Swiftonomics strikes with Eras Tour set to spark £1bn spending binge
Taylor Swift’s Eras Tour is predicted to provide a near £1bn boost to the UK economy as fans splash out on events across the country.
According to the Barclays Swiftonomics Report, Swifties attending a show are likely to spend an average of £848 in total, more than 12 times the typical cost of a night out.
The 1.2m Swift devotees attending concerts spent an average of £206 on a ticket for the Eras Tour. On top of that fans are expected to spend £121 on accommodation and as much as £111 on travel.
Almost a fifth of fans expect to buy a new outfit for the concert too.
Eight per cent are either planning to host or attend a Taylor Swift-themed party before or after her show.
Swift’s tour has 15 UK dates, including eight nights at Wembley, three each in Liverpool and Edinburgh, and one in Cardiff.
When the tickets were released last July, ticket sales sparked a 15.8 per cent increase in UK spending on entertainment, Barclays data showed.
Travelodge said in August that all of its hotel rooms in Edinburgh, Liverpool and Cardiff were already sold out. There have also been reports of the price of hotel rooms tripling for the nights when Taylor Swift is performing.
Just under 20 per cent of fans surveyed intend to see Swift perform in mainland Europe rather than the UK, which could be because tickets are easier to find on the continent.
“Whoever came up with the phrase ‘money can’t buy happiness’ clearly wasn’t a Swiftie,” Dr Peter Brooks, chief behavioural scientist at Barclays said.
“There’s growing evidence that spending on experiences boosts happiness and well-being more so than purchasing physical items, especially if that experience is shared with friends and loved ones… For Eras Tour ticketholders, every pound they spend is an investment in the memories they’ll create,” he continued.
Despite the size of the Swift splurge, research from Nomura suggests it will not show up in the UK’s national statistics. Beyonce’s Renaissance tour was credited with a bump in Swedish inflation as prices at hotels and restaurants rose in response to soaring demand.