Fans are expected to spend an average of £471 per concert, according to official estimates. Nearly 640,000 people will attend the star’s eight sold-out gigs in the capital.
By Daniel Binns, business reporter
Thursday 20 June 2024 08:24, UK
The final UK shows of Taylor Swift’s Eras Tour are expected to boost London’s economy by £300m, officials have claimed.
The US star will perform three gigs at London’s Wembley Stadium this Friday, Saturday and Sunday – before returning to the venue in August for a further five dates.
The sold-out shows will be attended by a total of nearly 640,000 people.
The Greater London Authority (GLA) estimates fans will spend an average of £471 per show, with many travelling from around the world or other parts of the country to watch.
The capital’s mayor Sadiq Khan said he was “delighted” the 34-year-old was playing more shows in the city than anywhere else in the world during her Eras Tour.
He said the gigs would be “a huge boost to our hospitality industry and [provide] further proof that London is the greatest city in the world to watch live music.”
It comes following the singer’s shows in Edinburgh, Liverpool and Cardiff this month.
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Officials in London are keen to harness enthusiasm for Swift’s visit.
Transport for London has said it will rename some Tube stations on a special one-off map in her honour, while Mr Khan has also unveiled a mural of the singer on the Spanish Steps outside Wembley Stadium.
The GLA said its economic estimate was based on research by tourism body UKInbound.
A previous study claimed Swift’s shows would have an even bigger impact – with Barclays predicting that fans would fork out a total of almost £1bn across her 15 UK shows.
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However, some commentators have questioned the claims.
George Moran, an economist at Japanese bank Nomura, expressed doubts over the alleged net benefit of the tour, saying he believed some fans would be cutting back on other spending in order to attend.
He told The Guardian last month: “We think the idea has been overhyped, especially for economies like the UK.”
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Nonetheless, there appears little doubt that fans – some of whom have spent around £200 on tickets alone – will be spending big on accommodation, food and merchandise during the UK gigs.
The multi-billion pound tour is also expected to be a major earner for Swift, who has an estimated net worth of more than $1.1bn (£0.9bn), according to Forbes.
The star has faced criticism for some spending, including her frequent use of private jets.
It comes amid a boom in concert tours worldwide – and their increasingly hefty economic impact.
Last year, officials in Sweden said two shows by singer Beyonce in Stockholm may have been responsible for a rise in inflation in the country.
