Federal Reserve says Taylor Swift’s Eras Tour is so massive it’s boosting the economy
Taylor Swift's Eras Tour has proven to be a resounding success, and it appears to have had a positive impact on the economy of a particular city.
According to the Philadelphia Federal Reserve Office, the singer, who has won 12 Grammy Awards, has been credited with generating a surge in tourism for Philadelphia.
Philadelphia Federal Reserve has announced that Swift is, hoisting the hotel industry on her back and boosting revenues in that sector for the first time since the beginning of the coronavirus pandemic in 2020, reports Billboard.
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"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," a central bank official wrote.
According to NBC News, Taylor Swift's arrival in Cincinnati on June 30 and July 1 resulted in a significant boost in revenue for downtown hotels, with more than $2.6 million generated, as well as $5.3 million for hotels in the surrounding area.
The impact of the "Swift Effect" is being observed in various cities during the tour visits, as confirmed by Chicago tourism officials.
They reported that during the first weekend of June, Swift's shows at Soldier Field led to record-breaking hotel occupancy, with over 44,000 rooms occupied each night and a total hotel revenue of $39 million.
Earlier, Ticketmaster records were broken by Swift's tour's single-day sales, which peaked at two million.
Swift is expected to earn $1.6 billion from the tour's predicted sales of more than $1.9 billion.
