Taylor Swift Concert Projected to Add Nearly 1bn to UK Economy
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12 June 2024 22:07 WIB
TEMPO.CO, Jakarta - American singer Taylor Swift is preparing to launch her Eras Tour in the UK this summer, starting in Edinburgh, Scotland on June 7. The concerts are projected to boost the UK economy by nearly £1 billion or around Rp20.62 trillion. Known as "Swiftonomics," this phenomenon highlights how the superstar always brings significant economic impact to the cities that host her concerts.
Euronews reports that nearly 1.2 million of Swift's fans, known as Swifties, are expected to attend the UK concerts, with the average expenditure amounting to more than 12 times the cost of a typical UK night out, which is around £70. In total, Swifties are expected to add around £997 million to the UK economy.
Meanwhile, British bank Barclays reported that the average spending of their customers for The Eras Tour concert reached £206 or around Rp4.25 million per person, with 14 percent of them spending more than £400 or Rp8.26 million on VIP packages and exclusive merchandise.
With the addition of the travel costs, food and accommodation as well as other expenses fans are likely to spend, the total Taylor Swift tour is estimated to be able to boost the UK economy by up to £997 million or nearly £1 billion, equivalent to Rp20.62 trillion.
But not everyone agrees with this assessment of the tour's economic impact. Victor Matheson, a professor of economics at the College of the Holy Cross, said the data on the economic impact on local communities is more perception than reality.
He argued that most of the money comes from ticket sales and goes directly to the concert promoter and to Swift and her tour staff, not to local businesses. While hotel rates and occupancy rates near the concert venues may temporarily increase, these are short-term gains that will not sustain local economies in the long run, Matheson said.
THE GUARDIAN | ECONOMIC TIMES | BARCLAYS
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