In the News
Price Elasticity of Demand - Glastonbury raises ticket prices to £340
How price sensitive are fans of the Glastonbury Festival? We are about to find out. Significant price increases have been announced for 2023. Tickets for next year's Glastonbury Festival will cost £340 + a £5 booking fee and a £50 deposit.
Track back to 2019 when tickets last went on sale – the last time tickets went on sale, in 2019, tickets for the festival cost £248, plus a £5 booking fee. You can work out the percentage change!
Naturally, much of the price hike reflects the increasing costs of running a festival that attracts upwards of 200,000 people.
But will demand be affected by this price rise?
My instinct is that there is sufficient pent-up demand for the event that they will still sell-out within minutes of tickets becoming available for sale.
One person commented on social media that “Glasto fully aiming for the "gap yahh" market with them ticket prices then.”
But another said, “Anyone who’s that outraged at £335 for Glasto, I’ll take your ticket off your hands no problem, worth every penny.” Such is the nature of demand!