The American “Business Insider” website said that the tour of pop star Taylor Swift, which began last March. It has a significant impact on the US economy.
Taylor Swift’s Eras Tour, consisting of 131 concerts across 17 states and 5 continents, has attracted the attention of the Fed because of its perceived economic impact.
The tour, which has drawn hundreds of thousands of Taylor Swift fans to cities across the US, has helped significantly boost hotel revenue in Philadelphia and “Although the recovery in tourism in the region has generally slowed, one contact highlighted that May was a stronger month.” a month in terms of hotel revenue in Philadelphia since the start of the pandemic, due in large part to the influx of guests to Taylor Swift’s concerts in the city.
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.
The report stated that hotel rates more than tripled in anticipation of the tour in some cities, including Pittsburgh; Minneapolis. and Kansas City, Missouri.
The hotel occupancy rate in Allegheny County, which includes the Pennsylvania era that includes Pittsburgh, approached 100% during Swift’s tour and hotel booking platforms were disrupted by the surge in web traffic.
“Taylor Swift’s total US tour could generate $4.6 billion in total consumer spending, which is greater than the GDP of 35 countries,” said Common Sense.
Swift’s weekend tour is set to hit Denver, and one estimate says the concert could generate $140 million in the state’s gross domestic product. The city expects about 75,000 Swift fans to attend each of the two sold-out concerts, the report said. It could lead to more than $200 million in direct consumer spending.