Fortune said that for the first time in history, the US Federal Reserve (FED) had to name an artist in its special report, thereby emphasizing the importance of this character to the economy. .
Specifically, Taylor Swift was named by the Fed when her first “The Eras Tour” tour in 5 years created an extremely strong boost for the economy as well as social culture.
In the Fed report, this tour was assessed as having boosted Philadelphia’s tourism industry despite the gloom of the general market.
“Despite the slow recovery of the tourism industry in general, May 2023 saw the strongest increase in hotel revenue in Philadelphia since the pandemic began, largely due to the large number of visitors to the shows. Taylor Swift concert,” the Fed report stated.
In fact, the Fed is not the only organization praising the tour’s impact on the US economy. A series of analyzes have shown a boost in tourism in Philadelphia as well as other areas in the US when Taylor Swift’s tour is taking place. The term “Tswift Lift” is even used to refer to this event.
For example, in the city of Chicago, during Taylor’s 3 concert nights, this area had the highest increase in public transportation service usage since the post-pandemic period with more than 43,000 trips. In total, the city earned $90 million thanks to Taylor’s three shows, including $2 million in hotel room revenue with 98% of the rooms full.
According to research firm Question Pro, Taylor Swift can bring in $4.6 billion in spending to the US economy, contributing to the economic and social growth here.
Currently, Taylor Swift’s Eras Tour is attracting great attention from the media. This female artist began producing music when she was a teenager and has maintained her popularity for the past 20 years.
It is this level of popularity that has caused the number of people buying tickets to increase sharply, especially after a long period of separation. Fortune said that even thousands of people who couldn’t buy tickets stood outside the tour venue to watch their idol.
On July 11, the number of buyers was so high that the Ticketmaster Europe platform selling Eras Tour tickets in France was forced to completely stop presale. Right before this decision was made, there were still more than 1 million fans waiting in line to buy tickets.
According to Fortune, Taylor Swift is said to earn about 13 million USD for each night of the Eras Tour and is expected to earn a total of 1 billion USD. If the above number is correct, this will be the highest-grossing tour in history, turning Taylor Swift into one of the best-earning artists in the world.
The average presale ticket price of Eras Tour is about 254 USD but is resold on the secondary market at sky-high prices. On platforms like StubHub, Taylor’s ticket prices were advertised at more than $20,000.
According to some statistics, on average Taylor fans will spend more than 1,300 USD including entrance tickets, hotels, transportation and a variety of other shopping expenses. In addition, these fans will spend hundreds of dollars on clothes and accessories to match the fashion of each tour, thereby creating a boost for the consumer market.
Taylor Swift’s original plan was to perform 131 tour shows in 17 states and 5 continents until ending in London in August 2024. With the current ticket fever, experts expect this artist will create an economic boost for every locality where Taylor Swift visits.
