Swiftonomics: how Taylor Swift influences the global economy

In recent years, Taylor Swift has become a cultural icon with billions of followers worldwide. But her influence extends well beyond music. The pop star, hailing from West Reading, Pennsylvania, has become a significant economic force. This phenomenon has even been dubbed 'Swiftonomics' to refer to the economic impact of her success.

Her contribution to the economy is undeniable. An October 2023 article by the Washington Post acknowledged that the singer was bringing billions of dollars to the US economy. Meanwhile, Bloomberg claims that the Eras Tour has generated as much money as the economies of small countries.

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Monetary authorities confirm it. In the beige book of the Federal Reserve of the United States, a publication that provides a description of economic activity and expectations for each district, it was noted that May 2023 was the best month in terms of hotel revenues in Philadelphia since the beginning of the pandemic. The reason? The influx of travelers who stayed in the city to attend Taylor Swift concerts.

Chicago is another example. According to Fortune magazine, the city recorded a record number of hotel bookings during the three days of concerts held by the artist in the city. An average of 44,383 hotel rooms were occupied each night on Friday and Saturday, a historic record, according to Choose Chicago, the city's tourism office. Occupancy rates reached an average of 96.8%.

The same happened in Mexico. Taylor Swift gave four concerts in the country's capital last August 2023. According to El País México, these events generated 1.011 billion pesos (over $59 million).

The concerts of this superstar are significant for the local economy due to the spending of fans around the event. These include costs for transport to get to the concert, food, lodging, merchandise, tourist tours, and purchases of every kind.

In fact, according to the American survey company Questionpro, on average, the singer's followers spend $1,300 for the concert. In the United States alone, the average ticket cost is $254.

The same platform estimates that the economic impact of the tour could reach $5 billion. This figure exceeds the GDP of about 50 small countries.

Beyond her concerts, the movie 'Taylor Swift: The Eras Tour,' directed by Sam Wrench, which documents the artist's tour, has become the highest-grossing concert film in history, dethroning Michael Jackson's 'This Is It' from 2009. The revenues have exceeded $261.6 million worldwide, according to Variety. 'This Is It' earned $261.2 million in cinemas.

Her success not only moves economies but also fattens her wallet. Forbes estimates Swift's fortune at $1.1 billion. Her assets include over $500 million from royalties and tours, another $500 million from the value of her music catalog, and about $125 million in real estate.

In just one year, she has climbed Forbes' list of the World's Most Powerful Women: from position 79 in 2022 to number 5 in 2023, trailing only behind Ursula von der Leyen, Christine Lagarde, Kamala Harris, and Giorgia Meloni.

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Swift has become an icon. Time magazine chose her as Woman of the Year in 2023, while People named her the Most Exciting Person of the Year.

Swift's phenomenon is beginning to be studied even in universities. As reported by El País, in Europe, a professor at the University of Ghent (Belgium) explores in her classes the relationship between the singer's songs and the classics of English literature between the 9th and 19th centuries.

Photo: Rosa Rafael / Unsplash

Harvard, one of the most prestigious universities in the world, also offers a course about Swift, examining the singer's texts and analyzing her impact on culture and society.

Photo: Pascal Bernardon / Unsplash

Her power could also be seen in elections. In the 2020 US presidential elections, the singer showed her support for Joe Biden and even posted a photo on her social media with cookies featuring the president's name. Given her immense influence, Republicans fear she could publicly endorse the Democrats and mobilize the electorate.

Photo: Taylor Swift / Twitter (X)

In a monologue at the end of January, host Jimmy Kimmel joked about the influence Swift could have on the elections, claiming that neither scandals nor processes will stop the Republican candidate, saying what will finally bring down Donald Trump will be an army of angry Swifties.

While the electoral campaign still seems distant, Taylor Swift is starting to rev up for her Eras Tour. In 2024, she will tour several continents and, according to analysts, it will be the highest-grossing tour in history.

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