The Staggering Economic Impact of Taylor Swift's Eras Tour
Taylor Swift is one of the greatest superstars of this generation with her stardom taking everyone from doe-eyed tweens to heartsick twenty-somethings and far beyond by storm. Since beginning her Eras Tour in March, more than a million fans donning friendship bracelets and album inspired outfits have attended shows across the globe. The tour has been extended through November of 2024. It’s projected that the tour could gross $2.2 billion in North American ticket sales alone, and the total consumer spend is estimated at $4.6 billion. Let that sink in!
Aside from those staggering numbers, the tour’s immense economic impact both globally and locally has led to millions in new revenue for local businesses including restaurants, hotels, and even hair salons. Additionally, Swift is well-known for her giving spirit from doling out generous raises to donating to registered charities.
Boost in Tourism
The impact of the Eras Tour goes far beyond the concert venues themselves. When Swift brings her music to a new city, local businesses and tourism experience a significant boost. Swifties are traveling from all over the world for the experience of a lifetime. Led by FOMO (fear of missing out) or otherwise, the tour’s popularity has forced parts of cities to shut down, booked hotels to capacity, and stuffed restaurants of all sizes. Let it be known, Swifties will not miss this show. Some even took to social media to share their experiences attending the Eras Tour hours before going into labor! No matter the circumstances, people will show up and open up their wallets. More than anything, these moments of record spending have proven positive for the local tourism industry. According to the US Travel Association, the average Swift fan contributes $1,300 to local economies. This includes everything from dining out, staying at hotels, purchasing merchandise, and traveling. The spending surge is on par with the amount of money fans spend on a trip to the Super Bowl; the difference being the Super Bowl happens once a year while Swift performs year-round.
If the Swiftie spending continues, the total consumer spend of the Eras Tour is estimated at $4.6 billion in the United States portion alone. In late June, Swift visited Cincinnati for two sold-out shows. The city of Cincinnati estimates $92 million in net new local spending due to off-site visitors, including $2.6 million in hotel revenue. It’s worth noting that most people don’t show up to their long-awaited Eras Tour show in jeans and a T-shirt. From diehard fans to casual listeners, you can expect the audience to come dressed in album-inspired outfits often featuring yards of fluorescent fabric and dozens of Swarovski crystals. So, it’s no surprise that local retailers saw a spike in new business as concertgoers bought outfits and beauty services leading up to the concerts. To put things in perspective, the City of Cincinnati has a population of 306,000. If the $92 million in new spending was distributed evenly among all residents, everyone would receive approximately $300.
Boost in Job Creation and Employment Opportunities
Beyond the Eras Tour’s impact on tourist spending, support for its consumer demand has created fresh job opportunities. Swift’s tour requires a vast workforce to ensure all runs smoothly on the technical side. From tour managers to stage crew, sound engineers to lighting technicians, the need for skilled professionals follows every show. The equation is simple - the larger the show, the larger the workforce needed. The hospitality and service sectors have seen a fair increase as well. As thousands of fans flock to each show, venues need a strong team of staff members to handle ticketing, security, and concessions. Hotels and restaurants located near concert venues share this surge, often requiring additional staff to properly accommodate the influx of guests. Swift’s Cincinnati shows in late June created or supported 902 jobs to their local communities.
Giving Back to the Community and Her People
Swift’s impact on local economies during the Eras Tour isn’t her only positive effect on local communities. Throughout her career, Swift has joined various charitable endeavors and philanthropic activities that use her platform to support causes and organizations important to her. It's worth noting that unlike her performances, Swift's charitable efforts often come with little fanfare as she’s known to make anonymous donations.
In public, Swift has worked to help those affected by natural disasters. An example is her $1 million dollar donation to recovery efforts after tornadoes struck Tennessee in 2020. Likewise, in 2011, Swift donated $500,000 to the American Red Cross to assist disaster relief efforts, including help for victims of tornadoes and flooding in the United States.
Beyond these greater needs, Swift’s generosity often reaches her own staff. In late July, members of the Eras Tour’s trucking staff received a $100,000 bonus as a thank-you for their hard work during the United States leg. Over $55 million in bonuses continued to dancers, riggers, sound technicians, and caterers, showing appreciation to those who help the tour run smoothly. It's true that some things, like red lipstick, and having a kind heart, “never go out of style.”
The “Taylor Effect” on Travis Kelce
In early October, Taylor Swift made her highly speculated relationship with Kansas City Chiefs Tight End, Travis Kelce, official. Although Swift herself sings “In your life you’ll do things greater than dating the boy on the football team”, this new relationship seems to be garnering a great deal of attention. Since Swift's appearance in Kelce's stadium suite, there has been a noticeable economic impact on the Chiefs and their surrounding community. One of the most evident impacts has been the surge in attendance at Chiefs' games. Swift's massive fan base has taken a keen interest in the games hosted at Arrowhead Stadium due to the allure of catching a glimpse of her in the suite. This newfound enthusiasm has translated into higher ticket sales, and a threefold increase on search engines for Chiefs tickets. Additionally, following Swift’s appearance in Kelce’s suite, Kelce jersey sales saw a spike of nearly 400%.
Kelce and the Chiefs organization are not the only ones benefiting from Swift and Kelce’s new relationship. The pair made significant donations to a Kansas City foodbank that supports thousands of families and elderly people who are experiencing food insecurity. Not only have Swift and Kelce had a significant impact on the charity financially, but they have also increased visibility for the nonprofit and raised awareness about hunger in general. Swifties across the world agree, even if the relationship is staged for publicity and economic stimulation, it's nice to finally see someone let Taylor “bejeweled.”
Taylor Swift is Coming to Indianapolis
As a community bank who believes in the power of giving back, we have a strong appreciation and admiration for the work of Taylor Swift both publicly and behind the scenes. We’re inspired by all the superstar has done and might even say, we’re Swifties ourselves!
Luckily, for members of our great region, Swift’s tour extension includes Indianapolis’ Lucas Oil Stadium for three shows from November 1st – 3rd, 2024.
F&M wants to give all of our Swifties the chance to save for an unforgettable concert experience! While we haven’t struck a deal with Taylor herself, we have Christmas Club Accounts and a wide array of other Savings Accounts so you can start saving for the event you won’t want to miss.
Dollars figures have been compiled from:
25 News KXXV - August 21, 2023
NBC News – July 13, 2023
Camoin Associates – July 10, 2023
KLTA 5 Los Angeles – August 10, 2023
91.7 WVXU News - June 29, 2023
Forbes – March 6, 2020
CBS News – August 3, 2023
The Atlanta Journal-Constitution – August 3, 2023
Forbes – October 2, 2023
ESPN – September 26, 2023
USA Today – October 13, 2023
