Even with economic worries, Vivid Seats CEO says customers still pay to see sports and hair bands
Strong spending by consumers has been a linchpin keeping the U.S. economy out of a recession, and Vivid Seats CEO Stan Chia doesn't see demand in his industry falling off
NEW YORK — Strong spending by consumers has been a linchpin keeping the U.S. economy out of a recession, and Vivid Seats CEO Stan Chia doesn’t see demand in his industry falling off.
He says customers are still using Vivid Seats to find tickets to concerts, sporting events and the theater even if interest rates are high and sentiment surveys show shoppers say they’re feeling nervous. Vivid Seats' marketplace allows people to buy and sell their tickets to live events.
Chia told The Associated Press that he believes the explosion of pent-up demand for entertainment outside the house following the pandemic has burned out, and trends have returned more to normal. The conversation has been edited for length and clarity.
A: I think what we can certainly see in our category is live events continues to be one that consumers are prioritizing in their discretionary income.
This category, while it is discretionary by definition, doesn’t behave like others, like buying a new TV. You don’t really think about buying a new TV in the same way as whether you’re going to a Guns N' Roses concert.
We are now past any point of potential pent-up demand release. What we’re really into is secular trends of the industry that really drive it forward. I think about where the generational priority is on spending. If you think about Gen Z, as they come into purchasing power they have prioritized experiences over goods and services.
You’ve got folks like myself — the Guns N' Roses references shows I'm a geriatric millennial — I’ve certainly got a little more money than I did 20
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