• Tue. May 28th, 2024

Study shows Taylor Swift tour generates £1 billion boost for UK economy

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May 15, 2024

Barclays bank estimates that Taylor Swift’s worldwide Eras Tour will significantly boost the UK economy by nearly £1 billion ($1.3 billion) as fans spend money to see the US music star. According to a study titled “Swiftonomics,” around 1.2 million fans are expected to spend an average of £848 on tickets, travel, accommodation, and merchandise to attend one of Swift’s 15 summer tour dates in the UK. This amount is significantly higher than what people would typically spend on a night out in the country, as calculated by Barclays.

Peter Brooks, a behavioral scientist at Barclays, stated that fans of cultural icons like Taylor Swift often have a strong emotional connection to the artist, leading to a powerful desire to spend money on their favorite musician’s performances. Swift’s European tour leg, which began over a year ago, has seen sold-out arenas in North and South America, as well as Asia. In the UK, Swift will be performing at various sporting arenas in cities such as Cardiff, Edinburgh, Liverpool, and London.

By the end of 2023, Swift’s tour had already made history by becoming the first to sell over $1 billion in tickets. The tour is expected to more than double this amount by the end of this year. Fans worldwide have shown their enthusiasm for Swift’s music, making her tour a significant economic driver for the UK and beyond.

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