A New Term in Economics: "Swiftonomics"
High-profile concerts by artists like Coldplay (January 23-31) and Taylor Swift (March 2-9) significantly boost national economies, driving spending in tourism, hospitality, retail,? food and beverage sectors. This impact is much greater than what is typically expected from a concert or an artist.
UK ????
Fans attending Taylor Swift's "Eras Tour" in the UK spent an average of ￡848 on tickets, travel, and other expenses, demonstrating a substantial financial impact on local businesses.
Singapore ????
Six Coldplay concerts in January and six Taylor Swift concerts in March 2024 led to a surge in tourism. The Singapore Tourism Board reported 4.36 million visitors in the first quarter, with hotel occupancy rates rising to 81.49% from 77.8% the previous year. Half of the audience for these concerts came from overseas, significantly boosting the local economy.
"Swiftonomics," highlighted by Barclays’ Consumer Spend research , shows how Taylor Swift's tours drive economic activity. The release of Eras Tour tickets caused a 15.8% year-on-year increase in UK entertainment spending. Overall, concerts by artists like Coldplay and Taylor Swift act as powerful economic catalysts.