People attending free events are 60% more likely to book on the day of the event than for paid events, according to results of a new survey of 1,000 event attendees, exclusively revealed to CN.
Registration and event management specialist Eventbrite, which conducted the survey, reasons that every event organiser would like a crystal ball to tell them when their delegates are going to buy tickets, so put together questions designed to help organisers and delegates decide whether they are behind or ahead of the curve. What and when should they be investing in marketing-wise and does the age, gender, location or parental status of my target audience affect purchasing decisions, were some of the questions they were hoping to find results for.
One conclusion from the study is that attendees are price sensitive and, if you’re running a paid event, organisers should be 50% of the way to the target revenue around a month out.
Women book earlier than men, is another finding, with Eventbrite’s results showing females tend to book their tickets further out than males (up to three months in advance), with males signing up much closer to the date (usually with less than a month to go).
Millennials are late bookers, it appears, with Eventbrite’s Mark Walker telling CN: “We found that the older demographic booked further in advance, while a those aged 25-34 were most likely to buy tickets on the day of the event, and least likely to book three months out.”
Where people live can impact ticket buying behaviour, the study results show, with those in London and the South East 23% more likely to book tickets on the day of the event or the day before compared to those living elsewhere in the UK.
People living outside of London and the South East were 42% more likely to register to attend an event three months or more in advance, according to Eventbrite.
People in relationships are 30% more likely to buy event tickets three months in advance than those who are single is another statistic to emerge.
But what does the data mean for organisers?
On the whole, for most events and across most demographics, there appears to be a significant advantage to having your event page live as early as possible to capture those early birds that plan ahead.
A lot of events see a lot of last-minute activity (in general up to 20% of sales but in some cases nearly 50%), so those considering cancelling an event at the last minute, may wish to consider whether they can afford to hang in there for a final push.
For the vast majority of events – regardless of other factors like cost, event type or demographics – the most important period for sales is between a week and 12 weeks out, Eventbrite says.
“The demographic makeup of your ideal attendee will have an effect on the purchasing behaviour you can expect, and dictate when is the best time to pour fuel on the marketing fire, making it critical to know who your ideal event attendee is,” says Walker.
For the full survey results and report, visit the Eventbrite blog.