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Taylor Swift’s economic boost is traveling from the US to Europe
The Taylor Swift economy is still growing. This time in Europe.
One of the economic stories of 2023 presented Americans spend more than usual in cities where Swift’s Eras Tour arrived.
And new data from the Bank of America Institute shows that the trend hasn’t stopped. Even though Swift’s tour has moved overseas.
“We’re seeing some momentum in Taylor Swift,” Bank of America Institute senior economist David Tinsley said during a media roundtable Monday as Americans travel to meet the pop star abroad.
Swift played four nights in Paris from May 9-12, and Bank of America data showed a spending increase of about 22% during the May 9-13 period.
Tinsley noted that its spending data largely comes from U.S. citizens, meaning this increase comes from U.S. consumer spending on Bank of America cards in Paris. “It looks like Americans are traveling to see maybe the second or third showing of the Eras Tour,” Tinsley said.
Taylor Swift performs on stage during the fourth night of “Taylor Swift | The Eras Tour” at La Defense on May 12, 2024 in Paris, France. (Kevin Mazur/TAS24/Getty Images for TAS Rights Management) (Kevin Mazur/TAS24 via Getty Images)
Tinsley noted that last June, Pittsburgh saw spending increase by more than 13% at bars and restaurants while Swift was in town. Similar increases in expenditure were noted by the Philadelphia Fed and Moody’s. Moody’s found that average revenue per available room increased by more than 10% in Philadelphia and Newark when Swift’s tour hit the cities.
In the fall of 2023, economists were attributing spending on Swift’s tour, Beyoncé’s Renaissance World Tour and “Barbie” as part of the reason U.S. consumer spending continued to surprise to the upside. In August, Morgan Stanley economists estimated that spending on these events would add nearly $9 billion to US GDP consumption growth in the third quarter.
“Maybe the same thing could happen in Europe as well,” Tinsley said. “It’s clear that European economies probably need this particular boost.” Europe’s economy has lagged behind the USA since the pandemic.
Swift’s European tour has just begun. Shows are scheduled until the end of August in cities such as London, Milan, Vienna and Hamburg. Swift will play Lisbon next weekend, after three shows in Stockholm last week.
The Eras Tour will return to the US in October, with shows scheduled in Miami, New Orleans and Indianapolis.
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
Correction: An earlier version of this article listed a misspelled version of David Tinsley’s name. We regret the error.
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