Taylor Swift & The Eras Tour - Impact on the Economy and Businesses

If you’re from Toronto, odds are you’ve heard about Taylor Swift’s The Eras Tour this week.

Data has suggested The Eras Tour delivers a boost to the local economies while Taylor Swift plays multiple sold out shows in each city. There has been a record of increased spending at restaurants and accommodations during the days of the tour in the designated cities.

Here are some additional economic data points directly related to The Eras Tour:

• Spending at restaurants increased by an average of 68% per day over the duration of the tour within the vicinity of the concert stadium. The research was examined by the hour and the largest gain for restaurants was the hours leading up to and during the concerts.

• Accommodations and hotels had an increased spending growth by 47% in the immediate vicinity of the stadium and up 32% for the 10-mile radius.

• For smaller cities, this spending is a huge boost to the economy. For example, smaller cities like Kansas City, MO, where restaurant spending over the two days of the Eras tour accounted for nearly two weeks of spending in a “normal” period at restaurants. Smaller cities will feel a significant boost with the concert.

• Small businesses and local shops are outsourcing Swift-inspired outfits, DIY and memorabilia, adding to the fan experience.

• Hotels have increased prices and the demand for Ubers have raised during the concert evenings.

• Jobs have been created to accommodate the wave of concertgoers and fans (security, police, venue employees, etc).

• The publicity fo the local venue hosting The Eras Tour. Glendale Arizona, was officially named “Swift City” for two days. The Rogers Centre along with other stadiums had the iconic friendship bracelets outside the stadium. In Toronto local streets surrounding the venue were renamed Taylor Swift themed streets.

• Fans travel worldwide to attend the concert while adding tourism. The Eras Tour has caused an increase in tourism from those who otherwise wouldn’t have visited certain cities. In popular tourist destinations where Taylor played in Asia, Europe, US cities and Toronto, her presence attracted tourists that otherwise would not have visited.

• The exchange rate and the strong dollar made it more affordable for Americans to travel abroad for the concert.