Taylor Swift’s Eras Tour Could Add $5 Billion to World Economy as it Continues to Drive Tourism Boom
Swifties are helping the economy recover! This month, the Federal Reserve Bank of Philadelphia made the same assertion that several other American towns had made regarding the musician's hugely successful concerts: that Taylor Swift's tour had increased travel and tourism in the area. Last month, market research company QuestionPro predicted that her tour will boost the global economy by $5 billion.
The Federal Reserve Bank of Philadelphia, one of the reserve's 12 regional banks, said in its Beige Book that tourism in the city continued to exhibit a minor increase after the pop star's stop there in May as part of her Eras Tour, reported CBS News. "Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city," the reserve wrote.
"Taylor Swift is a real representative, along with the Eras Tour, of the huge consumer spending power that still exists out there," economist Brett House, professor of professional practice in economics at Columbia Business School in New York, had said to CBC back in June.
Events appear to be drawing attendees and making money at or above pre-epidemic levels now that the COVID-19 pandemic has passed. Gov. J.B. Pritzker of Illinois claimed that hotel income estimates for 2023 have already surpassed pre-pandemic levels and have reached $308 million.
Taylor Swift’s ‘Eras Tour’ could make the US economy over $5 billion.
— Dylan Holy (@realDylanHoly) June 30, 2023
The tour alone could generate the GDP of 50 countries.
H/T @seventeen pic.twitter.com/ej3sHAB7Nt
Swift's visit to Cincinnati also helped the city's economy. "Taylor Swift is a force to be reckoned with," Julie Calvert, president and CEO of Visit Cincy, told WKRC. According to the local CBS network, downtown Cincinnati hotels made $2.6 million over the Swift performance weekend. "The economic impact Swift creates is staggering, as fans travel from far and wide to attend her concerts, filling hotels, restaurants, and local attractions. Swift's influence on tourism is a testament to her ability to captivate audiences and drive economic growth," Calvert added.
Oh my God, who is she? Is #TaylorSwift saving the economy?🎶
— QuestionPro, Inc. (@questionpro) July 18, 2023
Bringing together #swifties for unforgettable experiences while boosting tourism and revitalizing industries, we can guarantee that America's favorite blondie can make the whole place shimmer.https://t.co/dTujBn2BLg
According to Pollstar, a trade newspaper for the live music industry, The Eras Tour has already generated more than $300 million in revenue. At an average cost of $253, more than 1.1 million tickets have already been sold. "I'd say this isn't just about Taylor Swift. This is about the importance of place and being together after a period when we couldn't do so."
Swift concertgoers spent an average of $1,300 per show on costs including tickets, clothing, travel, and food, which was an average of $720 above their original budget, according to a survey of 596 people carried out by QuestionPro. However, 91% said they would go again, and 71% felt it was worthwhile. "People want to be together, it's meaningful to hear music and be in one place for that experience," House said. "And people are willing to invest in it."
Taylor Swift is not only carrying the American music industry but is also a driver of the world economy https://t.co/IbT2jiMV90
— j. d. will see Taylor Swift!!! 💜💜💜 (@chrissoberyl) July 10, 2023
References:
https://www.cbc.ca/news/business/taylor-swift-tickets-tour-economy-armstrong-1.6879449
