Taylor Swift this would boost the economies of the states in which he worked. In a sense, this is a repeat of the situation reported a few months ago, when beyoncé she performed in Sweden. In this case, according to some analysts, the singer would provoke inflation in Sweden. Then the accusation came from Michael Graham, chief economist at Danske Bank, Denmark’s largest bank, an institution with a large presence also in Sweden. After arrival Renaissance Tour he was spotted in Stockholm a significant increase in prices in hotels and restaurants.
However, this time to be in the epicenter of the storm is Taylor Swift, which could be credited with stimulating the economies of the states in which he worked. But not only. Analysts predict that real spending will increase by 1.9% in the third quarteraided in part by stadium tours featuring music superstars Taylor Swift AND beyoncé as well as from summer blockbusters Barbie AND Oppenheimer. Such forecasts are made by Morgan Stanley. Although this economic recovery may be short-lived.
Taylor Swift and Beyoncé make the economy grow
Sara Wolfan economist at Morgan Stanley, explained that the events we just mentioned are expected to generate unprecedented returns, which should bring to an increase in consumption by a quarter of one seventh of a percentage point.
Tour of fastin particular drew attention to expensive resale market and the ticketing fiasco, which brought Ticketmaster to the attention of fans and legislators alike. Beyoncé hit national headlines for being paid to keep the Washington, D.C. subway system running later after her show was postponed due to inclement weather.
Both rounds counted to stimulate the economy of the cities they visitas fans travel the country to see the singers. Joint concerts and films have also inspired participants dress up as movie charactersencouraging further spending on new clothing and accessories such as friendship bracelets and custom-made black fedoras.
This exposure caught the attention of everyone from local entrepreneurs to Federal Reserve. Last month, the Federal Reserve Bank of Philadelphia reported that hotel reservations to celebrate Swift’s arrival in the city showed that The strongest growth since the beginning of the pandemic.
Central bank officials included in the Beige Book reported that
Despite a slowdown in the recovery of tourism in the wider region, May was the strongest month for hotel revenues in Philadelphia since the start of the pandemic, due in large part to the influx of guests at Taylor Swift concerts in the city.
Influence of theatrical releases
Barbie AND Oppenheimer Universal became known as Barbenheimer; the two films were box office successes, although labor strikes in Hollywood effectively brought film production to a halt.
Barbie became the highest-grossing release in the US that year, and Oppenheimer it is now the director’s third highest-grossing film worldwide of all time. Christopher Nolan. Including other films, the opening weekend was the fourth-highest-grossing U.S. box office of all time.
THAT retailers jump on the Barbie craze specifically by selling themed merchandise, from heels to swim rings.
Wolfe predicts that with the end of touring and film Real PCE to contract by 0.6% between Q3 and Q4. Real gross domestic product is expected to grow by 0.1% in the fourth quarter.
Wolfe believes that this change may attract the attention of the Fed. Cultural decline as another reason to be patient at the time when he has to decide on the future trend of interest rates.