Taylor Swift's Eras tour has been making waves not just in the music industry, but also in the economy. The Federal Reserve has taken notice of the impact of Swift's concerts, specifically highlighting the boost in hotel revenues in Philadelphia.
The tour, consisting of 131 concerts across 17 states and 5 continents, has attracted a large number of Taylor Swift fans to cities across the country. According to the Federal Reserve's Beige Book, hotel revenues in Philadelphia reached their highest level since the pandemic, with May being the strongest month. This surge in revenue was largely attributed to the influx of guests for the Taylor Swift concerts in the city.
Swift performed three concerts at Lincoln Financial Field in May and returned to Pennsylvania in mid-June for another show in Pittsburgh. In anticipation of the tour, hotel prices more than tripled in some cities like Pittsburgh, Minneapolis, and Kansas City. The hotel occupancy rate in Allegheny County, which includes Pittsburgh, neared 100% during the Swift tour, causing hotel reservation platforms to crash due to increased web traffic.
This weekend, Swift's tour is set to hit Denver, Colorado, and it is estimated that the concerts will generate $140 million for the state's gross domestic product. The city expects around 75,000 Swift fans to attend each of the two sold-out concerts, with an estimated $200 million in direct consumer spending.
The scale of Swift's upcoming Denver concerts is further emphasized by the fact that they are estimated to generate $38 million in ticket sales, equivalent to 63% of the Red Rock's venue's total ticket sales in 2022.
According to the Common Sense Institute, the entirety of Taylor Swift's U.S. tour could generate $4.6 billion in total consumer spending, surpassing the GDP of 35 countries.
While many are concerned about a potential recession, Swift and her dedicated fans may contribute to the economy avoiding such a downturn.