If you’ve ever been on a date on Taylor Swift’s Eras Tour, you know that when TayTay comes to town, it’s an absolute hit. The massive tour, which doubles (or triples) every weekend in cities across the country, is boosting the local economy as the Swifties spend their money without hesitation. But now the Philadelphia Federal Reserve has announced that Taylor Swift literally turns the hotel industry on its head. An increase in industry revenue for the first time since the start of the pandemic in 2020.
On Wednesday, the central bank released its Beige Book. Officials said that thanks to Taylor Swift, hotel bookings posted the strongest growth in years.“Despite the slowdown in tourism recovery, May was marked as the strongest month for hotel revenues in Philadelphia since the start of the pandemic. This was due to the influx of guests to Taylor Swift concerts in the city,” the officials wrote.
The book is published eight times a year and summarizes the economic situation of the country’s cities. Philadelphia is not the only example of how Swift has revived the local economy. NBC News reported that when Taylor Swift performed in Cincinnati on June 30 and July 1, her visit generated more than $2.6 million for the Center’s hotels. And a whopping $5.3 million in hotels in the surrounding area.
“The economic impact created by Taylor Swift is staggering”
“Taylor Swift is a force to be reckoned with,” Julie Calvert, president and CEO of travel agency Visit Cincinnati, said in a statement at the time. “The economic impact that Taylor Swift has created is truly amazing. Fans come from all over the world to attend his concerts, filling hotels, restaurants and local attractions.. Swift’s impact on tourism is testament to her ability to captivate audiences and drive economic growth.”
The Swift effect shows up in almost every city she visits. Chicago tourism officials said last month that the city broke hotel occupancy records on the first weekend in June thanks to Taylor Swift’s performances at Soldier Field. More than 44,000 hotel rooms are occupied every night, and the hotels have a total revenue of $39 million.
Concerts and inflation
While Taylor Swift has been credited with stimulating the economies of the states she has performed in, Beyoncé has been blamed for boosting inflation in Sweden.. The accusation came from Michael Graham, chief economist at Danske Bank, Denmark’s most important bank, also with a strong presence in Sweden. Indeed, in connection with the arrival of her Renaissance Tour in Stockholm, there was a significant increase in prices in restaurants and hotels, stormed by Queen B fans. On May 10 and 11, the singer gave two super concerts at the Friends Arena in Stockholm.