Taylor Swift, the Grammy-winning music diva, was mentioned in the US Federal Reserve study released on Wednesday. Swift’s Eras Tour, which included 131 shows across 17 states and five continents, drew the attention of the Federal Reserve due to its enormous economic impact on the United States.
The United States Federal Reserve recently released its Beige Book, or Summary of Commentary on Current Economic Conditions, which is published eight times a year. According to the study, hotel bookings in Philadelphia have reached their highest level since the outbreak began. This increase was ascribed to Ms. Swift’s concert dates in the city, according to the article.
“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,” the report read.
Ms. Swift performed three concerts at Lincoln Financial Field, a 67,000-seater American Football stadium in Philadelphia known colloquially as The Linc, on May 12, 13, and 14 of this year, then returned to the state of Pennsylvania in mid-June.
This is not the first time a US government agency has highlighted Ms. Swift as the cause of a significant economic boost to the local economy. Choose Chicago, the city’s official tourism and marketing organization, revealed last month that the first weekend in June smashed hotel occupancy records, owing in part to Ms Swift’s sold-out gigs.
Stadium tours from Taylor Swift and Beyonce revive live entertainment
After years of pandemic-related cancellations and postponements, a wave of stadium tours from Taylor Swift, Beyonce, and other prominent stars has helped resuscitate the live entertainment sector. “I have never seen as many artists out at the same time, in the same space,” Stacy Merida, a professor at American University who studies the business of music, said as quoted by news agency AFP.
Industry observers are watching with bated breath to see who of the traveling superstars will be the first to post a billion-dollar tour. In May, Swedish inflation dipped to 9.7%. Some observers believe that Beyonce’s two concerts in Stockholm tilted the scales. According to AFP, Ms. Swift, 33, is already within striking reach of the billion-dollar mark, with 106 ongoing dates on her “Eras” tour. If accomplished, the feat would surpass that of Elton John’s “Farewell Yellow Brick Road” tour, which began in 2018.