The 'Taylor Swift Effect' taking over the world
Big music superstars are starting to make an economic impact when they go on tour. In the case of Taylor Swift's 'Eras' tour, her economic influence has been given its own name: "Swiftonomics".
Taylor Swift's 'The Eras Tour' has completed its European leg and will resume in the United States later this year. The tour has been nothing short of a phenomenon, leaving cultural influence and economic benefits for each European city that it visited.
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Cities hosting the shows saw hotels, restaurants, and local businesses surge in revenue as fans travelled far and wide to attend the concerts. In Stockholm, hotel prices nearly doubled as accommodation demand skyrocketed.
The economic boost the tour generated in some American cities was larger than the entire GDP of some small countries. A US-based travel and hospitality industry data provider called the tour a "hospitality phenomenon", with the USA Travel Association claiming that Swifties collectively spent $10-billion or more in connection with the tour in the USA alone.
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The cities she has performed in have been put on the map with savvy hospitality and tourism organisations capitalising on the opportunity.
Swift has been donating to food banks in each city in which she has performed. In June, the Cardiff Foodbank in Wales revealed that it had received the largest donation from a single organisation it has ever received. Cardiff Foodbank CEO Rachel Biggs said Swift’s donation will help to feed 1,200 people three meals a day for three days – or 10,800 meals.
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She also made contributions to the Liverpool and Edinburgh-based food banks during the UK leg of her tour.
The chief executive of St Andrew’s Community Network in Liverpool, which manages 11 food banks in the city, said Taylor Swift’s contribution would fund food donations for a full year.
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