Festivals can be a pricey time for Brits
It might look like an ‘in-tents’ figure, but 1.38 million Brits will spend an average of £159 each on a music festival this summer, according to a paper by Mintel's Music Concerts and Festivals.
The average Brit doesn’t have much luck with their festival finances, with many of them having to borrow money from friends just to get by during the event.
Over half (51%) attribute this to bad budgeting, while 24% put it down to losing certain possessions or having them stolen.
A good way to stick to a pre-determined budget either at home or abroad is to use a prepaid card, helping to soften the financial blow following an event or holiday.
And when it comes to spending the money, it’s perhaps no surprise that we spend the most on drink, with the average festival-goer shelling out £32.67. Food was a close second, setting Brits back an average of £28.67.
Other expensive items included petrol and transport, and confusion over who should be chipping in sparked further problems. This is especially true when friends offer one another lifts: while most drivers expect to split the cost of fuel, 20% are too embarrassed to ask.
Perhaps surprisingly, we’re increasingly starting to spend more money on looking good while we’re at festivals, with men spending an average of £7.03 on hair straightening, compared to £6.83 for women.
Men also spend more on washing, with the average man shelling out £7.59 for showers during festivals, with women again only paying £6.83.
But we don’t just borrow money for these needs. Perhaps as a testament to the country’s rainy reputation, 7% of us need to borrow money from friends after poor weather damages what we’ve brought along.
However, this was actually one of the least common reasons for needing extra cash: apart from bad budgeting, the most common reason was misplacing credit and debits cards.
All this has meant we’re starting to owe our friends quite a debt, with the Great Mate Debt figure now being calculated at £2.3bn nationwide.