Emily Eavis, co-runner of the Festival has cited extra costs due to supply chain problems in getting equipment and raw materials, difficulties in finding labour, and musicians needing to be paid more as their own costs rise. The general high rate of inflation has also contributed since anything the Festival needs to buy is likely to have gone up by at least 10%.
Not everyone agrees this is justified, and other festivals have not raised their ticket prices as much.
Whatever your opinion about it, we can all agree that there will not be any problems selling the tickets. A couple of pieces of Micro theory help explain this: a fixed supply and highly inelastic demand.
Last year, 2.4 million people registered for tickets. Due to local council regulations, no more than 210,000 people can attend the festival and when the spaces for staff and performers are accounted for, there will be only 135,000 general sale tickets available when they go on sale very soon for the 2023 event (on 3rd November).
You might argue that there are substitutes in the form of the many other festivals available, and indeed many people who fail to get tickets for Glastonbury 2023 will buy tickets for alternative events instead. But most of those people will try again next year, simply because that although there are alternatives, most people view them as poor substitutes compared to Glastonbury.
Sadly I cannot comment since I have never been. It is always on during school term!
****Challenge: using a supply and demand diagram, explain the reasons why Glastonbury 2023 are 19% more than for 2022. Hint: what slope will the D curve have due to inelastic PED? What slope will the fixed S curve be?
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