Where does the huge revenue from singer Taylor Swift's tour go?

Music superstar Taylor Swift’s tours often attract a large number of tourists to the cities where the concerts take place, helping to boost tourism revenue and related service industries.

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Female singer Taylor Swift performed in Arizona, USA last year. (Photo: Getty Images ).

Music superstar Taylor Swift’s tours often attract a large number of tourists to the cities where the concerts take place, helping to boost tourism revenue and related service industries.

Over the past few years, singer Taylor Swift has taken the world by storm, becoming one of the most famous people in global music history. The female singer has attracted millions of “fans” (fans) to join “fan clubs” (groups of fans) and owns a net worth of 1.1 billion USD, recorded in April 2024.

Taylor Swift’s wealth mainly comes from her music activities, through record sales, concert tickets and online music streaming service fees. She is also one of the few artists who earns the most money as a singer, instead of depending on supporting business activities such as launching fashion products, beauty brands, and restaurant chains. , real estate…

As an iconic artist, Taylor Swift creates a significant economic impact on the cities she chooses to host her concerts, especially in Europe.

Taylor Swift’s world tour, called Eras Tour, begins in Europe in May 2024 and lasts until mid-August 2024, including a total of 51 shows in 18 cities.

According to luxury travel company Embark Beyond based in New York City (USA), Taylor Swift’s tour in Paris (France) in May 2024 attracted a number of luxury tourists. Americans come to this city 5 times more than the number expected to come to the upcoming 2024 Paris Olympics.

Many of them have even gone to see Taylor Swift’s “show” (performance) in the US more than once.

The impact of this tourist group is particularly evident on Europe’s hotel and service sectors. According to a recent report by service research firm Lighthouse, hotel room prices in cities hosting Taylor Swift concerts recorded an average increase of 44% during the Eras Tour. European.

In some cities such as Liverpool (UK), Warsaw (Poland) and Stockholm (Sweden), where concerts are about to take place, hotel room prices are expected to increase by more than 100%.

“Taylor Swift is more than just a music icon,” said Lighthouse CEO Sean Fitzpatrick. She also gives a boost to the economy. Taylor Swift’s tour provides entertainment and excitement.

Our data shows a remarkable trend where the singer’s presence in British cities has transformed the local hospitality sector, driving increases in hotel room prices and rentals short-term room”.

He added: “Swifties (Taylor Swift fans) are known for their creativity and community. Their measurable economic impact is impressive. It highlights the influence and positive impacts that cultural events have on the local economy.”

Hotels in Warsaw are likely to see record price increases during the Eras Tour’s sweep through Europe, with room rate increases expected to reach 154%. Next is Stockholm with an estimated increase in room prices of 119% and Liverpool with an estimated increase of 115%.

In Vienna (Italy), the appearance of famous singer Taylor Swift will push up room prices by 88%, followed by Edinburgh (Scotland) with 84% and Hamburg (Germany) with 82%. Lyon (France) will have a relatively smaller increase in hotel room prices, at 55%, followed by Zurich (Germany) 53% and Essen (Germany) 50%.

Smaller cities are expected to see higher increases in hotel room prices, as most of the reasons tourists come to these cities are to attend Taylor Swift concert events, leading to an “undersupply” situation. demand” and hotels are expected to make the most of this occasion by increasing room rates accordingly.

On the other hand, hotels in major tourist cities such as Paris, London (UK), Madrid (Spain), Lisbon (Portugal) and Amsterdam (Spain), which regularly organize events, For large events, hotel room prices may increase only slightly during the Eras Tour. Prices in Paris are expected to increase by about 5%, while London will increase by 9%.

Similarly, short-term accommodation prices, such as Airbnb rentals, will also fluctuate during the tour, but at a lower rate than hotel room prices.

Notably, the price increase is not only for accommodation costs but also covers the entire travel “package”. In the UK, according to research by Barclays bank, Taylor Swift fans spend an average of about 848 pounds ($1,080.1 USD) on a package, including concert tickets. accommodation, clothing and travel expenses.

It is estimated that nearly 1.2 million fans will attend singer Taylor Swift’s concert in the UK, with an average spend 12 times the cost of a one-night tour here, at 70 pounds. Overall, Swifties are expected to add around £997m to the UK economy.

But does the money Swifties spend all “flow” into the local economy? According to Professor Victor Matheson at the College of the Holy Cross, “if you spend a dollar locally, it recirculates into the local economy.

But if you spend money on concert tickets and related goods (provided by the organizer), that money won’t ‘flow’ into the local economy. It ‘comes home’ to the organizer and the artist.”

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