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Following Taylor Swift’s wildly successful Eras Tour launch, a new term was coined: “Swiftonomics”. The Eras Tour began in March of 2023 and will continue through December of 2024. The tour began in the US and has now reached multiple countries across the globe. Asia, Europe, and South America to name a few. Cities across the globe have seen millions in revenue added to their local economies.
Experts believe the tour could bring in a staggering $80 billion globally by the tour’s end. Few artists have created the kind of economic impact Swift has. Others might include The Beatles, Michael Jackson, and Beyonce.
Taylor Swift’s fans, known as “Swifties”, are fiercely loyal. That loyalty comes with a lot of buying power. Belle Price, 15, is one of those fans headed to the Eras concert in London this summer. Turns out, tickets to the London concert were less expensive than the cost of tickets stateside. Belle is one of many fans from the US flocking to Europe this summer to see the concert. Cities across Europe are getting ready for the influx of tourists.
Belle said, “We are treating it as a vacation, not just a concert. We’ll eat in local restaurants and try to visit other places in that city, so we’re definitely going to spend more money than usual. The concert is an excuse for vacation”! She’s not alone in those sentiments. Cities hosting the tour are expecting large crowds, bringing large amounts of revenue to their local economies.
Governments across the globe have encouraged Taylor to bring her tour to their cities. Prime Minister of Canada, Justin Trudeau, believes the tour will be so lucrative for the local Canadian economies that he publicly asked Taylor on X if she would consider adding stops in Canada. Taylor obliged, adding Canadian stops to the tour.
Singapore reportedly paid Swift up to three million dollars to bring her Eras tour to the country. Considering the revenue boost of $370 million to their economy, paying three million upfront to secure a tour spot seems like a smart move.
Hospitality industries, particularly hotels and restaurants, are taking advantage of the Taylor Swift tour. Rooms have been sold out well ahead of concert dates. Cities such as Chicago and Minneapolis broke records for hotel occupancy during the tour dates to their cities. Business owners have begun using Taylor’s popularity to boost their profits. In Ohio, roller rinks consistently sell out during Friday’s “Swift Night”. Movie theater ticket sales have sold out showing Taylor’s movie.
Billion-dollar industries have also taken advantage of Taylor’s influence. The NFL and the Chiefs have reportedly earned $331.5 million in brand value since Swift began dating a Chiefs player. Because Swift attended NFL games, there has been an increase in female viewership of football. That translates into dollars. A die-hard Swift fan, Bree Gore, said “Taylor showed them that it’s ok to like sports, be feminine, be loud, take up space, and be in love. Sales for Travis’ jerseys skyrocketed and the tickets to games were also in high demand. So for the Chiefs, it has a huge economic benefit” for Taylor to be at the games.
Taylor Swift has left her mark on the global economy in ways few others have. The US Travel Association expects Taylor’s tour to generate upwards of 10 billion dollars into the US economy when factoring in the indirect spending of consumers.
When asked why Taylor has such economic influence over her fans, Gore said,” Her music just feels real. Even if she was writing about a specific time in her life, you can relate to the songs on many different levels.” Many of Swift’s fans feel they have grown up together. They feel connected to her. Swift’s fan engagement has kept her relevant with her listeners, so fans are willing to spend their hard-earned dollars.
And that has translated into worldwide profits.
Image courtesy of The Sun: Bob @ The Movies