The Future. Taylor Swift is so popular the Federal Reserve is citing her as a de facto economic engine. According to Insider, the superstar, and her legion of fans, may actually be responsible for helping the country avoid a recession. Welcome to contemporary Beatlemania.
Just how much economic impact is T-Swift generating?
- The Fed noted in its Beige Book that Swift’s Philadelphia concerts from May 12th to 14th were responsible for the city’s strongest month of hotel revenue since the start of the pandemic.
- According to Booking.com, hotel prices tripled in cities like Minneapolis, Kansas City, and Pittsburgh (even hotel reservation platforms in these areas crashed because of the web traffic).
- And Common Sense Institute says this weekend’s shows in Denver will generate $140 million in the state’s GDP thanks to the 75,000 Swifties attending.
Common Sense zooms out even further, noting “the totality of Swift’s US tour could generate $4.6 billion in total consumer spending, larger than the GDP of 35 countries.”
The whole country is going to want an encore.