🎟️ 🏈 Even Inflation Won't Stop the NFL🎟️ 🏈
Inflation may not stop the NFL:
What’s new? Inflation in game attendance has been an issue for a while, but now inflation is impacting fans at multiple levels.
Why does it matter? There aren’t a finite number of fans with the money to spend on a game and the associated costs.
Competition for consumer spending is intense. You’ll need to work harder to win customers’ business.
The cost of attendance hasn’t been an issue because fans were spending on experiences, the economy was strong, and inflation wasn’t an issue. Even as the price of attendance had exploded.
Inflation has hit everyone’s wallet now.
That’s changed how people are spending their money.
Does this mean that people won’t go to events?
No.
You will need to do research to know what the market looks like.
Deeper: Surveying the market is great. But the question to answer is “How often were these people going to events before the pandemic?”
Do these replies indicate a behavioral change?
You need to know:
What a fan values.
What actions or behaviors they are exhibiting?
What role does attending the game fill?
Focus on behaviors is not easy to measure attributes like demographics.
Next steps:
Backward market research. Start with the question you want to answer.
Go to the customer.
Create a hypothesis of what you think will happen.