Oasis: UK economy set for ‘supersonic’ boost with reunion tour including Wembley gigs
Statisticians can look forward to endless queries about Oasis’ impact on the economy after the mercurial Mancunians announced a long-awaited reunion tour.
After years of will-they won’t they, the Gallagher brothers confirmed that they will get back together for a 14-date tour over July and August next year.
The band will play in Cardiff, London, Manchester, Edinburgh and Dublin with hoteliers likely to benefit from fans willing to pay over the odds to see the 90s icons.
“It’s clear the pull of live music is as strong as ever,” Kate Nicholls, chief executive of trade group UK Hospitality, told the Press Association.
“Hotels will get booked up quickly as fans secure tickets, and pubs, bars and restaurants will all be packed next summer with concert-going fans.”
Thomas Pugh, economist at RSM UK, said the Oasis tour will “undoubtedly be a phenomenal sellout” which could provide a big boost in those cities hosting gigs.
“This potentially presents a very profitable opportunity for the hospitality industry, especially hoteliers,” he said.
Muniya Barua, deputy chief executive at BusinessLDN, said London’s hospitality and leisure firms could expect a “supersonic boost” next summer thanks to the gigs.
Economists have been paying close attention to the economic impact of blockbuster music tours ever since Beyonce was credited with fuelling a bump in Swedish inflation.
Earlier this year, analysis from Barclays suggests that Taylor Swift’s Eras tour sparked a £1bn spending boost for the UK economy. Swift was also held responsible for a slower-than-expected fall in inflation over the summer, after hotel prices rose much faster than expected around her tour dates.
Susannah Streeter, head of money and markets at Hargreaves Lansdown said Oasis’ tour would bring a “significant boost” to the UK economy.
However, she said the tour would probably not reach the “heady heights” of the Eras tour, although she noted that fans would be “unlikely to hold back from splashing the cash”.