3 On Your Side: The Cost Of March Madness
By Jim Donovan
PHILADELPHIA (CBS) -- Let the games begin! March Madness kicks off this week, and basketball fans are willing to invest time and money to watch their favorite teams. 3 On Your Side Consumer Reporter Jim Donovan looks at the cost to fans - and to employers.
The three week college basketball blitz known as March Madness leads to more spending than you might think, and not just in those office pools. Trae Bodge, Senior Editor at RetailMeNot.com says, "Gear, maybe buying a new flat-screen TV, and of course the parties and those brackets. So it is a big spending sport, much higher than you might have anticipated."
There's a cost for employers too. Distractions like filling out brackets and catching a glimpse of tournament play during the first two days of games could cost businesses as much as $1.9 billion in lost productivity.
One survey finds that 27 percent of respondents will find a way to tune into a game during work hours. Fourteen percent of said they'd be willing to call in sick to give themselves more time to watch the action. Others will take a long lunch.
What will Americans give up to make time for March Madness? Almost one-third said they'll skip their workout routine to watch. According to Bodge, "These games really are all encompassing, thankfully they really are only 21 days long, so things should hopefully return back to normal after the final game."
And fans aren't the only ones excited about March Madness. Businesses are hoping to cash in too. $1.1 billion was spent last year in commercial spots over the course of the tournament since national companies know they've got a captive audience.