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The “Swiftonomics” report is out and predicts a hefty sum of money will arrive with the superstar singer-songwriter’s 15 sold-out concerts this summer.
By Lily Ford
editor
Global superstar Taylor Swift is doing much more for British Swifties than just performing their favorite hits this summer – her Eras Tour is now also projected to boost the U.K. economy by nearly one billion pounds.
A new report from British bank Barclay’s says that Swift, who has just kicked off the European leg of her wildly popular tour (revamped to include the top tracks from her latest release, The Tortured Poets Department) will bring around 997 million pounds ($1.26 billion) into the U.K. economy thanks to fans spending an average of 848 pounds to see her live.
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The “Swiftonomics” report also said that attending one of Swift’s 15 U.K. tour dates is expected to be more than 12 times the average cost of a U.K. night out (67 pounds) and even higher than the cost of a bachelor or bachelorette party (779 pounds).
But it isn’t just the tickets raking in the cash — fans will also spend on accommodation, travel and clothing for the big night. Almost a fifth will buy a new outfit especially for the concert, Barclay’s said.
More money is expected to be spent on official merchandise at the four tour stops: London, Liverpool, Edinburgh and Cardiff and pre-gig meals will also boost restaurant sales near the venues. Almost 1.2 million fans are projected to attend across the 15 dates.
A behavioral scientist at Barclay’s likened Swift’s impact to the fan crazes associated with Elvis and The Beatles.
Dr Peter Brooks said: “Whoever came up with the phrase ‘money can’t buy happiness’ clearly wasn’t a Swiftie. There’s growing evidence that spending on experiences boosts happiness and well-being more so than purchasing physical items, especially if that experience is shared with friends and loved ones.”
“When it comes to cultural icons like Taylor Swift — like we saw with Elvis and Beatlemania in the ’50s and ’60s — supporters have such a strong connection to the artist and to the rest of the fandom that the desire to spend becomes even more powerful. For non-fans, 848 pounds may seem like an enormous amount to splash out on a concert — but for Eras Tour ticketholders, every pound they spend is an investment in the memories they’ll create.”
Her rise to stardom has captivated global music fans as the Pennsylvania-born singer shows no signs of slowing down. Only recently on Amazon Music, she offered a track-by-track experience of some of the songs featured on her newly-released TTPD. Through the playlist experience, the singer revealed the inspiration behind songs “Fortnight” featuring Post Malone, “Florida!!!” with Florence + the Machine, “Who’s Afraid of Little Old Me?,” “My Boy Only Breaks His Favorite Toys” and “Clara Bow.”
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