“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 that the desire to spend becomes even more powerful,” said Peter Brooks, behavioural scientist at Barclays.
Taylor Swift’s worldwide Eras Tour will boost the UK economy by almost £1 billion ($1.3 billion) as fans splash the cash to see the US music star, Barclays Bank said in an estimate.
A study entitled “Swiftonomics” said almost 1.2 million fans would each shell out about £848 on tickets, travel, accommodation and merchandise to see the singer and songwriter perform in the UK over 15 summer dates.
This figure is 12 times the amount someone would spend on an average night out in the country, according to Barclays’s estimate released on May 15.
“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 that the desire to spend becomes even more powerful,” said Peter Brooks, behavioural scientist at Barclays.
Swift is on the European leg of her tour that began more than one year ago, with the performer having played in sold-out arenas across North and South America as well as Asia.
This post is dedicated to the new Tortured Poets section of the Eras Tour (aka Female Rage The Musical!) and everyone who made these memories so magical. To my crew, fellow performers, and band who worked tirelessly in their break to concoct this surprise for you – but mostly for… pic.twitter.com/WYkOmH9tm6
— Taylor Swift (@taylorswift13) May 12, 2024
In the UK, Swift will perform at sporting arenas in Cardiff, Edinburgh, Liverpool and London.
The bank’s report is the latest example of so-called “Swiftonomics” — highlighting the singer’s economic influence.
When tickets for the Eras Tour went on sale last year, it crashed websites and led to sold-out hotels in host cities around the world.
Her concerts in the US city of Seattle generated seismic activity equivalent to a 2.3 magnitude earthquake.
The Shake It Off and Cruel Summer singer entered the Forbes Rich list for the last month.
Spanning six continents, the tour will hit the UK for 15 dates in June and August, with fans expected to spend an average of £848 on tickets, travel, accommodation and outfits, according to Barclays.
Adding up the total spending for Brits on the UK leg alone – that’s 1.2 million tickets over 15 nights and four stadiums at capacity, with merchandise, outfits, food, accommodation, travel and more — the Eras Tour is expected to bring in almost £1 billion (£997 million) to the UK’s experience economy.
My mind is blown. I’m completely floored by the love you’ve shown this album.
2.6 million ARE YOU ACTUALLY SERIOUS?? Thank you for listening, streaming, and welcoming Tortured Poets into your life. Feeling completely overwhelmed.
I was already so fired up to get back to the tour… pic.twitter.com/L7lS7WTa2Y— Taylor Swift (@taylorswift13) April 28, 2024
The new figures come after Barclays Consumer Spend data revealed a surge in consumer spending during the pre-release window for the Eras Tour last July – with entertainment jumping 15.8 percent compared to July 2022.
Across the whole of 2023, the entertainment sector (up 7.5 percent) was also boosted by the release of ticket sales for major events including the Eurovision Song Contest and Beyoncé’s ‘Renaissance’ tour, with spending on live shows and concerts up 8.6 percent year-on-year overall.
