The US Economy: Lessons from NASCAR

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Apparently the government isn’t the only group subject to “alternative facts.”

Some web sites selling tickets hype the popularity of NASCAR. However, do you see the irony in this excerpt from the Ticket City website?

In the world of auto racing, NASCAR ranks as one of the sport’s most popular form. The $3.1 billion organization has been filling speedways to capacity for decades and the NASCAR following is only getting stronger. With an average NASCAR ticket price ringing in at $107 for the 2017 season, the sport has made attending races a reasonable feat in comparison to its racing counter parts like Formula 1, and the 2017 season is one of the most affordable in recent years..

The most iconic of all the NASCAR races, the Daytona 500, or the Super Bowl of NASCAR as it has become known, carries NASCAR’s highest priced ticket, but it may not be as pricey as you would think. In 2017, the Daytona 500 average ticket price settled in at $137 a pop. While the Daytona International Speedway currently holds nearly 101,000, following renovations to the track which reduced the number of available seats. (1)

Yep, the sport is so popular that we’re reducing the number of seats available.

USA Today has a different take:

Think NASCAR’s falling attendance and last season’s low TV ratings have lessened the cost of race tickets this season? Think again. (2)

Even with the reduced seating at Daytona, the track failed to sell all the seats this year. Bristol had sold out 55 consecutive races until 2016. Further, there are third party websites that are advertising 75% discounts on ticket prices. (4)

The bottom line is disposable income. Some US households have money left after spending on necessities; many don’t. Ultimately, the government owns the issues that are draining consumer wallets: health insurance and care costs, education cost and the burden of student loans, home financing. Until consumers are provided some relief, these issues will continue to strangle economic growth.


Sources:

  1. https://www.ticketcity.com/auto-racing/nascar.html
  2. http://ftw.usatoday.com/2017/02/daytona-500-daytona-international-speedway-monster-energy-nascar-cup-series-ticket-prices
  3. https://www.usatoday.com/story/sports/nascar/2016/07/01/nascar-declining-attendance-tv-ratings-fans-social-media/86573130/
  4. http://www.goodseattickets.com/NASCAR?gclid=CLr4xIi98tMCFYaPswodUSkHzg
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