Argentina's economic distortions, including the exchange rate gap and the loss of purchasing power of wages, can also be observed enjoying a recital. An investigation by the UADE took advantage of the upcoming tours of Roger Waters, Luis Miguel and Red Hot Chili Peppers to compare the cost of tickets in different countries. The report concludes that prices in Argentina, measured in dollars, are the lowest in the region, but are the most expensive from an income perspective.
An example is the farewell tour "This Is Not a Drill" of the former Pink Floyd, who will offer two shows in a packed River stadium (November 21 and 22), after playing in Chile and Uruguay. In Argentina, the price of a low stall in the Monumental has a value of $ 64,400 (US $ 132 blue at a price of $ 490). This income represents 75.8% of the minimum wage. In Uruguay, an equivalent entrance costs US $ 138 (25.6% of the minimum wage) and in Chile, US $ 208, which corresponds to 39.8% of a minimum income, detailed the UADE.
The figures highlight the fall in real wages against the blue dollar. This parameter was used, according to Fausto Spotorno, the economist in charge of the survey, because "the official dollar only applies to exporters." Although the cost of tickets for a concert "is relatively high based on the minimum wage, stadiums are filled because savings alternatives do not exist."
The UADE highlights that Argentine wages have fallen in recent months, reaching May 2023 with a minimum floor of $ 84,512, or US $ 174, measured in dollars, U$D 174. "Compared to other Latin American countries, they occupy the last positions in the region. Brazil (US$ 260), is also significantly below. Uruguay (US$ 542), Chile (US$ 522) and Mexico (US$ 359) have higher minimum wages," the study indicates.
The Argentine stops of Waters and the Red Hot Chili Peppers (November 24 and 26) are in charge of the production company DF Entertainment. Luis Miguel's, which will provide 9 dates at the Movistar Arena from August 3 to 18, is organized by Fenix. All shows are sold out. "During the pandemic and quarantine, leisure and culture was one of the most affected sectors. " Recitals and musical concerts seem to be an escape from the economic crisis for Argentines, who from the tour of the band Coldplay in November 2022 onwards, filled the stadiums, "says the study.
The low costs in dollars, adds the UADE, is partly due to the fact that "the sector operates with a differential exchange rate, the so-called Coldplay dollar, which has a surcharge of 30% on the official exchange rate, but which allows them through the provisions of the Central Bank to quickly transfer currencies abroad." But that does not solve the fall in real wages as a result of the inflationary escalation and the skyrocketing of financial and informal dollars.
The UADE observes an almost perfect asymmetry in terms of prices and costs. On the one hand, "Argentina and Brazil are the two most expensive countries to go see recitals compared to the minimum wage. In Uruguay, Chile and Mexico it is cheaper." However, "when measuring the price in dollars of the tickets of the same shows, "Argentina and Brazil are cheaper, while in Uruguay, Chile and Mexico it is more expensive."
The same methodology was applied with Luis Miguel and Red Hot Chili Peppers. The singer of Mexican origin will tour Argentina, Chile and Mexico. "The value of a ticket in the stalls of the Movistar Arena is $ 50,000 / US $ 103, which represents 59.1% of a minimum wage. In Chile, an equivalent entrance costs US$ 186, or 35.8% of the lowest income. And in Mexico, the entry ratio (US$ 134) is equivalent to 37.1% of the Mexican minimum wage. Almost a carbon copy of what happens with the American band.
The UADE study concludes that "there is a huge difference in costs to go see a recital between Latin American countries" and that "Argentina is the country where it is more expensive if we compare it against the minimum wage (where income in general shows a negative trend marking a very low floor), followed by Brazil, Chile, Mexico, and lastly, Uruguay." However, "if we analyze the dollar cost of tickets, Argentina and Brazil have the cheapest tickets, while countries like Chile and Mexico have a higher price. Uruguay is an intermediate case," the study concludes.
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