Millennials now make up a fourth of our population, and 50% of them refer to themselves as “foodies.” For food festival organizers, they’re a very important demographic.
Eventbrite recently surveyed more than 5,000 millennials to get some hard facts on how they decide which festivals to attend, and how much they’re willing to spend on a ticket. 80% of those surveyed had attended three or more food, wine, or beer events in the past year. Nearly half had attended five or more. They’re not just fun-seekers — they’re practically professional event-goers. So when they talked, we listened.
Millennials told us that they’re drawn to different types of events for different reasons. Beer festivals offer the promise of meeting brewers and celebrity bartenders. Wine festivals tend to be held in beautiful wine-country locations. But while millennials care about the milieu, the entertainment, and the refreshments, ticket price is a factor they don’t ignore. After all, they have a lot of options. If everything else is equal, the better deal will always win.
When setting a ticket price, consider the collective value of all of the food and beverages served. The service of providing many new or limited-availability products in one convenient location should merit a premium. We found that 60%of millennials will buy food or wine they discovered at an event when they visit a local retailer or restaurant later on. And they are more likely to go straight to the source. An impressive 95%say they’re inclined to visit a restaurant, food shop, or farm they discovered at a festival.
As you can see below, millennials are likely to engage with your brand in a number of ways after your event. They’re also apt to purchase what they liked.
So let’s cut right to it: how much are millennials willing to spend for a food and beverage festival? We found that the sweet spot for ticket pricing is between $36 to $50. In fact, only three percent of respondents reported choosing to attend an event because it was free. This underscores the fact that millennials understand that you get what you pay for.
But if you offer an exclusive experience — a VIP tent or a special wine pour, for instance — they’re willing to pay more. The number is highest for food festival attendees, with a whopping 82% willing to spend more for a VIP experience.
Eventbrite saw a 47% year-over-year increase in food and beverage events from 2013 to 2014 — and the millennial boom is likely to be a factor. For more ideas on making your food and drink festival a millennial magnet, read our full report.
