Taylor Swift’s highly anticipated Eras Tour is expected to deliver a substantial economic boost to the UK, with fans projected to spend nearly £850 each attending her summer concerts.
According to a consumer spending report by Barclays, this influx of spending will significantly benefit the UK’s experience economy.
The report reveals that one in five of the 1.1 million ticket holders for Swift’s 15 performances across Edinburgh, Liverpool, Cardiff, and London will purchase new outfits specifically for the concerts. The majority of the expenditure will go towards accommodation, tickets, transport, and merchandise.
Dubbed “Swiftonomics,” the report highlights that the spending by ticket holders for one night of Swift’s Eras Tour is over 12 times the average £67 cost of a typical night out. Peter Brooks, Barclays’ chief behavioural scientist, commented, “Whoever came up with the phrase ‘money can’t buy happiness’ clearly wasn’t a Swiftie.”
The release of tickets last July sparked a 15% increase in UK entertainment spending. The average ticket price for Swift’s concerts is £206, with 14% of attendees opting for VIP packages exceeding £400.
Breakdown of average spending per attendee includes:
– £121 on accommodation
– £110 on transport
– £78 on official merchandise
– £60 on a pre-concert meal
– £56 on a new outfit
– £216 on additional costs such as alcohol, unofficial merchandise, CDs, LPs, and friendship bracelets
Barclays data indicates that Swiftie spending surpasses the near-£400 typically spent attending a UK-based wedding and the £780 for stag or hen parties. Brooks noted the strong connection between Swifties and the 34-year-old singer, comparing it to Beatlemania and the devotion to Elvis Presley. He observed that Swifties are creating additional spend through activities like showcasing friendship bracelets on TikTok and themed food platters.
Consumer data for April showed a decline in retail spending but a 13% increase in the experience economy. Brooks remarked, “People are really looking for these experiences now and hopefully feel a boost to happiness from that.”
Taylor Swift’s Eras Tour has already crossed the billion-dollar mark, with 4.35 million tickets sold across 60 tour dates and $200 million in merchandise sales as of November 2023. Her impact on the UK economy extends beyond the tour, with locations referenced in her lyrics, such as The Black Dog pub in south London, experiencing increased visitor traffic.
Barclays projects that the £848 average spend per UK concert-goer will contribute nearly £1 billion to the UK’s experience economy, although the exact amount benefiting Swift herself is uncertain. Tom Corbett, head of group sponsorship at Barclays, emphasized Swift’s positive impact on the retail, hospitality, and leisure sectors. “Fans are increasingly going all-out on experiences that resonate on a personal level, turning every concert into a potential holiday, every ticket into a cherished memory and every event into an opportunity to splash out on new outfits, food, and merchandise,” he said.
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Taylor Swift’s Eras Tour to Boost UK Economy by Nearly £1 Billion