This weekend marks the end of Taylor Swift’s concert tour, which has already had a significant influence on the world economy.
After 152 shows in 51 locations, the musical sensation—whose last show of “The Eras Tour” happened on Sunday night at BC Place Stadium in Vancouver, British Columbia—became a titan of business. Eras earned an estimated $2.2 billion, making it the highest-grossing tour ever.
According to the US Travel Association, concertgoers in the US spent an average of $1,300 on travel, lodging, food, and merchandise, which is comparable to what football fans spend for the Super Bowl. However, Swift’s tour saw 23 locations on 62 nights over about five months, but the Super Bowl is only one game with two weeks of marketing and advertising.
A study conducted by the survey firm Question Pro estimated that Swifties spent $5 billion in the US. However, the US Travel Association claims that figure only accounts for direct expenditure and may surpass $10 billion when indirect spending and purchases made by non-ticket holders outside of the venue are taken into consideration.
“Swiftnomics” boosts economies after a pandemic
Travel industry analysts called the “Taylor Swift Effect,” which included that purchasing power, a “hospitality phenomenon.”
The flood of tourists increased occupancy rates and traffic in downtown districts. Swift fans frequently stayed longer in cities that had several performances, which increased local income even more.
According to the California Center for Jobs & the Economy, “these events have had a major revitalizing effect on local tourism industries and downtowns still struggling from the effects of the pandemic.”
Pittsburgh had the second-highest weekend occupancy in its history and the biggest weekend occupancy at hotels since the epidemic, where two concerts were held. With 83% of the attendance not being from Allegheny County, Swift’s tour increased the average daily lodging fee to $309 and brought in $46 million for the city.
According to the California Center for Jobs & the Economy, Swift’s six-night series of concerts in Los Angeles raised local wages by $160 million and created 3,300 new jobs. Hotel employment was around 15% lower than it was prior to the pandemic when the “Eras” tour arrived in Los Angeles. With $20 million in sales and local taxes and $9 million in hotel room taxes, the US Travel Association calculated that an additional $320 million would benefit Los Angeles County.
For ride-hailing businesses, Eras was also advantageous. According to Lyft, trips increased by 31% in New Orleans and by an average of 8.2% in cities where Swift was performing.
According to the New Orleans Downtown Development District, 80–90% of concertgoers were tourists. The economic impact of the concerts was projected by Greater New Orleans, Inc. to be approximately $200 million. Spending on dining out, lodging, and other travel-related costs is not included in that.
