Face Dances, The Who's ninth studio album, was released in 1981. It marked a significant shift in the band's career. The most profound change was the introduction of drummer Kenney Jones, formerly of the Small Faces and Faces, replacing the irreplaceable Keith Moon, who tragically and unexpectedly passed away in 1978. Jones brought a sharper, more precise drumming style, contrasting with Moon's characteristic eccentricity and explosive power.
With Moon's passing and the band’s entry into the 1980s, The Who embraced a new direction. Face Dances showcases a blend of slicker production, spiritual searching, and power-pop hooks. Some critics noted that the album lacked the "fury" of earlier Who records, reflecting a more introspective and calmer tone in Pete Townshend's songwriting. Face Dances' album cover stands out as unlike anything The Who had done before. Pop artist Peter Blake, known for his work on The Beatles' Sgt. Pepper's Lonely Hearts Club Band cover curated a collection of 16 portraits of the band members created by different British artists. This gave the album a distinctly modern-art aesthetic, as you can see below.
Source: Amazon
The album included the highly successful single "You Better You Bet," which reached the top ten in the UK and the Top 20 in the US. The accompanying music video was also one of the first music videos aired on MTV in August 1981, and notably, the first to be repeated on the channel. This helped the band gain new exposure in the burgeoning video age. If you would like a reminder or a fun song to sing along with, I have included a YouTube link to the original video below.
The Who - You Better You Bet (Promo Video)
Just as the album cover above featured many faces of the band members, inflation also has many faces and ways that it impacts consumers in today's markets. I am going to share two of them with you today.
As many of you have probably heard me share before, the first rock concert I ever attended was in November 1982 at the Richfield Coliseum. It was The Who’s (first) farewell tour, and having just turned 17 years old, I mistakenly thought that this was my last opportunity to see the band perform live… more on that later. At noon that day, it was announced that the tickets would go on sale at 4:00 PM at Ticketmaster's around northeast Ohio, the closest one being at Chapel Hill Mall. As I did not have any money with me at school, my Algebra 2 teacher, Mrs. Griffith, loaned me $20.00 so that I could go immediately after school let out and stand in line for tickets.
You may be wondering how much the tickets to that concert cost 43 years ago. Luckily, I was able to find the information with an online, AI-assisted search.
“Tickets for The Who's Farewell’ tour in 1982, including their Cleveland shows at the Richfield Coliseum, were priced around $15. Specifically, the shows in Cleveland were on December 13th & 14th, 1982.”
As a junior in high school, I had no idea that The Who would still be waving goodbye 43 years later. However, I recently received an email with information about shows and events touring North America, and I noticed the following promotion:
The cost of tickets for The Who's 2025 "The Song Is Over" farewell tour varies widely depending on the venue, seating location, and whether they are resale tickets.
General Price Ranges:
- Standard Tickets: Expect to find standard tickets in the range of $65 to $350, but this can vary significantly.
- Premium Seats: Premium seats, like those closer to the stage or in club sections, can range from $400 to $750.
- VIP Packages: VIP packages can range from $750 to $1,500 or more.
Assuming you picked a standard ticket with a face price of $250, the difference from their first farewell tour to their most recent farewell tour would have shown an average annual rate of inflation of nearly 7% per year from 1982 to 2025. This is one face of inflation, and it is much higher than the 2% to 3% rate of inflation we have experienced since the turn of the century.
As you can see in our next chart below, inflation grew at different rates for different goods and services from January 2000 to June 2025.
The “more expensive” items are all about healthcare, college education, and childcare. Housing and food aren’t far behind. In contrast, the things that became more affordable are mostly technology items, along with frequently imported goods like toys and clothing. Another way to look at this: goods have been getting cheaper while services are getting more expensive.
If you happen to be an older American consuming more healthcare services, a parent trying to put a child through college, or a young married couple trying to buy their first house, you will definitely understand and commiserate with the significantly high rate of inflation for these items. Without trying to get overtly political, I would also note that health care, education, and housing are areas where the federal government tends to be much more involved. This is something we should probably take note of and explore further.
Whatever face of inflation you are dealing with in your particular situation, it is no secret that rising prices are not popular among the American public. Recent surveys show that many say inflation is the biggest problem this country has faced for four consecutive years, as shown in our final chart below. This matters to the economy because high inflation expectations can influence consumer behavior and produce even more inflation in the future. This is something the Federal Reserve Bank is keenly aware of and is watching closely.
You will note that the frustration with inflation started rising in 2022, the year that inflation peaked in June at 9.1%. Even though the inflation rate has moved between 2.5% and 3% for most of the last year, people are still frustrated. This is because even though the rate of inflation has slowed, prices have not come down. Previous price increases tend to stick, even if the pace of future increases moderates.
As you can see, there are many faces and flavors of inflation. Whether it's concert tickets, the cost of homeowner’s and auto insurance, college tuition, or medical services, inflation is an issue most Americans are dealing with in their daily lives, and most are not happy about it. I'm going to be digging deeper into inflation issues and the Federal Reserve Bank's response to them in several upcoming blogs. I look forward to continuing to share this information so that you can have a better understanding as we continue “Moving Life Forward.”
© 2025 Jesse Hurst
Senior Wealth Manager
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