April 18, 2024

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The economic impact of Taylor Swift caught the attention of the Federal Reserve

The economic impact of Taylor Swift caught the attention of the Federal Reserve

Taylor Swift performs on stage during the Eras Tour at Lincoln Financial Field on May 12, 2023 in Philadelphia, Pennsylvania.
Lisa Lake / Getty Images

  • The stunning success of Taylor Swift’s IRAS tour had a remarkable impact on the economy.
  • The Fed highlighted the impact of Swift’s three Philadelphia concerts in its latest Beige Book.
  • Hotel revenues in the city have risen to their highest level since the pandemic, thanks to Swift.

Taylor Swift’s Eras Tour, consisting of 131 concerts across 17 states and 5 continents, has caught the Fed’s attention due to its perceived impact on local economies.

round that Attracting hundreds of thousands of Taylor Swift fans to cities across the country, he helped dramatically increase hotel revenue in Philadelphia.

Although the recovery in tourism in the region has generally slowed, one contact highlighted that May was the strongest month in terms of hotel revenue in Philadelphia since the start of the pandemic, due in large part to an influx of guests to Taylor Swift’s concerts in the city. The Federal Reserve Bank said Her latest book is in beige.

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.

According to Booking.com data, hotel prices More than three times anticipation of the tour in some cities, Including Pittsburgh, Minneapolis and Kansas City. Hotel occupancy in Allegheny County, which includes Pittsburgh, approached 100% during Swift’s tour and hotel booking platforms were disrupted due to increased web traffic.

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This weekend, Swift’s tour is scheduled to hit Denver, Colorado, and 1 estimate from the Common Sense Institute He points out that the concert will bring in $140 million to the state’s GDP. The city expects about 75,000 Swift fans to attend each of the two sold-out concerts, which the report said could lead to more than $200 million in direct consumer spending.

To get a sense of the scale of Swift’s upcoming Denver concerts this weekend, the report highlighted that the two Eras shows will generate an estimated $38 million in ticket sales, which is 63% of all ticket sales at popular Red Rock venues in 2022.

“The totality of Taylor Swift’s US tour could generate $4.6 billion in total consumer spending, which is greater than the GDP of 35 countries,” Common Sense said.

So if the economy can avoid recession who feels so much anxiety about him, The United States may in part have to thank Taylor Swift and her very loyal fans.