When measuring inflation, economics and finance experts rely on standard metrics like the Consumer Price Index, Personal Consumption Expenditures and other labor force numbers. However, there is another metric to consider: Taylor Swift’s “The Eras” tour. Spanning 53 U.S cities and 131 global locations, this tour generated a predicted total ticket sales exceeding $1 billion with the potential to generate $4.6 billion in consumer spending in the United States alone – rated a mention in the Federal Reserve’s July 2023 Beige Book .
Moody’s Analytics associate director of research Caglar Demir said that this phenomenon is unique solely to Taylor Swift versus other entertainment events due to two or three sold-out shows per city as well as attracting large crowds outside of stadiums coined “Taylor-gating.” A study by QuestionPro Research & Insights revealed that if Taylor Swift were an economy she would be bigger than 50 countries with loyalty numbers mimicking those of subjects under a royal crown; particularly benefiting hospitality industry experiencing increased activity from near/far concertgoers creating spikes in hotel occupancy rates for their stay duration.
Demir indicated that while these economic impacts are mainly temporary they still speak volumes about current overall economic situation such as consumers prioritizing entertainment experiences and flexibility offered by working from home driving demand shock which will shape long term impact too; however it’s possible for consumer preferences shift away from experiences when stricter return-to office policies make travel difficult achieve leading us into summer revenge travel instead of swiftflation .
