Taylor Swift may give UK economy a trillion-dollar boost. Here’s how

Taylor Swift may give UK economy a trillion-dollar boost. Here’s how
Taylor Swift may give UK economy a trillion-dollar boost. Here’s how

Pop icon Taylor Swift’s global Eras Tour is projected to give the UK economy a substantial boost of nearly £1 billion ($1.3 billion), according to a study conducted by Barclays Bank.

The study, named “Swiftonomics,” predicts that nearly 1.2 million fans will spend around £848 each on tickets, travel, accommodation, and merchandise to see the US music sensation perform during her 15 summer dates in the UK.

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This spending is roughly 12 times what an average night out in the UK would cost, according to the Barclays estimate released on May 15.

Peter Brooks, a behavioral scientist at Barclays, said, “When it comes to cultural icons like Taylor Swift — similar to what we saw with Elvis and Beatlemania in the 50s and 60s — fans have such a strong connection to the artist that their desire to spend becomes significantly more powerful.”

Swift’s European leg of the tour comes after a year of playing sold-out arenas across North and South America and Asia. In the UK, Swift will perform in major sporting arenas located in Cardiff, Edinburgh, Liverpool, and London.

‘Swiftonomics’ in full swing

The Barclays study is the latest evidence of “Swiftonomics,” a term that highlights Swift’s substantial economic influence.

When tickets for the Eras Tour went on sale last year, they caused website crashes and resulted in sold-out hotels in host cities globally.

It is worth mentioning that her concerts in Seattle generated seismic activity equivalent to a 2.3 magnitude earthquake.

The “Shake It Off” and “Cruel Summer” singer also made it onto the Forbes Rich List this past month.

Swift’s tour spans six continents and will see her perform 15 dates in the UK across June and August. Fans are expected to spend an average of £848 each on tickets, travel, accommodation, and outfits.

According to Barclays, the total anticipated expenditure for the UK leg of the tour… covering 1.2 million tickets, merchandise, outfits, food, accommodation, travel, and more… could reach nearly £1 billion (£997 million), significantly boosting the UK’s experience economy.

These new figures follow Barclays Consumer Spend data, which revealed a surge in consumer spending during the pre-release window for the Eras Tour last July.

Entertainment spending jumped 15.8% compared to July 2022. And ins 2023, the entertainment sector saw a 7.5% increase, bolstered by ticket sales for major events such as the Eurovision Song Contest and Beyoncé’s ‘Renaissance’ tour.

Published By:

Koustav Das

Published On:

May 16, 2024

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