This year’s concert season will feature several high-profile acts and increasingly high prices.
The cost of seeing movies, plays and live music has jumped 20% since 2021, CNBC reported Friday (Jan. 31), citing Bureau of Labor Statistics data. However, consumers have shown a willingness to put up with these higher costs, known as “funflation.”
Concertgoers plan to see more and spend more this year compared to last year, the report said. CouponCabin found that 17% plan to spend up to $1,000.
“Consumers, especially younger generations, are placing a higher value on experiences that bring them joy and connection over accumulating material possessions,” PYMNTS wrote last year. “Research on subjective well-being has become more mainstream, with widespread media coverage on the science of happiness and with podcasts further delving into the subject matter.”
As such, younger consumers could be becoming more aware of the consistently reaffirmed scientific findings that spending money on experiences can bring them more happiness than buying objects.
In addition, the PYMNTS Intelligence report “Why One-Third of High Earners Live Paycheck to Paycheck” found that consumers with the most cash to burn are the likeliest to splurge on experiences. Individuals who earn more than $200,000 per year spend 9.3% of their incomes, on average, on recreation, leisure and entertainment — a larger share than any other income group. Retailers have taken notice of this trend.
“Consumers are remixing their spending back into services and entertainment outside of their homes after curtailing those activities during the pandemic,” Target CEO Brian Cornell told analysts in May, noting that this trend helped drive “continued soft trends in discretionary [retail] categories.”
Joe Bennett, a forensic musicologist at Berklee College of Music, said in the CNBC report that dynamic pricing shares some blame for the rising price of concert tickets. Dynamic pricing is the charging of steeper prices at times of higher demand. It’s a concept often associated with airline ticket prices or the way ride-hailing services tweak their fares at busy times.
Last year, the high ticket prices for tours by a pair of rock groups — Oasis and Green Day — led to calls for dynamic pricing reforms.
The business landscape is challenging, but firms are increasingly flush with innovations designed to beat back any operational challenges with cutting-edge tech.
Artificial intelligence, for example, has become a linchpin of modern financial operations, reshaping processes from fraud detection to credit risk assessment. As companies warm toward harnessing AI-powered algorithms, efficiency and precision are being positioned at the forefront of operational improvement.
At the same time, B2B payments are undergoing a parallel transformation.
Legacy systems, which often relied on manual processes and paper-based invoicing, are being replaced by streamlined, digitized platforms. Businesses are turning to integrated payment solutions that enhance efficiency, security and transparency.
What is the reason for the accelerating digital transformation of back-office technology stacks and payment workflows?
A prominent root cause is the ongoing uncertainty afflicting the business environment. This includes escalating trade tensions marked by the imposition of tariffs, which have introduced a wave of hesitation across various sectors, impacting middle-market companies.
As economic uncertainties persist, financial management has become paramount, and, as the B2B news this week shows, few things support agile decision making and real-time forecasting better than the digitization of previously manual workflows.
Read also: AI Agent Systems Are Here — Will They Transform B2B?
One of the trends in B2B is the integration of AI-powered solutions to enhance operational efficiency. The adoption of agentic AI solutions is being explored to empower chief financial officers and treasurers by enabling autonomous financial decision making and operational efficiency.
Payments technology firm Transcard announced Tuesday (April 1) that it added agentic AI capabilities to its vendor network management solution. The changes to the company’s SMART Exchange are designed to streamline payment interactions between buyers and suppliers, with agentic AI automating onboarding and know your business (KYB).
Tesorio added an AI agent for supplier portals to its platform for accounts receivable automation, collections and cash flow management Thursday (March 27). The company’s new Supplier Portals Agent autonomously manages portal-based invoicing, from invoice submission to payment tracking, eliminating the need for finance teams to submit and track invoices across portals, a task that Tesorio said has become “one of the most manual, fragmented and error-prone parts of the AR process.”
AI-driven platforms can offer CFOs and treasurers insights and analytical capabilities, helping them navigate complex finances. The collaboration between agentic AI and financial operations is one potentially poised to unlock growth by empowering executives to make data-driven decisions with greater confidence.
See also: How CFOs Can Solve for Resource Bottlenecks in Back-Office Innovation
Beyond AI, the B2B sector is witnessing innovation in payment systems and risk management. Mastercard, for instance, launched a program Monday (March 31) aimed at encouraging the adoption of virtual cards for commercial payments. The initiative seeks to provide businesses with a more seamless, consumer-like experience, particularly in the realm of digital transactions.
Meanwhile, EasyPost on Tuesday introduced Forge, a B2B shipping solution designed to optimize logistics and reduce costs for enterprise clients. The development highlights the growing demand for specialized solutions that address the unique needs of B2B commerce, where efficiency and cost-effectiveness are paramount.
Risk management remains a concern for businesses operating on a global scale. To address this, Zip, also on Tuesday, rolled out a supplier risk management solution aimed at helping organizations assess and mitigate potential vulnerabilities in their supply chains. As geopolitical tensions and supply chain disruptions persist, such tools are key for maintaining operational resilience.
See also: What Treasurers Can Learn From How Central Banks Approach Risk
The ongoing evolution of FinTech is also shaping how businesses manage their assets and navigate economic uncertainties. A growing number of treasurers are turning to unconventional assets like bitcoin and gold as part of broader capital allocation strategies. The trend reflects a desire for diversification and a hedge against currency volatility, particularly as inflationary pressures and geopolitical risks continue to loom.
For CFOs, the challenge of maintaining financial visibility in a volatile environment is ever-present. Enhanced financial visibility tools are proving essential in navigating tariff uncertainties and ensuring liquidity management remains robust. These tools empower executives to forecast potential disruptions and respond proactively rather than reactively.
Supply chain transparency is another area receiving heightened attention. Inspectorio’s partnership with Open Supply Hub aims to promote greater transparency through open data platforms. The collaboration is intended to enhance accountability and ensure that sourcing practices adhere to evolving regulatory and ethical standards.
Looking forward, the question is not whether these technologies will continue to gain traction, but rather how quickly and effectively they will be adopted at scale.
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