Taylor Swift: The Eras Tour moves US economy – 07/17/2023 – Market

Singer Taylor Swift was cited by the US central bank for having boosted the US tourism sector with her tour “The Eras Tour”.

According to the Beige Book, a report by the Fed (Federal Reserve, the US central bank) on the US economy, the singer boosted the recovery of tourism in Philadelphia with the great demand for accommodation during the concerts of the tour in the region, held in May. .

“Despite the slow tourism recovery, May was the strongest month for Philadelphia hotel revenue since the start of the pandemic, largely due to the influx of guests during Taylor Swift’s concerts in the city,” says the document.

Taylor Swift’s tour began in March of this year and already has dates scheduled until August 2024. The projection is that the singer will perform more than 130 shows on five continents, and tickets have been disputed by thousands of fans around the world.

The mention of the Fed was not the first to note the effect of the singer’s concerts on the American economy. According to the Financial Times, the American credit consultancy CreditSights pointed out that hotels in the United States register a significant improvement in financial results with Taylor Swift presentations in their cities.

For this, the company’s analysts compared the revenue of hotels per available room with the average of the main markets in the United States on days of concerts of “The Eras Tour”. The company found a much better performance than the hotel market during the singer’s performances, in what they called “TSwift Lift” (“TSwift impulse”, in free translation).

Additionally, Chicago’s official tourism organization said last month that the first weekend in June broke the city’s hotel occupancy record, citing Taylor Swift’s concert as one of the reasons for the high demand.

“Chicago has set its new record for total occupied hotel rooms! Thanks to three nights of Taylor Swift, the ASCO Annual Meeting, the James Beard Awards and more. It’s not just post-pandemic – we’ve had more rooms occupied than ever before in history of Chicago!”, said the organization on its Twitter profile.

Data from concert tracking group Pollstar shows Eras has grossed more than $300 million, with average ticket prices over $250. Taylor Swift is projected to hit the $1 billion mark next year , with the boost of dates in Latin America, Asia and Europe, announced in June.

In Brazil, the singer will perform six shows – three in Rio de Janeiro and three in São Paulo – between the 17th and 26th of November. With all events sold out, Taylor Swift sold more than 300,000 tickets in the country, with prices ranging from R$ 190 to R$ 980. There was also the sale of VIP packages that cost R$ 2,250.00.

Ticket sales in Brazil, incidentally, were marked by the rapid sell-out of tickets (with online queues that reached almost 2 million people) and by a fight between scalpers and fans who camped at physical ticket offices to secure tickets for the show. .

On one of the sales days, the Civil Police carried out an operation to remove money changers from the queue at Allianz Parque, in São Paulo. About 30 suspects were detained by the police and taken to the First Consumer Police Station to give testimony, to the applause of fans in line.