When measuring inflation, economics and finance, most experts rely on standard metrics such as the Consumer Price Index (CPI), Personal Consumption Expenditures (PCE) and other labor force numbers. However, another metric to consider is Taylor Swift – specifically her “The Eras” tour which generated a predicted total ticket sales exceeding $1 billion. Moody’s Analytics CRE reported that this tour has the potential to generate $4.6 billion in consumer spending in the United States alone – an impressive figure that even earned a mention in the Federal Reserve’s July 2023 Beige Book .
Moody’s Analytics associate director of research Caglar Demir explained that this phenomenon is particular solely to Taylor Swift versus other entertainment events: “She’s certainly a unique case,” he said. “Four each city the tour stops at, there are two to three sold-out shows minimum…in addition to attracting large crowds of spectators outside of stadiums; hence coined term ‘Taylor-gating’.” QuestionPro Research & Insights released a study about Eras concertgoers , with results highlighting its economic impact: Dan Fleetwood from QuestionPro commented saying “If Taylor Swift were an economy she’d be bigger than 50 countries.” The hospitality industry was one of its largest beneficiaries due increased hotel occupancy rates as fans sought accommodation for their stay during concerts or ‘Taylor-gating’.
Demir indicated that while these effects are mainly temporary with RevPARs returning back once everyone leaves town; it does speak volumes about current overall economic situation where consumers prioritize entertainment and experiences over material goods – something made possible by working remotely from home during pandemic times. He also noted how summer 2021 saw what some have called “revenge travel” but could shift away if return policies become stricter again soon enough
