Millennials are leading sports spending, shelling out an average of $2,050 a year compared to Gen Z’s $1,550, according to Ally Bank’s new report, The Cost of Fandom.
For many Gen Zers, supporting their favorite teams means cutting back elsewhere — from eating out less to saving less.
Women are embracing “social fandom,” while men lean toward “experiential fandom,” highlighting gendered approaches to how fans spend.
Much has been written about the high cost of online sports betting, but that’s not the only way sports fans lose money.
A new report from Ally Bank, The Cost of Fandom, finds that millennials lead all generations in annual spending on fan-related activities, averaging $2,050 per year. Gen Z trails behind at $1,550, but their commitment runs deep — even if it means cutting back in other areas of life.
For many younger fans, supporting their favorite team isn’t just about entertainment; it’s about identity and belonging. Nearly one in three millennials (33%) and Gen Zers (31%) say their sports spending makes them feel connected, underscoring how fandom functions as both community and culture.
“Fandom transcends mere dollars and cents: it’s about identity, community, and being part of something bigger,” said Lindsay Sacknoff, head of consumer banking at Ally. “We believe there’s no shame in spending – even splurging – on the things that bring you joy. At the same time, fandom should not come at the cost of your financial health.”
How fans are overspending
According to Ally’s findings, the average sports fan spends around $1,600 annually to support their teams, while the most devoted “fanatics” spend closer to $2,200. The biggest budget-busters? Tickets (60%) and food and drink (54%), followed closely by team apparel (47%) and travel (36%).
Despite their enthusiasm, few fans have a firm sports budget. Nearly half of millennials (43%) admit they don’t track how much they spend on fandom, and even Gen Z — often seen as financially cautious — isn’t immune, with 37% saying they operate without a budget. Forty-three percent of Gen Zers say they overspend several months each year.
Different playbooks
Ally’s research also highlights a gender divide in how fans show their devotion. Women tend to favor social fandom, gathering at friends’ homes (52% vs. 46% of men) or hosting watch parties (31% vs. 26%). For them, the joy of fandom lies in connection and community.
Men, meanwhile, are more likely to travel long distances (31% vs. 25%) or splurge on VIP experiences. Their fandom leans experiential — rooted in being there live, no matter the cost.
Momentum is building for women’s sports, with nearly seven in ten fans saying their spending has increased or stayed steady in the past year. Only 24% of respondents said they hadn’t spent any money on women’s sports.
While the spending gap remains — fans spend $950 on men’s sports versus $500 on women’s — men are surprisingly leading the charge, outspending women on women’s sports ($600 vs. $400 annually).
Younger fans are driving this change: 31% of Gen Z fans say being a women’s sports supporter is important, and 40% see it as a way to promote equality and empowerment.
“More and more fans are choosing to spend, save and give with intention, especially in support of women’s sports where every dollar helps fuel representation and growth,” said Jack Howard, Ally’s head of money wellness.
Spending with intention
At a time when many people are feeling squeezed financially, it may be prudent to look at spending on sports. Ally economists encourage fans to find balance between passion and practicality. Its Money Roots program offers free financial wellness workshops to help people align their money mindset with their values — ensuring that the most stressful part of gameday is the score, not the bank balance.