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The end of an era: Taylor Swift helps US economy
Taylor Swift, the unstoppable force in the music industry, has managed to leave her mark on the global economy with her record-breaking concert tour, “The Eras Tour.” The tour, which spanned 152 shows in 51 locations, came to a close this weekend with its final performance at BC Place Stadium in Vancouver. Swift’s unparalleled success on this tour has not only cemented her status as a musical icon but has also had a significant impact on economies across the United States.
The numbers speak for themselves – “The Eras Tour” grossed a staggering $2.2 billion, making it the highest-grossing tour in history. However, the economic impact goes beyond just ticket sales. According to the US Travel Association, concertgoers spent an average of $1,300 on travel, accommodation, meals, and merchandise, rivaling the spending habits of Super Bowl enthusiasts. This significant level of spending has had a ripple effect on local economies, creating a phenomenon that economists have dubbed ‘Swiftnomics.’
The impact of Swiftnomics can be seen across various sectors, with the travel industry experiencing a significant boost. According to Question Pro, Swifties – as Taylor Swift’s fans are known – spent an estimated $5 billion in the US during the tour. When factoring in indirect expenditures and purchases by non-ticket holders, this figure could climb up to $10 billion. The surge in tourism has led to increased downtown traffic and hotel occupancy rates, breathing new life into economies still reeling from the effects of the pandemic.
The California Center for Jobs & the Economy has noted the revitalizing effect that Swift’s tour has had on local tourism industries, particularly in cities with multiple tour dates. For example, Pittsburgh saw its hotels experience their second-highest weekend occupancy in history after hosting two concerts. The average daily lodging rate shot up to $309, and the city reaped $46 million in direct spending from non-local concert attendees. Similarly, Los Angeles experienced a surge in economic activity thanks to Swift’s six-night concert run, creating 3,300 jobs and generating $160 million in revenue.
The economic impact of “The Eras Tour” extended beyond just traditional sectors like hospitality. Ride-hailing startups such as Lyft also benefited from the surge in tourism, with an 8.2% increase in rides in cities where Swift performed. In cities like New Orleans, which saw a 31% increase in Lyft rides during the tour, the economic impact was even more pronounced. According to the New Orleans Downtown Development District, 80-90% of concertgoers were tourists, contributing to an estimated $200 million economic boost for the city.
Overall, the Swiftnomics phenomenon has underscored the power of live music events to stimulate local economies and drive economic growth. Taylor Swift’s unparalleled success on “The Eras Tour” has not only solidified her status as a music industry powerhouse but has also showcased the significant economic impact that artists can have on a global scale. As the curtain falls on this record-breaking tour, the reverberations of Swiftnomics are sure to be felt for years to come.
