Football Fans ’struggling to Meet Rising Costs’
Football fans are finding that “life is getting harder” when it comes to managing their personal finances, according to new figures from Virgin Money.
The announcement comes as the financial services firm reports that the surging cost of attending football matches is causing fewer fans to go to live games. According to the company, increasing expenses will see about one in ten (nine per cent) Premiership supporters reduce how many times they will get behind their team in person, as they face rising pressure on areas of their finances such as credit cards and personal loans.
Overall, Middlesbrough and Chelsea fans are said to be the most apathetic in watching live games as 24 and 19 per cent of supporters from these clubs claim that they will not be attending their respective stadiums as much. Blackburn Rovers fans on the other hand, are least likely to reduce their attendance to matches as there are only two per cent that are considering attending less games.
Meanwhile, consumers are reported to be “feeling the pinch” as they start to feel the effects of five base rate rises by the Bank of England since August 2006. And with a decrease in disposable income noted, in addition to a rise in football-related costs, the company suggests that attendances could be set to dwindle more in the future as less money is spent on merchandise.
John Franklin, spokesperson for Virgin Money, said: “The ordinary football fan is up against it this year. While it’s true that some clubs have frozen or even reduced ticket prices, our analysis shows that the overall cost of following your team continues to rise. And while perhaps last season fans were able to ride the storm thanks to some favourable market conditions, the effects of five interest rate rises will make life very difficult for many. Financially life is getting tougher, but dedicated fans won’t want to sacrifice following their team as a result.”
Virgin Money’s announcement comes as its latest Football Fans Price Index reveals that the cost of attending matches has increased by 22 per cent since February last year. The ‘match day expenditure’ including tickets, and programmes etc was reported to cost