Taylor Swift’s Eras Tour is the biggest thing on the planet right now if you read the reviews and hype surrounding the tour. Chaos takes over in cities when the tour rolls in and fans come from far and wide to see the show. Local economies see an instant boost thanks to ‘Swifties’ spending money like there is no tomorrow.
The Philadelphia Federal Reserve has noticed and has concluded that Taylor Swift’s concerts and her fans are single-handedly rescuing the hotel industry. Hotel revenues are their highest since the beginning of the coronavirus pandemic in 2020. No pressure, Taylor.
The Philadelphia Federal Reserve released its Beige Book Wednesday. The Beige Book’s findings report that hotel bookings were at the strongest growth level in years, thanks to the Swifties.
“Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city,” officials wrote.
The Beige Book is released eight times a year. It summarizes how the economy is performing in cities throughout the country. The summary of Philadelphia’s economic boost by Taylor Swift concerts might just be an interesting coincidence if it was a single finding. But, it’s not. Cities around the country are experiencing the same thing. Philadelphia is just one example. NBC News reported that when Swift’s tour was in Cincinnati for concerts on June 30 and July 1, the influx of fans brought more than $2.6M into downtown hotels and $5.3M to hotels in the surrounding area.
“Taylor Swift is a force to be reckoned with,” president/CEO of tourism agency Visit Cincinnati Julie Calvert said in a statement at the time. “The economic impact Swift creates is staggering, as fans travel from far and wide to attend her concerts, filling hotels, restaurants, and local attractions. Swift’s influence on tourism is a testament to her ability to captivate audiences and drive economic growth.”
It’s being called The Swift Effect and it is seen in every town on the tour schedule. Chicago tourism officials said last month that the city broke hotel occupancy records during the last weekend of June due to her concerts at Soldier Field. More than 44,000 hotel rooms were occupied each night and it brought in $39M in total hotel revenue.
The Eras Tour is in Denver this weekend and the same thing is happening there. Fans are in town from all over the country. Purchasing tickets for the concerts is difficult, to put it mildly, and they sell out immediately. So, fans find them in other cities and go there. In Denver, fans are showing up and hanging out in the parking lot because they don’t have tickets but want to be part of the experience anyway.
Tickets for the Eras Tour in Denver sold out almost immediately. Resale prices went through the roof, emptying the wallets of fans desperate to see her.
The morning of the show, tickets were still going for about $1,000. Floor seats cost over $3,000. Fans who couldn’t afford to splurge had to shake it off and get creative.
Thousands of Swifties packed the parking lots and surrounding areas of Mile High Stadium to listen from afar. Fans laid out blankets and brought lawn chairs for a free experience of the Eras Tour.
It was a Taylor Swift concert outside of the Taylor Swift concert.
“Yeah, this is crazy! All these people are here who don’t have tickets, just to be here,” said Danielle. “I’ve never seen anything like this.”
“I think it’s really cool! You can hear her perfectly and all of these people are really nice. They’ll trade bracelets with you and sing with you. It’s fun,” said another fan.
The price of the tickets is insane, but I’m old. The Swifties say it isn’t just a concert, it’s a life-changing experience. The ticket prices do not hold them back.
This is Swift’s first global tour in five years. To say it has taken the world by storm is an understatement. It has proven to be both an economic and cultural phenomenon. More power to her. The Philadelphia Fed isn’t the first to notice the power of Swift.
Analysts have coined the revenue bump cities receive from her concerts as the “TSwift Lift.” When The Eras Tour came to Chicago, the city enjoyed its highest post-pandemic public transit ridership, with Swift’s three-night stay from June 2-4 generating over 43,000 extra rides.
Good luck to the fans trying to see a concert. Those ticket prices, though. Yeesh.
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