Pop megastar Taylor Swift’s summer tour is predicted to give the UK's flagging economy a near £1billion boost.
Analysis by Barclays suggests Swifties will fork out an average £848 to see their idol at one of the 15 UK dates on the Eras tour taking place this year. As well as gig tickets, fans are expected to shell out on everything from hotels and restaurants to merchandise and outfits.
Barclays estimates that, altogether, this could amount to a massive £997million injection into the economy. The spending splurge will be music to the ears of businesses big and small that benefit. Chancellor Jeremy Hunt together Prime Minister Rishi Sunak - a self-confessed Swiftie - will also be desperately looking for any sign of an economic pick-me-up from the tour ahead of an expected general election in the autumn.
Barclays estimated that, on top of the price of the ticket, fans will spend an average £121 on accommodation, £111 on transport, plus a typical £79 on merchandise. Almost a fifth of those surveyed plan to splash out on buying a new outfit especially for the concert.
The first date on the UK leg - in Edinburgh - may not be until June 7, but may fans are already getting in the mood. According to Barclays, 28% have watched or plan to watch the film of the Eras Tour, It is available on the Disney channel and played in cinemas.
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Nearly one in 10 is either intending to host or attend a Taylor Swift-themed party before or after her show. Her UK gigs in Edinburgh, Liverpool, Cardiff and London are part way through a worldwide tour that will see the Shake it Off singer songwriter play a mammoth 152 stadium dates.
She added 14 to the international leg, and an extra 15 in the US and Canada, because of demand. When the UK dates were released in November, it broke the record for the most concert tickets sold by an artist in a single day, at 2.4 million. Ticketmaster’s website collapsed amid demand.
It has led to tickets being sold for hugely inflated prices on resale sites. By the time the 34-year-old wraps up her tour in December, ticket sales are projected to reach £1.1billion alone - making it the most profitable tour of all time.
The expected economic boost here is being seen in other countries, leading to a new term - Swiftonomics - to describe the impact. The US leg was said to have delivered a £4.8billion uplift in spending. The success of the tour will swell Nashville-born Swift’s colossal personal fortune, which is already put at of $1.1billion £874million.
Her relationship with NFL player Travis Kelce, 34, has gained her - and American football - even more publicity. The 12 times Grammy winner is credited with combining her musical talent with savvy use of marketing and social media to create a business powerhouse.
Her Midnights album, for instance, has four different versions on vinyl. Half those buying it are said to be devoted young fans who may not even have a turntable to play it on, but want it for their collection or to put on the wall. A visit from Taylor Swift does not only help the city - or country - where she plays.
Despite there being no Eras Tour concerts planned for New Zealand, Air New Zealand said it was adding more than 2,000 seats to cater for fans flying to watch her perform in Australia. Barclays says spending by Swifties attending a tour date is expected to be more than 12 times the average cost of a UK night out, more than twice the amount spent attending a wedding , and even higher than the cost of a UK-based stag or hen do.
Tom Corbett, head of group sponsorship for Barclays, said: “Fans are increasingly going all-out on experiences that resonate on a personal level, turning every concert into a potential holiday, every ticket into a cherished memory, and every event into an opportunity to splash out on new outfits, food and merchandise.”
Dr Peter Brooks, chief behavioural scientist at Barclays, said: “Whoever came up with the phrase ‘money can’t buy happiness’ clearly wasn’t a Swiftie. 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.
“When it comes to cultural icons like Taylor Swift – like we saw with Elvis and Beatlemania in the 50s and 60s – supporters have such a strong connection to the artist and to the rest of the fandom that the desire to spend becomes even more powerful. For non-fans, £848 may seem like an enormous amount to splash out on a concert – but for Eras Tour ticketholders, every pound they spend is an investment in the memories they’ll create.”
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