Taylor Swift performs onstage during the Eras Tour at Lincoln Financial Field on May 12, 2023 in Philadelphia, Pennsylvania. Lisa Lake/Getty Images
- The smashing success of Taylor Swift’s Eras tour had a tangible impact on the economy.
- The Federal Reserve highlighted the impact of Swift’s three Philadelphia concerts in its recent Beige book.
- Thanks to Swift, the city’s hotel revenue has soared to its highest level since the pandemic.
Taylor Swift’s Eras tour, which consists of 131 concerts across 17 states and 5 continents, has caught the attention of the Federal Reserve for its tangible impact on the local economy.
The tour, which drew hundreds of thousands of Taylor Swift fans to cities across the country, helped boost Philadelphia hotel revenues significantly.
“Despite the slowing recovery in tourism in the region overall, one contact stressed that May was the strongest month for hotel revenue in Philadelphia since the pandemic began, due in large part to the influx of guests for the Taylor Swift concerts in the city city,” the Fed said in its recent Beige Book.
Swift performed three concerts at Lincoln Financial Field on May 12, 13, and 14 and returned to Pennsylvania in mid-June to perform in Pittsburgh.
Hotel prices have more than tripled in some cities, including Pittsburgh, Minneapolis and Kansas City, ahead of the tour, according to Booking.com. Hotel occupancy in Allegheny County, which includes Pittsburgh, neared 100% during the Swift Tour and hotel reservation platforms crashed due to a spike in web traffic.
This weekend, Swift’s tour is slated to head to Denver, Colorado, and a Common Sense Institute estimate says the concert will bring in $140 million for the state’s gross domestic product. The city expects each of the two sold-out concerts to see about 75,000 Swift fans in attendance, and according to the report, that could result in more than $200 million in direct consumer spending.
To really understand the magnitude of Swift’s upcoming Denver shows this weekend, the report highlighted that the two Eras shows will generate an estimated $38 million in ticket sales, accounting for 63% of the famed Red rock venues in 2022.
“Taylor Swifts’ entire US tour could result in total consumer spending of $4.6 billion, more than the GDP of 35 countries,” said the Common Sense Institute.
So if the economy manages to avoid a recession that worries so many, America may have Taylor Swift and her deeply devoted fans to thank in part.
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