Tesco is one of a number of supermarkets that matches some prices to Aldi
Dozens of Tesco products price-matched to Aldi – such as chicken nuggets, cottage pie and blackcurrant squash – are not like-for-like, BBC Panorama has found.
In the case of chicken nuggets, the Tesco product contained 39% chicken compared with 60% in the Aldi one.
Of 122 Tesco products, 38 – nearly a third – had at least five percentage points less of the main ingredient than the Aldi products they had been matched to.
Twelve Tesco products were found to have more of the main ingredient.
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Tesco told the BBC it constantly reviews the quality of its products and has clear processes in place to ensure its price-match products are comparable to Aldi.
It also said a higher proportion of any one ingredient does not necessarily mean it is better quality.
Consumer expert Kate Hardcastle says Panorama’s findings are an example of “value engineering” which involves changing quantities of ingredients to reduce the price.
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Discount supermarkets like Aldi and Lidl have thrived as shoppers have adapted to the higher cost of living.
Aldi’s low prices have helped it overtake Morrisons as the UK’s fourth biggest supermarket.
Tesco is not the only supermarket to offer products priced to match Aldi.
Sainsbury’s, Morrisons and ASDA offer similar ranges, but Panorama found no clear evidence of a pattern of consistent differences in the proportions of main ingredients in their goods compared with the Aldi versions.
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Tesco matches Aldi’s prices on about 700 items out of its 30,000 product lines. They are usually low-priced everyday goods.
Ingredients listed on 122 Tesco products price-matched to Aldi were analysed by Panorama in August.
We found that Tesco chicken kievs, part of the supermarket’s Hearty Food Co range, had 44% chicken, compared with 57% in the Aldi equivalent. In the same range, Tesco cottage pie had 18% beef, whereas Aldi Inspired Cuisine Cottage Pie had 25%.
In the case of Tesco Hearty Food Co chicken nuggets, there was 39% chicken listed on the ingredients, but in Aldi Roosters Chicken Nuggets there was 60%.
A can of Tesco Stockwell & Co Chilli Con Carne lists beef as making up 15% of its ingredients, while in Aldi Bramwells Chilli Con Carne the figure is 27%.
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Meanwhile, Tesco No Added Sugar DS Apple Blackcurrant Squash had 6% fruit juices from concentrate, while Aldi Sun Quench Double Strength Apple & Blackcurrant Squash had 20%.
Reducing quantities of the most expensive element in a product – such as meat in a ready-meal lasagne – can make a significant difference to prices, says consumer expert Kate Hardcastle.
“It’s only when you [customers] flip it over and look at that tiny, tiny, font size to see you’re not getting the same deal,” she explains.
But not all of the Tesco price-match products analysed by Panorama had less of the main ingredient than Aldi equivalents.
Twelve of the 122 Tesco comparisons had at least five percentage points more than Aldi’s. These included:
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Hearty Food Co 10 Fish Fingers had 64% Alaska pollock, compared with Aldi’s Everyday Essentials Fish Fingers which had 58%
Tesco’s Eastmans Coleslaw had 57% of cabbage, while Aldi’s The Deli Creamy Coleslaw had 47%
Also in the Eastman range, Reduced Fat Houmous had 62% of cooked chickpeas, whereas Aldi’s The Deli Reduced Fat Houmous had 55%
Tesco said: “Since we launched our Aldi Price Match four years ago it has proved very popular with customers.”
It added that all of its products carry information about ingredients so customers can make informed choices.
As the cost-of-living squeeze continues to affect many, supermarkets say they’re doing what they can to help us save money, offering discounts and promotions. But just how good are these deals?
Watch now on BBC iPlayer or on BBC One on Monday 23 September at 20:00 (20:30 in Northern Ireland)
Aldi’s most recent figures, published earlier this month, showed its pre-tax profits more than tripled to a record £536.7m in the year to the end of December 2023, driven by an extra £2.4bn in sales.
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Price rises and new store openings drove much of the rise in earnings, but it also attracted new customers. However, the chain is now growing at a slower rate than most of its big rivals, including Lidl.
This time last year, Aldi was the fastest-growing supermarket, according to industry data, but it has since lost ground in market share as competitors have fought back.
It has more than 1,020 stores across the UK and employs 45,000 people.
Tesco’s Stockwell & Co Chilli Con Carne has 15% beef, while its Aldi comparison product has 27%
The vast majority of the products Aldi and Lidl sell are own-label.
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Last year, Giles Hurley, Aldi’s boss in the UK and Ireland, told the BBC products sold under a supermarket’s own name now make up more than half of everything shoppers buy, by value.
“If you look in volume terms that figure is much bigger and at the moment own-label products are growing at twice the rate of branded goods,” Mr Hurley said.
“Why would [shoppers] go back?”
Meanwhile, Tesco, the UK’s biggest supermarket chain, reported in April that its pre-tax profits hit £2.3bn, up from £882m, while sales rose by 4.4% to £68.2bn in the year to 24 February.
About to leave for our scheduled tour of Hobbiton, the charming film location of the Shire, home to Frodo and company, disaster struck.
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Approaching our car, I noticed the rear tire was completely flat, the result of a nail puncture. And the spare was too thin to get us there.
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To make matters worse, it was our last day in New Zealand’s Waikato region so we couldn’t re-schedule. Seeing my wife’s downcast face, Hobbiton being the holiday highlight she’d been most looking forward to, I felt helpless.
That’s when staff at our hotel, Hidden Lake in Cambridge on the North Island, went into action.
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Rajwinder Kaur, hotel manager. Photo by Columbia Hillen
Within minutes, not one but four members of staff were hard at work to save the day, two working the phones, one to find a garage, the other to see what time Hobbiton closed and if we could change our scheduled tour time, while two others rushed to the car to replace the flat tire with the reserve to get us to whatever nearby garage might be open.
Unfortunately, the first two garages contacted were too busy to help and as the minutes ticked by, all seemed lost. But aside from being a patient and kind host, hotel manager, Rajwinder Kaur, a native of Uttar Pradesh in northern India, is also a very persistent woman. Finally, looking up at our forlorn faces, she smiled. “I found one.”
Glenda Turner, hotel owner. Photo by Columbia Hillen
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This incident encapsulates the pedigree of people my wife and I were fortunate to meet on a two-night stay at this attractive family-run hotel.
Owned and operated by Chris Turner, an agricultural machine specialist, and his wife, Glenda, a former teacher, the 37-room hotel sits beside a lake partially hidden by a forest of maple, oak and Japanese cherry, a relaxing place where Glenda and her family would enjoy weekend getaways, thus the inspiration for the hotel’s name.
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After leasing the building, the couple opened the hotel three years ago offering their services to both tourists and corporate clients from the nearby horse stud farms, glass manufacturing and agricultural sectors.
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Columbia Hillen
Our room was a comfortable one featuring a small balcony overlooking the forest with furnishings that included a large wall TV, an armchair, tea and coffee-making facilities, a mini-bar and a glass-enclosed shower.
Being environmentally conscious, pillows and duvets were made from recycled plastic, any solar energy the hotel doesn’t use is donated to the township of Cambridge, dispensers are used instead of single soaps and guests have options in their rooms to separate recyclable material from waste.
Columbia Hillen
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Food at the Hidden Lake Hotel is of the highest quality, with much of the produce used either coming from her uncle’s farm or the local farmer’s market.
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Both dinner and breakfast are served in D’Arcy’s restaurant with views over the forest from the second floor. The latter featured a tasty whipped avocado dish comprising local goat cheese, poached eggs with focaccia and za’atar, a mix of Levantine herbs such as sesame, sumac and other spices.
Columbia Hillen
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The menu also featured classic eggs Benedict, Chinese bolognese, brioche French toast with mascarpone, poached pear, bacon and honey, as well as the full breakfast of bacon, chipolata, hash browns, toast and cherry tomato or Poppa’s porridge with caramelized banana, brown sugar and cream and Bircher muesli with coconut and plum. The hot chocolate I tasted, offered with or without marshmallows, was deliciously smooth and creamy.
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Dinner was similarly diverse with my wife choosing starters of seared scallops and I green lipped mussels in a creamy turmeric sauce followed by mains of tagliatelle and salmon.
Columbia Hillen
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Kudos also go to Chris and Glenda for their innovative cocktail menu, many created by them, often reflecting real-life situations. The Lockdown Delta Variant, for example, emerged out of Covid, and comprises gin, blood orange, Bergamot, lemon juice, Aquafaba and orange bitters, all topped with tonic water. Another cocktail, Smoky Linen, emerged from an incident when a tea towel caught fire. It consists of Bailey’s, Kahlua, white and dark chocolate and creme de cacao and milk, topped, of course, with a smoky charred marshmallow.
Columbia Hillen
Within easy walking distance of charming downtown Cambridge, the Hidden Lake Hotel is also a convenient stopover for tourists visiting Hobbiton, a 30-minute drive away through rolling countryside, as well as to Hamilton with its stunning, 54-hectare public garden and the geothermal park with its dramatic geysers, bubbling mud and Maori cultural experiences at Te Puia Rotorua.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Leftist Anura Kumara Dissanayake has promised to “heed the best advice” in running Sri Lanka as he was sworn in as the country’s president, following a stunning election win that has renewed concerns over the future of a fragile IMF-backed debt restructuring.
Sri Lanka’s bonds fell on Monday in the wake of the upset win at the weekend by Dissanayake, the country’s first president from outside its traditional ruling elite.
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“I will heed the best advice,” said Dissanayake, 55, after taking the oath of office on Monday, in comments aimed at easing investor fears over the fate of a $3bn IMF rescue plan. “There are my capabilities and incapabilities, things that I know and don’t.”
“We do not believe that this deep crisis can be overcome by a government, a party or an individual,” he added. “I am no conjuror or magician.”
Dissanayake’s victory on Saturday marked a new era in the south Asian country’s political history, with voters rejecting the political dynasties they blamed for years of economic crisis that culminated in a damaging debt default in 2022.
Months later, protesters over-ran the presidential palace, forcing then-president Gotabaya Rajapaksa to flee the country.
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Dissanayake took pains during the five-week campaign to allay investor misgivings, pledging to preserve the IMF agreement. But he has also called to ease some of its conditions to alleviate Sri Lanka’s economic hardship after two years of austerity.
The election manifesto of his neo-Marxist National People’s Power coalition called to renegotiate the IMF deal to make it “more palatable and strengthened” and keep interest payments “at a bearable level”.
Sri Lanka’s dollar-denominated bonds tumbled on Monday, with notes maturing in 2029 shedding almost 6 per cent to trade at 50.2 cents on the dollar. Prices had briefly dipped below 50 cents on the dollar in early trading.
The Colombo Stock Exchange’s all-shares index shed 1.5 per cent before paring losses to be even on the day.
Dissanayake, who hails from the rural North Central province, previously led the People’s Liberation Front, a Marxist-Leninist party founded in 1965 and a precursor to the NPP that led bloody rebellions in 1971 and from 1987-80.
He was sworn in on Monday in Sri Lanka’s old parliament building, a colonial landmark that the group had planned to attack in 1971 as part of a plot to overthrow the government.
For those in a minority, it can be difficult for your voice to be heard and your views to carry weight. Even if the majority group listens, it is not easy for its members to stop seeing the world as they do and start seeing it through your eyes.
This is always the problem when the predominantly white financial advice profession tries to tackle the lack of ethnic diversity within its ranks and client base.
It sets up diversity, equity and inclusion (DE&I) committees and says its doors are open to everybody. Yet the same kinds of people tend to walk through. Why is that?
Legacy issues
It was not until the Race Relations Act 1965 that legislation made some forms of racism an offence. Even in the more progressive 1960s, certain businesses were refusing to serve people or overcharging them based on the colour of their skin.
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Cultural values towards credit play a significant role in how individuals navigate the financial system
Black and ethnic-minority families have not had the same access to products and services that others have taken for granted, which has had repercussions.
“People of colour historically have not had the opportunity to build wealth over the generations, so the financial system hasn’t been designed for them,” says Tynah Matembe, founder of MoneyMatiX Financial Education and host of the ‘Grow Your Money’ podcast.
“Systems that are discriminatory should be named and shamed, while affordable and innovative banking and financial services should be promoted.”
Not surprisingly, research still highlights disparities between the finances of black and ethnic minorities and those of their white counterparts.
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Earlier this year, Scottish Widows reported 14% of black women and 15% of Asian women were opting out of pensions, compared to 5% of white women. Reasons given by black and Asian women included a lack of trust, affordability and preferring to save money in other ways.
Belvedere Wealth Management senior partner Emmanuel Asuquo — who appears on TV as a financial expert for Channel 4 — suggests cultural reasons may also play a part.
It could be that black and Asian families have followed traditional gender roles — where men were breadwinners and women the homemakers — for longer than white families. But this is changing, with black and Asian women now more likely to work.
We need to make a concerted effort to diversify how we push products out, making them truly inclusive
“Only now are they realising that one income isn’t enough,” says Asuquo. “I think the pension situation will change over time.”
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The Scottish Widows research also found that black and Asian women were more likely than white women to have multiple jobs, which probably indicates those jobs were low paid.
A cultural lens
Different cultural values are not always easy to navigate. Credit plays a big part in UK financial services, where people routinely borrow money to buy houses or cars, start businesses and so on. But credit can be tricky for some black and Asian people to understand due to cultural differences, which can lead to them being ‘locked out’ of financial services.
It sounds simplistic, but a lot of the problem stems from a lack of representation in the workforce. We need inclusive policies and recruitment practices
“Advisers would do well to consider how cultural values towards credit play a significant role in how individuals navigate the financial system,” says Matembe.
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“For many people from cash-based economies or backgrounds, where credit is viewed with suspicion, the concept of using debt strategically can be quite foreign and even intimidating.”
Asuquo, whose parents came from Nigeria, says that, when people in Nigeria want to buy a house, they purchase the land and employ builders to build on it.
“It’s the same in the Caribbean — people don’t take out mortgages,” he says. “But, when they come to the UK, nobody tells them how it works. So, they either learn by their mistakes or assume they can’t do it and focus on buying land at home.”
Often, they end up with a home they plan to retire to, but never do as they develop ties in the UK.
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When people see others from similar backgrounds using credit responsibly and successfully to build wealth, it can help shift perceptions
“If you feel you belong, you can set down roots,” observes Asuquo.
“You’d be happy to buy a house and open an Isa.”
Matembe agrees that the issue is not just about access to credit — which can be difficult for minorities to obtain. It is also about reshaping mindsets and educating people on how to use credit responsibly “with a cultural lens”.
She says: “For many, the avoidance of debt is rooted in a desire for financial security, and changing these ingrained values requires a thoughtful approach. Tailored financial education programmes that consider cultural contexts and historical disadvantages will help bridge the knowledge gap.”
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Matembe suggests combining this with examples of lived experiences and success stories from within the community.
For many people from cash-based economies or backgrounds, the concept of using debt strategically can be quite foreign and even intimidating
“When people see others from similar backgrounds using credit responsibly and successfully to build wealth — whether through homeownership, education or entrepreneurship — it can help shift perceptions,” she says.
A representative profession
A recent study from Mannheim Business School in Germany, looking at gender stereotypes in financial advertisements, briefly touched on ethnicity. It found that 74% of the main figures in the ads were white, with ethnic minorities more likely to be shown in low-status, low-expertise positions.
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Although ads are not real life, they shape people’s thinking about financial services. As Asuquo says, “Seeing is believing.”
He adds: “If I go on a website and I don’t see people who look like me, I’m going to think this is not for me.”
Even if an adviser’s client base is predominantly white men, their website can depict a more diverse range of people to show that the adviser is welcoming and inclusive, suggests Asuquo.
Systems that are discriminatory should be named and shamed, while affordable and innovative banking and financial services should be promoted
Others agree with his views.
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Equilibrium Financial Planning head of best practice Sarah Hammond says: “A diverse workforce can help to build trust and ensure products and services are designed with a broader range of needs in mind.”
As a black woman working in fintech, Whitney Simon, head of DE&I consulting at technology PR and communications firm Missive, concurs.
“To make financial services more inclusive, we need to create access for black and ethnic-minority professionals in product development and the organisations themselves,” she says.
“It sounds simplistic, but a lot of the problem stems from a lack of representation in the workforce. We need inclusive policies and recruitment practices.”
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Simon also points out there can be inherent bias in systems, with financial products seeming to be tested by the same groups.
People of colour historically have not had the opportunity to build wealth over the generations, so the financial system hasn’t been designed for them
“We need to make a concerted effort to diversify how we push products out, making them truly inclusive,” she says.
“The more diverse voices we have in the room, the more inclusive our products and services will be. It’s not rocket science, but it does require intentional effort and commitment.”
This is echoed by Matembe.
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“More people of colour are needed in decision-making roles to ensure diverse perspectives are included in policy and product development,” she says.
Concrete action
Raising awareness of the need for ethnic diversity in financial services is all very well but commentators want to see concrete action.
The more diverse voices we have in the room, the more inclusive our products and services will be
“It is essential for the government to appoint a financial inclusion expert to lead the strategy and to advise on and develop policies with a focus on the needs of people of colour,” says Matembe.
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“However, it’s not solely the government’s responsibility. Financial institutions, regulatory bodies and community organisations must collaborate to drive meaningful progress.”
This article featured in the September 2024 edition of Money Marketing.
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Tickets to see Taylor Swift, Beyonce and Oasis have set new benchmarks for pricing
The last time Oasis played Wembley Stadium, in 2009, a standing ticket cost exactly £44.04.
For their return next summer, the same ticket was priced at £150. Vastly more than the old ticket price which, when adjusted for inflation, would cost £68.
Not only that, but some fans were charged hundreds of pounds more than the face value, after so-called “dynamic pricing” boosted the cost in response to high demand.
But Oasis aren’t alone. If you’ve logged onto Ticketmaster over the last couple of years, you’ll know the cost of live music has soared.
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Ticket prices shot up by 23% last year, having already risen 19% since the pandemic. Going to a gig can cost the same amount as taking a holiday, and prices are only rising.
At the most extreme end of the scale, Madonna charged £1,306.75 for VIP passes to her Celebration tour; and Beyoncé offered fans the chance to sit on the stage of her Renaissance concerts for the bargain price of £2,400.
Overall, the average ticket price for the top 100 tours around the world was £101 last year, up from £82 in 2022, according to Pollstar, a trade publication that tracks the concert industry.
In the UK, 51% of people say high prices have stopped them going to gigs at least once in the last five years. Among 16 to 34-year-olds, two-thirds of concert-goers say they’ve reduced the number of shows they attend. But despite this, tours with high-priced tickets keep selling out – but only for the biggest-name artists.
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Abbi Glover, 33, from New Holland, Lincolnshire, said the cost of tickets “creates a divide” between those who can afford them and those who are “priced out”.
“I work hard and earn a decent wage. What do I have to do to be able to just enjoy these things when I’m doing everything I possibly can?”
‘Milking the cow’
UK prices are still below those in the US but, as ticketing expert Reg Walker told the BBC, “what happens there happens here five to 10 years later”.
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So why have costs skyrocketed?
If your first thought was “greed”, well, that’s definitely part of it.
“It’s not speculation to think that some artists want to make as much money as they can,” says Gideon Gottfried, Pollstar’s European editor.
One musician who’s been bullish about the price hikes is Bruce Springsteen.
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Fans were alarmed when some seats for his 2023 US tour were priced as high as $5,000 (£3,874), thanks to Ticketmaster’s dynamic pricing.
Speaking to Rolling Stone, Springsteen argued that most of the tickets were in an “affordable range”, but he was fed up with touts making money off his back, so he chose to match their prices.
“I’m going, ‘Hey, why shouldn’t that money go to the guys that are going to be up there sweating three hours a night for it?’” he said.
Kiss star Gene Simmons also defended the system.
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“Whatever the pricing is, it’s all academic,” he told Forbes. “Somebody sits in a room and tries to figure out how far the rubber band can stretch. And if you’re not selling tickets, guess what happens? The price goes down. Capitalism!
“Vote with [your] money,” he concluded. “You don’t like the ticket pricing? Don’t buy a ticket.”
Springsteen and Simmons are in good company. Other artists who’ve embraced dynamic pricing include Coldplay, Harry Styles, Olivia Rodrigo and Taylor Swift (although she ditched it for the Eras tour after significant fan backlash).
Following the Oasis debacle, Prime Minister Sir Keir Starmer vowed to get a “grip” on the situation and “make sure that tickets are available at a price that people can actually afford”.
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But it might not be so simple…
Aside from the lure of a big payday, there are many reasons why artists are charging more.
Some are trying to combat the impact of streaming – the majority of musicians make just 5% of their income from streaming, a sharp decline from the years when vinyl and CD were king.
Others are worried about their longevity, in an era when entire careers can be measured in the span of a TikTok trend.
“Nobody really knows what the heck is going on, and how the economy will develop and what the next crisis is going to be,” says Gottfried, “so some artists are trying to milk the cow as much as possible, while it’s still possible.”
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Beyonce’s Renaissance tour broke records
Not everyone thinks that way. Punk-pop star Yungblud organised his own festival in Milton Keynes this August, setting prices at a market-beating £49.50.
He was compelled to take action after noticing unsold seats on his US arena tour last year.
“Five hundred seats would be completely empty because they were $200 a ticket,” he told Music Week. “I’d have 1,000 kids outside the venue who couldn’t afford to come in and I was like, ‘Something’s got to change here.’”
But the festival didn’t go completely to plan. Heightened security after a stabbing in Milton Keynes the previous weekend led to delays of up to three hours for fans waiting to get into the venue. As temperatures soared above 30 degrees Celsius, some passed out in the queue. Others gave up and went home.
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Higher-priced tickets could have paid for extra security staff and eased those pressures – illustrating the delicate balance that has to be struck when setting prices.
Still, Yungblud isn’t the only one trying to get a fair deal for concert-goers.
Paul Heaton capped prices for his upcoming tour at £35. Pop star Caity Baser set her 2023 concerts at just £11 – or “two meal deals”, as she put it – to help cash-strapped fans.
But these artists don’t require big productions full of pyrotechnics and jumbotron video screens.
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For acts who do, the cost of touring has spiralled since the pandemic. Here are just a few examples:
Transport Whether you’re in a minivan or a private jet, it costs more to travel these days. Fuel prices have risen by 20% since 2019 and a shortage of drivers post-Brexit means experienced crew can charge a premium.
Freight costs A tour isn’t just about moving bodies – for big arena and stadium shows, the stage also has to be transported. According to the pop star Lorde, the cost of shipping her stage around the world increased by up to 300% after Covid. And logistics company Freightwaves says the cost of insuring one truck can be as high as $5m (£3.8m). For context, Taylor Swift’s Eras tour requires up to 50 trucks.
Catering We’ve all seen our food bills increase, and touring artists are no exception. When you have hundreds of mouths to feed, the costs add up.
Stage equipment From sound systems to lighting rigs, rental costs for tour gear have risen by 15-20%. And with more tours on the road, equipment is overbooked – which can push prices even higher.
“We’ve seen projects where the cost of overheads have increased by up to 35 to 40%,” says Stuart Galbraith, CEO of concert promoters Kilimanjaro Live, “and the only form of income that comes in to cover all of that is ticket money”.
Even when prices go up, the profit margins are minimal, according to Stephan Thanscheidt, CEO of FKP Scorpio, which organises more than 20 European festivals, as well as tours by Ed Sheeran, the Rolling Stones and Foo Fighters.
“The costs associated with our productions have doubled or tripled [but] we cannot and will not compensate for this by tripling the ticket prices,” he told Pollstar last year.
The squeeze is particularly tight on UK festivals, which have also been hit by a ban on “red diesel”, a fuel tinted with red dye, which they previously used to power the generators and heavy vehicles needed to construct festival sites.
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The move is part of the UK’s commitment to reduce greenhouse gases, and meant some organisers suddenly had to pay a higher rate of fuel duty from April 2022 – a big increase of 46 pence per litre.
Since then, the average cost of a UK festival ticket has shot up by 22%. Combined with other rising costs, more than 50 festivals went on hiatus or closed completely this summer.
The teetotal tax
Small venues are under pressure, too. Their prices might average between £7 and £10, but they’re struggling to sell shows – partly because fans have already spent their money on stadium tickets that cost the same as a games console.
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Toni Coe-Brooker from the Music Venues Trust said this is down to “a culture in which people think that grassroots gigs should be free”.
In the past, that didn’t matter because owners made plenty of money behind the bar. But Gen Z are increasingly turning their backs on alcohol. One study says 26% of 16-to-25-year-olds are teetotal, and that leaves yet another hole in venues’ finances.
Combined with other pressures including higher rent and electricity bills, 125 music venues closed or stopped hosting live music in 2023.
In those that remain, costs are so tight that “a lot of venue operators aren’t even paying themselves, which is really worrying,” says Coe-Brooker.
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The Music Venue Trust wants bigger concert halls to donate £1 from each ticket sold to the grassroots scene and the next generation of artists.
That wouldn’t necessarily push prices up again – the trust says the £1 fee would be factored into existing costs – but here’s the fascinating thing: If the artist is the right one, fans will pay regardless.
Getty Images
Oasis’ upcoming gigs will cost vastly more than their 1996 shows at Knebworth
Live Nation is the world’s biggest concert promoter and it shifted a record 118 million tickets in the first six months of 2024.
According to its latest earnings report, sales for arenas, amphitheatres, theatre and club shows are all up double digits.
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“People’s enthusiasm to go out has not been as curbed as we expected in the current economy,” says Gottfried.
“VIP ticket sales have definitely picked up. Every single promoter I’ve spoken to across the individual European markets, has seen an uptake in almost every case. And £1,000 for a VIP package is not at all unheard of.”
‘Outrageous money’
However, the same rules don’t apply to everyone.
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The biggest names might get away with charging hundreds of pounds per show, but “the weaker tours are coming under more pressure,” says Galbraith.
In other words, with an ongoing squeeze on their disposable incomes, fans are cutting back on experiences that don’t seem unique or essential.
“We’re competing in a marketplace that isn’t just gig to gig,” says Galbraith. “It’s also, are we value for money versus a restaurant? Are we value for money versus a mini break? So every tour has to be as cost effective as they possibly can.”
There are some signs that we’ve reached a peak. Jennifer Lopez and the Black Keys both scrapped recent US arena tours, after fans baulked at average prices of around $150 (£116). And the most expensive tickets for Billie Eilish’s 2025 UK tour (£398, of which £151 goes to local charities)are still available, months after going on sale.
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It’s hard to say whether this will change. But Leah Rafferty, 27, from Sheffield, is an example of a fan who will pay whatever is asked. She lives with her parents, which allows her to spend her disposable income on concerts – something she says she feels “extremely lucky” to do.
A devoted Swiftie, she has seen The Eras Tour six times: Once in Edinburgh, twice in Liverpool and three times in London, at a cost of £1,192.57.
“As long as it doesn’t bankrupt me, I’m happy to spend whatever it costs.”
That’s exactly what promoters are relying on, says Gottfried.
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“One of the reasons you haven’t seen notable dips [in sales], despite people struggling economically, is that seeing their favourite artist means so much to them that they make irrational decisions.
“Any market will be distorted by people making irrational decisions. It might be a beautiful decision for them but it’s also an irrational one, because their emotions and their fandom will make them pay outrageous money.”
Lead image: Getty
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Dreaming of renting or buying villas around the globe for your next adventure? Well, here’s a twist on the typical travel tale – Miami-based Storylines is crafting a floating eco-friendly paradise with 530 luxury homes aboard. Forget cabins, condos, or villas – this is a private residence vessel, and the dwellings are rightfully called ‘residences.’
The vessel, MV Narrative, is scheduled to set sail in 2027 from Split, Croatia, embarking on a journey around the world every three years. Unlike the hurried pace of a typical world cruise, this voyage offers a more measured experience, allowing residents to immerse themselves in each region for up to three months and savor five days at every port. This thoughtful pace benefits not only the residents but also the port cities, many of which are seeking relief from the overwhelming influx of day-trippers delivered by traditional cruise liners.
As for life aboard this extraordinary ship, imagine residing in a home where the view is ever-changing, revealing the world’s most breathtaking landscapes and the vast, serene ocean. Whether your tastes lean toward a cozy interior studio, ideal for those who favor simplicity, or an expansive four-bedroom penthouse with multiple balconies, there is a residence to suit your preferences. An annual fee, in addition to the purchase price, covers all maintenance, concierge services, and grants access to the ship’s numerous amenities, ensuring a life of comfort and elegance as you sail across the globe.
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On that note, the luxury doesn’t end at your doorstep – The onboard community enjoys access to an array of world-class facilities rivaling those of the finest land-based resorts. Whether it’s indulging in gourmet dining at one of the ship’s several specialty restaurants, rejuvenating in the full-service spa, or keeping active with state-of-the-art fitness facilities and pools, every aspect of life onboard is designed to enhance your well-being, longevity and enjoyment. For traveling families, children can enjoy the cinema, a library, and even an onboard school, ensuring that every resident, whether retired or working and raising a family, has the resources and spaces they need to live life fully. The education includes on-shore excursions for world-schooling.
For those fortunate enough to have the freedom to work remotely, the ship is fully equipped with high-speed, reliable satellite internet, ensuring that you stay connected no matter where in the world you are. Imagine logging into your virtual office while sailing past the rugged cliffs of the Mediterranean or taking a conference call with the vibrant skyline of Hong Kong as your backdrop. That would certainly take the grind out of work!
Along with many of the residences coming equipped with home offices, dedicated co-working spaces provide the perfect environment for productivity, featuring ergonomic workstations, private meeting rooms, and stunning views that make even the most mundane tasks feel inspired.
One of Storylines goals is to create an environment with the most healthy work-life balance imaginable. After a day of work, you can unwind by exploring a new port of call, or simply relaxing with fellow residents in one of the many luxurious lounges, one of which is a waters-edge marina – this includes use of watersports equipment such as scuba gear, kayaks and jet skis.
These interior studio residences showcase cutting-edge European space-saving design, offering both style and functionality. With the push of a button, your luxurious 6-star mattress bed smoothly folds away, transforming the space into a cozy lounge area. While this is the entry-level, inside studio (meaning there is no window), a digital screen window brings the outside world to you – it displays live scenes from various onboard CCTV cameras, so you never miss a moment of the ever-changing view.
The spacious RU2 range homes are all outside balcony units, featuring a large waterfront living room with a minibar that separates the living and sleeping areas. You can choose between a Murphy bed that folds away to make space for a table and chairs or a sofa that converts into a queen-sized bed, providing both comfort and space.
The RU3 range are stunning one-bedrooms that offer abundant space, featuring a dedicated workspace, a wet bar with a dining area, and a spacious lounge. The bedroom is a luxurious retreat, enclosed in glass with curtains that can be drawn for complete privacy or left open to enjoy the breathtaking views from bed. It also includes a generous walk-in wardrobe and a bathroom with a combination bathtub/shower.
The RU4 range includes expansive two-bedroom homes that boast an extra-deep balcony designed for seamless indoor/outdoor living. The waterfront master bedroom includes a walk-in closet and an en-suite bathroom, while the guest bedroom also offers its own private bathroom. The lounge area features a pop-up television lift cabinet, allowing you to enjoy stunning views during the day and your favorite shows at night.
The RU5 range is the cream of the crop. The premium residences span two levels on decks 17 and 18. Available in three floor plans with options for two or four bedrooms, this expansive home is perfect for a family and ensures your guests feel right at home. The living area includes a full bar, a dining setting for eight, and cozy lounges to enjoy the ever-changing scenery. The open-plan design fills every corner with natural light and fresh air. With two balconies, each over 100 square feet, this is a true home at sea, ideal for entertaining or simply relaxing.
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Australia’s consumer watchdog has sued the country’s two largest supermarket chains Coles and Woolworths over accusations that they engaged in “illusory” discounting on hundreds of products ranging from Tim Tam biscuits to cat food.
The Australian Competition and Consumer Commission launched the legal action on Monday after months of wider debate in the country about the power and influence of the retailers.
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The ACCC alleged that the two supermarkets — which control about 65 per cent of Australia’s grocery market, according to a Treasury report this year — engaged in “misleading” practices related to discounts on goods between 2021 and 2023.
The watchdog said Coles and Woolworths advertised discounts on items that were sold at the same or sometimes higher price than the regular cost of the products. They did so by implementing “price spikes” of about 15 per cent on the goods for brief periods before offering them at a discount to the inflated price.
“We allege these misleading claims about illusory discounts diminished the ability of consumers to make informed choices about what products to buy, and where,” said Gina Cass-Gottlieb, chair of the ACCC.
In one example, the ACCC said Woolworths offered an Oreo family pack for a regular price of A$3.50 (US$2.40) for at least a year until November 2022. That month, Woolworths increased the price of the Oreo pack to A$5.00 for 22 days before promoting it as “prices dropped” at a cost of $4.50 — “29 per cent higher than the product’s previous retail price of A$3.50,” said the ACCC.
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Australia’s Prime Minister Anthony Albanese said the artificial discounting would be “completely unacceptable” if proven. “Customers don’t deserve to be treated as fools by the supermarkets,” he said at a press conference.
He added that the alleged behaviour could have added to Australia’s inflation problem. “When you’re charging more for products than you should, it of course has an inflationary impact by definition,” he said.
The Australian government on Monday also issued an update on its plan to introduce a mandatory code for the country’s largest food retailers that would give regulators the right to impose huge fines on the companies if they are found to have breached regulations around pricing.
The ACCC action will increase pressure on retailers, which have argued in recent months that they have absorbed higher input costs as inflation has soared.
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Coles said it would defend itself during proceedings brought by the ACCC. In a statement, it said the regulator’s allegations covered a period of significant cost inflation, which triggered an increase in the retail price of products.
“Coles sought to strike an appropriate balance between managing the impact of cost price increases on retail prices and offering value to customers through the recommencement of promotional activity as soon as possible after the establishment of the new non-promotional price,” it said in a statement.
Woolworths said it would review the allegations. “Cost-of-living pressures remain a key issue for millions of Australians who shop with us every week,” said Amanda Bardwell, the recently appointed chief executive.
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Coles and Woolworths shares both dropped about 3.5 per cent following the ACCC action.
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