Taylor Swift's tour may boost UK economy by USD1.27B
Date
5/16/2024 4:04:30 AM
(MENAFN) According to a study conducted by Barclays bank and published on Wednesday, American superstar Taylor Swift's upcoming tour is anticipated to inject approximately one billion pounds into the British economy. The report indicates that an estimated 1.2 million fans of the singer-songwriter will collectively spend an average of 848 pounds sterling (around USD1,100) on various expenses such as tickets, transportation, accommodation, clothing, and meals to attend one of her 15 concerts in the United Kingdom from June to August. This expenditure is reported to be approximately 12 times higher than the cost of engaging in any other recreational activity.
Swift's tour kicked off a week ago in France, marking the beginning of an extensive European tour with massive concerts drawing audiences to sports stadiums. Beyond the UK, her tour itinerary includes stops in several other European countries, such as Sweden, Portugal, Spain, Ireland, the Netherlands, Switzerland, Italy, Germany, Poland, and Austria. The economic impact of her concerts is expected to be notable in each location visited.
The sale of tickets for her Eras tour in July contributed to a significant 15.8 percent year-on-year increase in entertainment spending in the UK. Moreover, large-scale concerts headlined by international stars like Taylor Swift can lead to temporary spikes in the inflation rate.
Although the average ticket price is reported to be £206, many fans are willing to pay substantially more for tickets in prime locations within the venue. For instance, in Paris, some first-class tickets were sold for up to 1,500 euros.
Interestingly, the Barclays study revealed that one in five British fans of Taylor Swift opted to travel to other European countries to attend her concerts due to factors such as greater ticket availability, lower travel and accommodation costs, and the opportunity to combine a vacation with attending a concert by their favorite artist.
MENAFN16052024000045015682ID1108220371
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.