Editor’s note: He is the co-author of this column Kate Hessling, Mark Zimmerman, Tom Rastin and Jeff Curtis.
As the San Francisco 49ers and Kansas City Chiefs prepare to play Super Bowl LVIII in Las Vegas, Americans across the country will be paying more than ever for the feasts and entertainment of the huge games.
Who is watching and what is going to be released
Recently released St. Research Survey Bonaventure/Siena claims that about 75% of the U.S. population – or approximately 256 million Americans – will watch some or all of Super Bowl LVIII. According to the latest consumer spending data from National Retail Federationa record 200.5 million viewers will be adults. Of those, 112.2 million plan to throw or attend a party, and another 16.2 million plan to watch the game at a bar, restaurant or in person.
The National Retail Federation estimates that total spending on food, beverages, clothing, decorations and other purchases that day will reach a record $17.3 billion, or $86.04 per person.
Just a decade ago, total household spending around the Super Bowl was $12.4 billion, according to consumer spending data.
Tickets for the game itself, which will take place on February 11 at Allegiant Stadium in Las Vegas, Nevada, are more high-priced than ever. According to TicketiQ BLOG, Ticket prices range from $7,632 to $81,190 THE INVESTOR’S PLACE having calculated that the average ticket price in 2024 will be just over $11,000. For comparison: CBS reports that the average ticket price for the 2023 Super Bowl was $8,907. For greater clarity on the massive changes in the growth, scope and popularity of professional football in general and the Super Bowl in particular, consider the following: Be in sports reports that for the inaugural Super Bowl in 1967 between the Green Bay Packers and the Kansas City Chiefs, the average ticket price was just $12. The game took place at the Los Angeles Memorial Coliseum and was not sold out. These tickets, adjusted for inflation, would cost just $112 today, which is just a fraction of their actual 2024 prices.
NFL owners represent some of the most powerful examples of entrepreneurship in America over the last 65 years. Lamar Hunt took a chance and in 1959 paid $25,000 for a franchise called “The Dallas Texans.” He moved this franchise to Missouri; is now known as the Kansas City Chiefs and is worth a staggering $4.3 billion. For comparison, $25,000 adjusted for inflation is worth $243,281.31 today…Mr. Hunt made a very wise investment in 1959.
The impact of inflation
With more than a quarter of a billion Americans watching the Super Bowl on TV at home, at a bar, hotel or restaurant, or attending the Super Bowl in person, it will cost more in 2024. According to data from US Bureau of Labor Statistics and Federal Reserve Bank of St. Louis Down AAA AND Freddie Mac, here’s why prices in general, and the Super Bowl in particular, will be more high-priced. Since 2021, overall consumer inflation has increased by almost 18%, gas prices by almost 30%, credit card debt has increased by just over 40%, interest rates on 30-year mortgages have almost doubled, and as a result, real hourly wages have increased, in over the past six months, they have declined overall by 2.4% since January 2021.
From Super Bowl LVIII to the November election
Historically, the Super Bowl is a weekend that draws viewers around the world to watch top athletes compete in a truly American sport for one of the most recognizable trophies in the world. In an election year in America, the Super Bowl gives us a break from politics. Democrats and Republicans often unite in common support for a given team, and often hide their political differences for the weekend. Politics never seems to be a topic of conversation. We focus on player performance and our favorite ads. Clearly, politics will quickly divide us after Super Bowl LVIII. If you’re a Republican, you’ll point to President Biden’s first-term problems, including the crisis at the southern border, over-regulation of U.S. energy, foreign policy, inflation, and rising national debt. If you are a Democrat, you will continue to press why you believe it would be a mistake to re-elect former President Donald Trump, citing the improving labor market, low unemployment rate, slowing rate of inflation in the U.S., and the fact that Republicans refuse to support President Biden’s green energy policies and want to provide constant tax breaks to the wealthy.
However, we believe that all Americans should take some time to understand that America, one of the freest countries in the history of the world, accounts for just over 4% of the world’s population and yet produces over 26% of the world’s gross domestic product. Our exchanges are off to a great start in 2024, with: Dow Jones Industrial Average, S&P500 and Nasdaq stock markets are at record highs and the unemployment rate of 3.7% is at one of the lowest levels since the end of World War II. At the same time, we are not problem-free. Our national debt is over $34 trillion and growing at a record pace, American consumers are burdened with unprecedented personal debt, and America has one of the highest personal and corporate income tax rates in the industrialized world.
So in the days and weeks following Sunday’s huge game, let’s remember how we treated each other during our Super Bowl meetings; the high fives we gave to the Democrat whose office is next to ours, or the hugs we gave to our next door neighbor who votes Republican. Buy them a beer, feed them chicken wings, and seek out open, rational discussions that will lead to an even freer, more productive, and more prosperous America (even if they support the wrong political team).
Dr. Timothy G. Nash is director of the McNair Center at Northwood University. Kate Hessling is the executive director of communications at Northwood University. Mark Zimmerman is the former CEO of the Georgia World Congress Center. Tom Rastin is a retired business executive from Ohio. Jeff Curtis is the athletic director at Northwood University.
