Benzinga - by Benzinga Neuro, Benzinga Staff Writer.
Global pop sensation Taylor Swift is anticipated to drive a significant economic boost for the United Kingdom with her upcoming “Eras Tour,” according to a recent report.
What Happened: Barclays, the British bank, has projected that Swift’s “Eras Tour” will contribute a staggering $1.2 billion to the UK economy, reported CNBC.
The bank’s “Swiftonomics” report suggests that each ticket holder is expected to spend an average of £848 to attend the concert.
Barclays’ data shows that this spending is more than 12 times the average cost of a night out in the UK £67 and more than double the amount spent at a UK-based wedding £398. The average ticket price for the ‘Eras Tour’ is $206, with additional costs including £121 for accommodation, £111 for travel, and £56 for concert attire.
Concert-goers are also projected to spend an average of £79 on official merchandise, £59 on a pre-concert meal, and an extra $216 on other expenses, such as drinks and vinyl records. With nearly 1.2 million ticket holders spending a total of $848 each across 15 nights at four stadiums, the tour is expected to generate $1.2 billion.
“When it comes to cultural icons like Taylor Swift – like we saw with Elvis and Beatlemania in the 50s and 60s – supporters have such a strong connection to the artist and to the rest of the fandom that the desire to spend becomes even more powerful,” said Peter Brooks, a chief behavioral scientist at Barclays.
Why It Matters: According to official figures released earlier this month, the UK has successfully navigated its way out of a recession, with the gross domestic product expanding by 0.6% in the first quarter.
Swift’s “Eras Tour” has been making waves not just in the music industry but also in the global economy. The tour’s Paris leg reportedly attracted more American tourists than the 2024 Summer Olympics, according to a report. This demonstrates the immense pull and influence of Swift’s music on a global scale.
Even renowned economist Mohamed El-Erian was seen at a Taylor Swift concert, where he praised the pop singer for her inspiring performance. This further underscores the far-reaching impact of Swift’s music and her ability to attract diverse audiences.
Swift’s influence extends beyond the music industry. Meta Platforms CEO Mark Zuckerberg acknowledged Swift’s debut on his social media platform Threads during the company’s first-quarter financial results announcement, saying, “That one was a big deal in my house.”
Read Next: How Taylor Swift Confronts Drug Themes In New Album, ‘The Tortured Poets Department’
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