concession. n. 1. the act of yielding or conceding, as to a demand or argument. 2. something conceded. 3. (Commerce) Brit a reduction in the usual price of a ticket granted to a special group of customers: a student concession.4. (Government, Politics & Diplomacy) any grant of rights, land, or property by a government, local authority, corporation, or individual.5.. (Commerce) Brit a reduction in the usual price of a ticket granted to a special group of customers: a student concession. 4. (Government, Politics & Diplomacy) any grant of rights, land, or property by a government, local authority, corporation, or individual.