Taylor Swift’s highly successful “Eras” concert tour, which concluded over the weekend, has left a lasting impact on the global economy. The 152-city, 51-concert extravaganza grossed an estimated $2.2 billion, making it the highest-grossing tour of all time.
Fans of the pop superstar spent around $5 billion in the United States alone, with indirect spending and non-ticket holder purchases potentially increasing this total to $10 billion. This phenomenon has been dubbed “Swiftnomics,” which has revitalized post-pandemic economies by boosting local revenue and employment.
The tour’s economic impact was felt across various cities, including Pittsburgh, Los Angeles, and New Orleans. In Pittsburgh, hotel occupancy rates increased by 82% compared to pre-pandemic levels, with the city generating $46 million in direct spending from attendees. Meanwhile, Los Angeles saw a significant boost in local employment and earnings, with an estimated increase of 3,300 workers and $160 million in local earnings.
Ride-hailing companies also benefited from the tour, with Lyft reporting an average 8.2% increase in rides in cities hosting Swift concerts. New Orleans saw a notable rise in ride-sharing services, with a 31% increase attributed to the tour’s economic impact.
The “Eras” tour has demonstrated the significant economic power of popular music events, leaving a lasting legacy on local economies and businesses.
Source: https://edition.cnn.com/2024/12/08/business/taylor-swift-eras-tour-economy/index.html