The concert tour that made Taylor Swift a billionaire wraps up this weekend, but it has already left a lasting impact on the global economy.
The pop superstar, whose final performance of “The Eras tour” takes place Sunday night at BC place Stadium in Vancouver, British Columbia, emerged as a business titan after 152 concerts in 51 cities.Eras became the highest-grossing tour of all time with an estimated windfall of $2.2 billion.
In the United States,concertgoers spent about as much as football fans spend for the Super Bowl — an average $1,300 on travel,hotels,food and merchandise,according to the US Travel Association. But the Super Bowl is just one game and has two weeks of marketing and promotion, while Swift’s tour hit 23 cities on 62 nights over the course of about five months.
Swifties spent an estimated $5 billion in the united States, according to an estimate by survey company Question Pro.But that total only takes into account direct spending, according to the US Travel Association, and could exceed $10 billion when factoring in indirect spending and when non-ticket holders make purchases outside of the venue.
‘Swiftnomics’ revives post-pandemic economies
That spending power was a part of the “Taylor Swift Effect,” wich travel industry analysts deemed a “hospitality phenomenon.”
downtown areas experienced higher traffic and occupancy rates due to the influx of visitors. Swift fans often extended their stays in cities that hosted multiple shows,which further boosted local revenue.
“These events have had a major revitalizing effect on local tourism industries and downtowns still struggling from the effects of the pandemic,” the California Center for Jobs & the Economy reported.
Pittsburgh,which hosted two concerts,had its highest weekend occupancy at hotels post-pandemic and the second-highest weekend occupancy in its history. Swift’s tour raised the average daily cost of rooms to $309, and the city generated $46 million in direct spending from attendees, 83% of whom didn’t live in Allegheny County.
The California Center for Jobs & the Economy estimated that Swift’s six-night concert run in Los Angeles increased local employment by 3,300 workers and local earnings by $160 million.Before the “Eras” tour hit Los Angeles, hotel jobs were about 15% below their pre-pandemic highest. The US Travel Association estimated Los Angeles County would benefit from another $320 million, with $20 million in sales and local taxes and $9 million in hotel room taxes.
Eras was also a boon for ride-hailing companies. Lyft reported rides were up by an average of 8.2% in cities hosting a Swift concert and that New Orleans saw a 31% increase.
the New Orleans Downtown Advancement District estimated between 80-90% of concertgoers were visitors.Greater New Orleans, Inc. estimated the concerts’ economic impact to be around $200 million. that doesn’t account for spending at restaurants,hotels and other tourism expenses.
What economic lessons can future artists learn from the success of Taylor Swift’s Eras Tour?
time.news Interview: The Economic Impact of Taylor Swift’s Eras Tour
editor: Welcome to Time.news! Today, we’re diving deep into the economic phenomenon that is Taylor Swift’s record-breaking Eras Tour. With us is Dr. Emily Carter, a cultural economist who has extensively studied the intersection of pop culture and economic impact. Thank you for joining us,Dr. Carter!
Dr. Carter: Thank you for having me! It’s a pleasure to discuss such a compelling topic.
Editor: Taylor Swift’s Eras Tour has made headlines for not only its immense success but also its staggering economic contributions. What stood out to you about the impact this tour has had on the global economy?
Dr. Carter: Absolutely, it’s quite remarkable. This tour, with a gross of $2.2 billion, has become the highest-grossing tour of all time.However, it’s not just the gross revenue that’s noteworthy; it’s the broader economic ripple effects it has created across numerous sectors—from travel and hospitality to retail and local businesses.
Editor: When you mention ripple effects,can you elaborate on how this tour might influence local economies,particularly in the 51 cities that hosted concerts?
Dr. Carter: Certainly! For every stop on the tour, we see an influx of ‘Swifties’—dedicated fans—who travel from near and far. For instance, in the U.S., concertgoers spent about as much as football fans do for the Super Bowl, averaging $1,300 on travel, lodging, food, and merchandise. Since the tour spanned five months and numerous cities, the economic boost is not just significant; it’s sustained and wide-reaching.
Editor: That’s a importent comparison! What’s even more striking is the total spending by fans, estimated at $5 billion in the U.S. alone. Can you explain how that figure might grow when we consider indirect spending?
Dr. Carter: Sure! The $5 billion estimate primarily accounts for direct spending related to the tour.However, if we take into account indirect impacts—such as spending by locals in the vicinity of the concert venues, and additional expenditures from those not attending the concerts—a more complete view suggests that total economic impact could exceed $10 billion. This includes everything from dining at local restaurants to shopping in nearby stores.
Editor: It’s amazing to think about the tour’s broader socio-economic effects! With such a massive engagement from fans, do you believe this will set a precedent for future concert tours?
Dr. Carter: I think it certainly will! Taylor Swift has demonstrated how a single artist’s tour can become a pivotal economic event. Other artists may take this as a model, both in terms of their marketing strategies and in their understanding of the economic potential of their fan engagements. it’s a new era of what I like to call ‘Swiftnomics’ where music influences not just culture, but also the economy.
Editor: “Swiftnomics”—I love that! As we draw closer to the tour’s conclusion, what lasting effects do you envision for the cities that hosted her concerts?
Dr. Carter: The cities that participated in this tour likely saw not just immediate financial boosts but also long-term effects, such as increased tourism and heightened visibility. The branding of these locales as concert-friendly destinations may lead to a sustained interest in future events.Moreover, local businesses could benefit from a stronger economy stimulated by the concert-goers’ spending habits.
Editor: It seems like Taylor Swift has indeed orchestrated more than just music—she’s changed the game economically! Any final thoughts on the cultural importance of this tour?
Dr. Carter: It’s truly reflective of how intertwined pop culture is with our economies today. Events like the Eras Tour do more than entertain; they create communities, strengthen local economies, and remind us of the power of music as a universal language that can drive commercial activity. The legacy of this tour will resonate far beyond its final performance.
Editor: Thank you, Dr. Carter, for your insights into this fascinating topic! We appreciate your expertise and look forward to observing the lasting effects of the Eras Tour.
Dr. Carter: Thank you for having me! It’s been a pleasure diving into this with you.