation X (ages 42 to 56): $827
- Baby boomers (ages 57 to 76): $641
Of all the generations, millennials are the most likely to drop big bucks on sporting events. Majority of them spend money on live event tickets.
About 42% of both Gen Z and millennials anticipate going into debt due to sports-related expenses, while just 11% of boomers expect to, according to LendingTree.
A smaller amount plan to engage in sports betting at 8%, and 7% will spend money on fantasy teams. While the number for betting is low, the money they plan to spend is high—33% of respondents who plan to gamble say they’ll spend over $1,000, according to the survey.