The US Federal Reserve report published on Wednesday featured an unexpected entity – Grammy award-winning pop star Taylor Swift.
Ms Swift’s Eras Tour — 131 concerts spanning over 17 states and 5 continents — has drawn the attention of the Federal Reserve due to its significant economic impact in the US.
The US Federal Reserve recently published its Beige Book, or the Summary of Commentary on Current Economic Conditions which is published eight times a year. The report stated that hotel bookings in Philadelphia had risen to their highest level since the beginning of the pandemic. The report attributed this growth to Ms Swift’s concert dates in the city.
“Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city,” the report read.
Ms Swift performed three concerts at the Lincoln Financial Field, a 67,000-seater American Football stadium in Philadelphia popularly known as The Linc, on May 12, 13, and 14 this year, and returned to the state of Pennsylvania mid-June.
This is not the first time that a US government body has cited Ms Swift as the reason for major economic boost to the local economy. Last month, Choose Chicago, Chicago’s official tourism and marketing organisation, announced that the first weekend in June broke hotel occupancy records, thanks in part to Ms Swift’s sold-out shows.
This just in! 🚨
Chicago set its new all-time record for total hotel rooms occupied!
Thanks to three nights of Taylor Swift, the ASCO Annual Meeting, the James Beard Awards and more.
This isn’t just post-pandemic–we had more rooms filled than ever in Chicago’s history! pic.twitter.com/OqEGB3ZB2C
— Choose Chicago (@ChooseChicago) June 7, 2023
A wave of arena tours from Taylor Swift, Beyonce, and other major stars has helped revive the live entertainment industry after years of pandemic-related cancellations and postponements.
“I have never seen as many artists out at the same time, in the same space,” Stacy Merida, a professor at American University who studies the business of music, said as quoted by news agency AFP.
Industry watchers are waiting with bated breaths to see who among the touring superstars could post the first-ever billion-dollar tour. Swedish inflation fell to 9.7% in May. Some analysts have speculated that Beyonce’s two concerts in Stockholm may have tipped the scales.
Ms Swift, 33, is now within a striking distance of the billion-dollar mark, with 106 current dates on her “Eras” tour, says AFP.
If achieved, the feat would surpass that of the legendary Elton John whose “Farewell Yellow Brick Road” tour, which began in 2018, grossed more than $910 million.