Taylor Swift’s Eras Tour is boosting the American economy.
Ticket sales for Swift’s concerts have been so explosive, a Federal Reserve office said, that the pop superstar is helping boost the nation’s tourism industry.
The central bank released its Beige Book on Wednesday, in which Philadelphia Federal Reserve officials reported hotel reservationsbearshowing the strongest growth since the start of the pandemic, thanks to the dates of Swift’s shows.
“Despite the slow recovery in tourism in the region as a whole, a contact noted that May was the strongest month for hotel revenue in Philadelphia since the start of the pandemic, largely due to the influx of concert guests. of Taylor Swift in the city,” the officials wrote.
Eight times a year, the Beige Book compiles summaries of how the economy is doing in different parts of the United States. The document is released ahead of a Federal Reserve committee meeting in which monetary policies, such as interest rate decisions, are discussed.
This isn’t the first time a government agency has credited Swift with boosting local businesses. Earlier this month, Cincinnati officials credited Swift and the Eras Tour with helping downtown hotels raise more than $2.6 million, and surrounding Hamilton County hotels raised more than $5.3 million.
“Taylor Swift is a force to be reckoned with,” Julie Calvert, president and CEO of the Visit Cincy tourism group, said in a statement. “The economic impact Swift creates is staggering, as fans travel from far and wide to attend her concerts, packing hotels, restaurants and local attractions. Swift’s influence on tourism is a testament to her ability to captivate audiences and drive economic growth.”
Last month, Chicago’s official marketing and tourism organization, Choose Chicago, said the first weekend in June broke hotel occupancy records, thanks to events that included Swift’s sold-out shows at Soldier Field.
The same economic impact was anecdotally observed in Boston when you were landed in Gillette Stadium in Maand.
Pollstar concert tracking group data shows Eras has already raised over $300 million, with average ticket prices of more than $250. Project Swift will hit the $1 billion mark next year, now that his tour has added several international dates.
CORRECTION (July 13, 2023 11:32am ET): An earlier version of this article got it wrong when the Eras Tour went to Gillette Stadium. It was in May, not March.
