In recent years, especially since corona, ticket prices for Formula 1 have risen considerably – Lewis Hamilton warns to slow down the development
For now, Formula 1 is enjoying full grandstands at most Grands Prix this season. However, this cannot hide the fact that ticket prices have risen significantly over the last ten years – for various reasons
This is not only met with criticism from fans, but also from some drivers. Lewis Hamilton commented on the sidelines of his home Grand Prix at Silverstone this year: “We have to keep an eye on ticket prices. I think they keep going up and the cost of living is too high these days.”
“I just think from the perspective of a fan coming with a family. It’s hugely expensive, so I think you have to look at ways to give people better access,” said the Mercedes driver.
Various factors have to be taken into account when it comes to the development of ticket prices. First of all, there is the increasing popularity of Formula 1.
It has grown enormously in popularity over the last ten years thanks to increased global marketing and growing media interest, particularly due to the success of the Netflix series “Drive To Survive”. This has led to a higher demand for tickets, which often contributes to higher prices.
There have also been significant price increases over the years at popular racetracks such as Silverstone, Monza, Monaco and the Circuit of the Americas in Austin. New tracks such as Miami and Las Vegas have started with very high ticket prices as they are marketed as exclusive events.
20 to 30 percent average price increase
Ticket prices for the British Grand Prix at Silverstone have risen by up to 238 percent in the last five years. In 2019, a weekend ticket cost 180 pounds (around 211 euros), while in 2024 it was already 349 (410). This is far more than the inflation rate over the same period.
According to F1Destinations.com, the average cost of a General Admission weekend ticket (i.e. without a fixed seat) in 2023 was around 242 dollars, with the cheapest tickets (around 100 dollars) being available in countries such as Italy and Hungary and the most expensive (600 dollars or more) in the USA.
The average price increases over the last ten years are estimated at around 20 to 30 percent. The coronavirus pandemic has also contributed to this.
Many organizers have tried to compensate for the financial loss caused by the cancelled or postponed races with higher ticket prices. The limited number of spectators at many races in 2020 and 2021 has also led to tickets becoming more sought-after and therefore more expensive
In addition, there are changes to the racing calendar. Formula 1 has also opened up new markets in recent years, including races in countries such as Azerbaijan and Saudi Arabia. These new races often attract more affluent visitors and have correspondingly higher prices for premium tickets.
The upgrading of race events with extensive supporting programs and the introduction of more expensive premium packages offering exclusive access to the paddock and drivers’ meetings have also contributed to the general price increase.
Netherlands GP hesitates with contract extension
This is a cause for concern for some organizers. The Director of the Dutch Grand Prix, which takes place this weekend in Zandvoort, is currently hesitating to extend his contract beyond the 2025 season.
“We want to feel the enthusiasm of the fans and the business community until 2025. And until then, we can also see how the government actually deals with the VAT increase from 9 to 21 percent.”
This is because the new cabinet wants to push through a VAT increase from 9% to 21% in the Netherlands. “This means that, regardless of inflation, at least a 12 percent price increase will have to be passed on to ticket buyers.”
“That is an important aspect. But not the only one. Here, too, everything has to fit together,” says van Overdijk with a view to a new contract.
“But it’s a very important issue that we didn’t know about three months ago. We have been sold out in recent years, but you can see from the Grands Prix around us recently that it is becoming more and more difficult. “