With her movie “Taylor Swift: The Eras Tour,” her concert tour and her merchandise, it is a well known fact that Swift makes millions. After she announced her Eras Tour in Nov. 2022, news about the costly prices of her tickets started to spread.
Nevertheless, millions of tickets were sold and billions of dollars were spent. Financial professionals started to look closer into the profits made from her tour and they found that Swift, through her fans, could impact the economy. According to CBSNews, the combined profit of tickets, plane rides, merchandise and more could help add $5 billion to the economy. The copious amounts of money spent on Swift’s performances and merchandise, all goes to show that some people are influenced very easily and will buy anything with Swift’s name branded on it.
The average fan would purchase a show ticket for $254, according to Insider, or they can buy one of her resold cardigans for double the price they originally were. According to ustravel.org, Swift fans each individually spent $1300 per show including local businesses, food, hotels, flights and merchandise. It doesn’t matter what Taylor Swift sells, fans will buy it. But, with her touring to many different cities in America, this brings money to businesses in these cities. Some cities haven’t seen an economic boost like this in years. For example, the Kansas City area had an economic boost of about $80 million from four different concerts and Swift’s concert nights accounted for $47.8 million of that, according to KMBC News.
Despite the staggering numbers and proof from financial professionals, some people are still skeptical about the impact Swift had on the economy. Referring back to CBS News, they claim Swift supposedly could help add $5 billion to the economy. Considering how much money that is, it makes it a little difficult to believe just one person can have that much of an effect on the economy. According to Monday Morning, the substitution effect comes into play while discussing the potential economic growth Swift encouraged. The substitution effect, in this context, explains how even though Swiftie fans around the world spent hundreds of dollars each, they could’ve spent that money elsewhere. This means that Swift might not have had a direct impact on the economy.
Although this opinion could be true, there are many sources proving that Swift did have an impact economically. Time Magazine stated that Swifties were spending record amounts of money on the Eras Tour. An estimated $1,300 to $1,500 was spent, per fan, on things like tickets, costumes, merchandise, dining and travel. The money spent was shown to have improved local economies in just one weekend. Not only did Swift manage to benefit the economy, a report by the Fed declared that she fueled the national tourism industry. In doing both these things, it is apparent that Swift did have a positive influence on the economy.
With that being said, Swift has an unmatchable way of influencing and inspiring her fans. An average of about 54,000 fans fill stadiums to see the pop star. Many of her fans buy her merchandise at regular and inflated prices. And billions of dollars have been spent on tickets, merchandise and travel costs. With this influence on Swift fans around the world, Swift has had an amazing way of helping the economy.
