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Report: Brits spending piles of cash on music
Survey finds that average UK resident spends 425 pounds--or $750--a year on music, concert tickets, and music magazines.
The average UK resident spends more than 21,000 pounds--or nearly $37,000--on music, including purchased music, concert tickets, and audio equipment, during their lives, a new study from insurance firm Prudential's UK office has suggested.
That number more than doubles for music buffs and audiophiles, who spend more than 44,000 pounds--or nearly $78,000--in their lifetimes on music. Prudential commissioned research firm TNS to conduct the study, starting with a survey of 1,188 people in September.
The survey found that the average UK resident owns nearly $1,600 worth of audio equipment, including stereo receivers, CD and vinyl record players, speakers, and portable music players. In one year, the average person spends around $752 a year on purchased music, concerts, and magazines.
Seven out of 10 people go to a musical event every year, with nightclubs most popular among people under 34 years of age, the study found.
Men spend more than women on music, at 24,159 pounds ($42,900) compared to 18,260 pounds ($32,470) over the course of their lifetimes, while 11 percent of the population described themselves as people who "love music and could not live without it."
And in an indication of the hypnotic powers of music, some 50 percent of those surveyed claimed that although they like music, they don't buy much of it, despite the fact that they manage to fork over 250 pounds ($440) a year on CDs, vinyl, and digital downloads.
"Most people would describe themselves as a music fan of some sort or another, but what is really amazing is just how much money people find themselves spending on it," said Roger Ramsden, Prudential's director of marketing.
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