As if there aren’t enough challenges in American’s lives, now there seems to be proof that consumers who laid out expenses for concerts, travel and other events probably won’t be getting that money back when they need it the most.To help explain more about this phenomenon Ted Rossman, an Industry Analyst with Bankrate.com. joined Newell on the program Wednesday morning.
“A lot of folks have purchased items like airline and concert tickets, then the pandemic hits,” Newell began. “And all these months later, a lot of those people are still trying to get their money back!”
“This has been a big pain point for people,” Rossman said. “54% of US adults who had plans like trips, concerts and sports events that were cancelled because of the pandemic have lost money. Half of people got a full refund, a quarter of those got a partial refund, and another quarter got no money back at all.”
“In my case, we are big concert-goers,” Newell said. “We get our tickets way in advance, put the money out and just wait. And in many cases, if they reschedule it, you’re not entitled to anything. You’re just hanging out hoping that a year later the concert can go on.”