Gen Z may be spearheading TikTok’s “underconsumption” movement and cutting back on nonessential purchases to keep up with the rising cost of living, but the group’s frugality doesn’t extend to sporting events, concerts and other in-person experiences, according to a new study from full-service marketing and advertising agency Merge.

Almost 86% of Gen Z consumers exceed the budgets they set aside for in-person events, according to “The Event Effect: Gen Z Retail Survey.” One-third of the 1,000 surveyed Gen Zers cited impulse buys as the main factor behind their overspending, while 28.5% attributed it to the immersive or memorable experiences offered at these events.

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Food, beverages, apparel and accessories were the top spending categories cited by the surveyed Gen Zers. Just over 41% of respondents reported purchasing food and beverage products during an event, while roughly 34% said they bought apparel or accessories offered at the venue. The majority of Gen Z consumers—roughly 64%—said brands’ advertisements or pop-ups at those events prompted them to buy something. 

“If [brands] aren’t considering marketing and advertising around these types of events—these sports, entertainment and fashion [events], and concerts—they’re missing out on a huge opportunity to reach Gen Z,” Stacey Hawes, Merge’s chief performance and data officer, told Ad Age.

In general, Gen Z “is a very budget-conscious group,” Hawes said. “They put wishlists together, they’re not really impulse buyers. But these events change that behavior”—not only while Gen Zers are at a live event, but also in the weeks and months before and after those events. 

Hawes said her Gen Z daughter’s spending on outfits and friendship bracelet materials ahead of Taylor Swift’s “Eras Tour” partially inspired Merge’s study of Gen Z’s event-related purchasing behavior. Online survey and research platform QuestionPro estimates attendees of Swift’s U.S. shows spent an average of $1,300 across tickets, merch and travel, along with the costs of their themed outfits and accessories—roughly $720 more than their budgets for the concert allowed. In Merge’s study, 56% of Gen Zers said they had at least “occasionally” bought items either before or during an event to “enhance their social media presence” with posts tied to the event. 

Nearly 40% of the surveyed Gen Zers reported spending between $501 and $1,000 on events and related expenses over the past 12 months, while 22% said they paid $1,001 to $5,000 for events in the past year. One-third of them spent $500 or less on event-related expenses, and 4.4% (or 44 Gen Zers in total) reported shelling out over $5,000.

Male Gen Zers tend to outspend their female counterparts at events, according to the study. Male consumers are more likely to spend over $1,000 per year on events (31% of men versus 22% of women), while more women than men spend under $500 annually (40% of women versus 28% of men).

As part of its study, Merge tasked seven Gen Zers with choosing an event to attend and keeping a diary of all their spending tied to that event and their perspective on the advertising they encountered at it. Those who attended a Major League Soccer game, music festival and  Morgan Wallen concert spent over $600, respectively, on event-related expenses. Sydney, a 22-year-old who tracked her spending around a Premier Lacrosse League match, bought a $260 dress to wear to the game—far more than the $183 she spent on tickets. (The last names of the Gen Zers were not provided.)

“I’ve found myself feeling pressured to buy new outfits just because I wore something to an event and posted it on Instagram,” she wrote in her diary entry. “It's like, everyone has seen it, so it's done. This happens a lot with my friends, too.”

Sash, the 23-year-old who attended the Major League Soccer game, spent $135 on food alone during the event, in addition to the $375 he spent on a hat, crossbody bag and other accessories to wear to the game. “At events with my friends, I can easily be convinced to buy the most random things,” he wrote. “The event atmosphere and being with my friends make the logic go away.”

Although many Gen Zers value sustainability, just under 11% of those surveyed said a lack of sustainability practices would influence their decision to attend an event. One Gen Z diary keeper, 25-year-old Tyra, purchased her entire outfit for a NASCAR race from fast-fashion giant Shein for a total of $30. Shein is perhaps the poster child for unsustainable practices common in the fast fashion industry, including high carbon dioxide emissions and extensive use of synthetic fabrics such as polyester.

Across the seven diaries, the Gen Zers largely agreed that free samples, conspicuous branding, as well as engaging and immersive pop-up experiences made advertisers stand out at the events they attended. “The brands that are there advertising at the events are also influencing Gen Z to purchase in real-time,” Hawes said. “It’s the frenetic feeling and the enthusiasm and excitement of being at the event that is causing them to be like, ‘Oh, well, it’s fine. I can overspend on this particular item while I’m here.’”

According to Hawes (as well as the Gen Z diary entries), the impact of that event advertising can continue long after Gen Zers leave the venue. Armaan, a 24-year-old who attended the Governors Ball Music Festival, said he enjoyed the sparkling water he drank at the festival so much that he planned to “look out for that brand again.”

And while social media largely shapes Gen Z’s pre-event purchases, their post-event spending rarely takes place on social platforms, Hawes noted. “While so many of them said they get their inspiration off of social platforms, they’re not buying there,” she said. “I think a lot of brands today are heavily advertising there and they have a big presence on these platforms, but to know that that’s not where the [post-event] conversion for a lot of Gen Z is going to happen is really interesting, and important for brands to know.”