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Taylor Swift’s Economic Boom is Being Felt Throughout Europe and the US

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The economy of Taylor Swift continues to grow. In Europe, this time.

Americans spending more than usual in cities where Swift’s Eras Tour stopped was one of the economic stories of 2023.

The Bank of America Institute’s most recent data indicates that this trend continues. even though Swift’s tour has now extended abroad.

During a media roundtable on Monday, senior economist David Tinsley of the Bank of America Institute stated, “We are seeing a bit of a Taylor Swift boost,” as fans travel overseas to see the pop star.

According to Bank of America data, Swift performed four nights in Paris from May 9–12. During that time, spending increased by approximately 22%.

Tinsley pointed out that the majority of their spending data comes from US citizens, indicating that US customers using Bank of America cards in Paris are the source of this increase. “It does seem like Americans are traveling to catch perhaps their second or third viewing of the Eras Tour,” Tinsley stated.

According to Tinsley, during Swift’s visit to Pittsburgh in June of last year, bar and restaurant spending increased by over 13 percent. Moody’s and the Philadelphia Fed noted similar increases in spending. Moody’s discovered that when Swift’s tour stopped in Philadelphia and Newark, the average revenue per available room rose by more than 10%.

By autumn 2023, analysts were linking US consumer spending’s upward surprise to purchases made during Swift’s tour, Beyoncé’s Renaissance World Tour, and “Barbie.” According to estimates made in August by Morgan Stanley economists, the US GDP consumption growth in the third quarter would increase by almost $9 billion due to spending on these events.

“Perhaps the same thing can come through in Europe as well,” Tinsley stated. “Of course, European economies probably need that push in particular.” Since the pandemic, the US economy has outperformed that of Europe.

Swift’s tour of Europe has only just begun. London, Milan, Vienna, Hamburg, and other cities will host shows through the end of August. After three shows in Stockholm last week, Swift will play in Lisbon this coming weekend.

In October, the Eras Tour will make a return trip to the United States, with stops in Miami, New Orleans, and Indianapolis.

Raeesa Sayyad

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