For fans Liverpool, Spurs, Arsenal and Chelsea, the week was long. First of all, they had the joy of seeing their teams qualify for the finals of the two European Cup competitions: this is the only time English clubs have missed the mark. After the euphoria, however, a hard lesson in basic economics occurred.
After the final whistle at Anfield, after Liverpool’s great comeback against Barcelona, all those who connected to the airlines’ websites found that the price of a ticket to Madrid – where will be the final of the Champions League – had climbed to more than £ 700 weekend of the match. When the Spurs defeated Ajax at the last minute to reach Liverpool in the final, prices increased again, not only for direct flights to Madrid but also for other routes.
The price of accommodation in the Spanish capital has also exploded. Hotels raised their prices, as did those who rented their properties on Airbnb. The current rate for a two-night stay in an apartment in Madrid during the last weekend of the Champions League is over £ 1,000.
Despite all the rumours about the fans were being scammed, this is how markets work. There is a limited number of homes in Madrid and on May 31 and June 1, there will be many more people in need. If supply remains constant and demand increases, prices will rise. So, get your tickets for Champions League Final.
Liverpool and Spurs fans had a choice. They could have decided that the prices of airline tickets and accommodation were too high and refused to pay them. In these circumstances, prices would have fallen. Instead, they paid, fearing that the delay only means paying later.
If football fans feel comfortable while they are considering huge credit card bills, a few less painful economic lessons can be learned from this year’s Champions League.
The last lesson in economics from this year’s Champions League has not yet been learned, but it must be: environmental sustainability must play a central role in decision-making.
UEFA, the governing body of European football, decided before the start of the season that the finals of its two competitions would be held in Madrid and Baku, but now finds that the four finalists come from England.