Taylor Swift’s Eras tour is considered by Federal Reserve officials to have boosted the local economy, especially restaurants and hotels.
The US Federal Reserve (Fed) on July 11, released the Beige Book – a report released eight times a year to assess the economic situation in different locations across the United States. In particular, the Philadelphia Fed official said the number of hotel bookings here increased the most since the beginning of the pandemic, thanks to the tour of Taylor Swift.
“Despite the region’s slow recovery in tourism, May was the strongest month for hotel revenue in Philadelphia since the start of the pandemic, largely due to the influx of visitors to Taylor Swift shows. in the city,” Philadelphia Fed officials wrote in the report.
This is not the first time a government agency has commented that Swift helps promote local business. Earlier this month, officials in the city of Cincinnati (Ohio) said Swift and her Eras Tour helped hotels here bring in more than $2.6 million. Hotels in Hamilton County (Ohio) earned $5.3 million.
“The economic impact Swift has had has been astounding. Fans travel from far and wide to fill hotels, restaurants and local attractions,” said Julie Calvert, CEO of travel agency Visit. Cincy in Cincinnati said.
Last month, Choose Chicago, a travel agency in Chicago, said occupancy rates at hotels broke records in the first week of June, thanks in part to Swift’s show there. The same economic impact was also seen in Boston, when she performed at Gillette Stadium in May.
Taylor Swift’s Eras Tour, which has been around for about four months, is her sixth tour to promote all of her releases, including her latest album Midnights (2022). She describes the Eras Tour as “a journey through her musical eras”.
Figures from Pollstar magazine show that Eras Tour has grossed more than 300 million USD in ticket sales. The average fare is over $250. They forecast Swift’s tour will hit the $1 billion mark next year, due to the addition of several non-US locations.
Taylor Swift, 33 years old, is an American singer-songwriter, who rose to prominence through country music in 2006. After 10 albums, Swift received 12 Grammy Awards and 29 Billboard Awards. Besides doing tours, she released re-recorded albums such as Fearless, Red. The singer released Speak Now (Taylor’s Version) on July 7.