The Taylor Swift economy is still booming. This time, in Europe.
One of the economic stories of 2023 featured Americans spending more than usual in cities where Swift’s Eras Tour came to town.
And new data from the Bank of America Institute shows that trend hasn’t stopped. Even as Swift’s tour has moved overseas.
“We are seeing a bit of a Taylor Swift boost,” Bank of America Institute senior economist David Tinsley said during a media roundtable on Monday, as Americans travel to catch the pop star abroad.
Swift played four nights in Paris from May 9-12, and Bank of America’s data showed a spending increase of about 22% during the period from May 9-13.
Tinsley noted their spending data is largely from US citizens, meaning this increase comes from US consumers spending on Bank of America cards in Paris. “It does seem like Americans are traveling to catch perhaps their second or third viewing of the Eras Tour,” Tinsley said.
Taylor Swift performs onstage during night four of “Taylor Swift | The Eras Tour” at La Defense on May 12, 2024 in Paris, France. (Kevin Mazur/TAS24/Getty Images for TAS Rights Management ) (Kevin Mazur/TAS24 via Getty Images)
Tinsley noted that last June, Pittsburgh saw spending increase by more than 13% at bars and restaurants while Swift was in town. Similar increases in spending were flagged by the Philadelphia Fed and Moody’s. Moody’s found that the average revenue per available room increased by more than 10% in Philadelphia and Newark when Swift’s tour came to the cities.
By the fall of 2023, economists were attributing spending on Swift’s tour, Beyoncé’s Renaissance World Tour, and “Barbie” as part of why US consumer spending continued to surprise to the upside. In August, Morgan Stanley economists estimated spending on these events would add nearly $9 billion to US GDP consumption growth in the third quarter.
“Perhaps the same thing can come through in Europe as well,” Tinsley said. “Of course, European economies probably need that push in particular.” Europe’s economy has lagged behind the US since the pandemic.
Swift’s European tour is just beginning. Shows are slated through late August in cities including London, Milan, Vienna, and Hamburg. Swift will play in Lisbon this coming weekend following three dates in Stockholm last week.
The Eras Tour will return to the US in October, with concerts scheduled in Miami, New Orleans, and Indianapolis.
