According to luxury travel company Embark Beyond, Taylor Swift’s European tour attracted five times more American tourists than the Paris Olympics. Many of them have even gone to see Taylor Swift’s show in the US more than once. The impact of this tourist group is particularly evident on the European hotel and service sector.
Hotels in Warsaw are likely to see record price increases during The Eras Tour , with expectations for a 154% increase in room rates. Next is Stockholm with an estimated increase in room prices of 119% and Liverpool with an estimated increase of 115%. In Vienna (Italy), the appearance of famous singer Taylor Swift will push up room prices by 88%, followed by Edinburgh (Scotland) with 84% and Hamburg (Germany) with 82%. Lyon (France) will have a relatively smaller increase in hotel room prices, at 55%, followed by Zurich (Germany) 53% and Essen (Germany) 50%.
Smaller cities are expected to see higher increases in hotel room prices, as most of the reasons tourists come to these cities are to attend Taylor Swift concert events, leading to an “undersupply” situation. bridge”. Meanwhile, hotels in major tourist cities such as Paris, London (UK), Madrid (Spain), Lisbon (Portugal) and Amsterdam (Spain), which regularly organize events, Large events, hotel room prices may only increase slightly. Prices in Paris are expected to increase about 5%, while London will increase 9%, according to CNBC.
In May, Taylor Swift performed 4 nights at La Defense Arena in Paris. On the first night alone, more than 45,000 people came to watch the show. After France, the stops of this tour in Europe are Sweden, Portugal, Spain, England, Ireland, Netherlands, Switzerland, Italy, Germany, Poland and Austria.
In the UK, according to research by Barclays bank, Taylor Swift fans spend an average of about 848 pounds (1,080.1 USD) on a travel package, including concert tickets, accommodation, clothes and travel expenses. again. It is estimated that nearly 1.2 million fans will attend the singer’s concert in the UK, with an average spend 12 times the cost of a one-night tour here, at 70 pound. Overall, Swifties (as Taylor Swift’s fans are known) are expected to contribute an additional £997 million ($1.3 billion) to the UK economy.
“Taylor Swift is not just a musical icon, she is also an economic force. The influence and positive impact these events have on local economies is clear to see.” , Lighthouse CEO Sean Fitzpatrick commented. Taylor will hold 15 shows of The Eras Tour in the UK, starting from June 7 to August 20. The current tour has started to boost prices as well such as British consumer spending and challenging the Bank of England’s (BoE) efforts to curb inflation.
As investment bank TD Securities notes, as hundreds of thousands of Swifties flock to London in August to experience the shows live, that economic momentum could cause the BoE to delay the cuts upcoming interest rates. “We still forecast that the BOE will reduce interest rates at its August meeting. However, subsequent inflation data may cause officials to keep interest rates unchanged in September,” said analysts at TD Securities. BOE will have 2 policy meetings on August 1 and September 19. Interest rates in the UK are currently 5.25% – the highest in 16 years.
Of 65 economists polled by Reuters, 63 believe the BoE will cut in August, while financial markets bet on September. However, Taylor Swift’s concerts in the UK in August will certainly have an impact and change important inflation data, enough to make the BoE rethink its intentions. “The spike in hotel prices will then be the most notable factor, potentially adding 0.30 percentage points to service inflation and 0.15 percentage points to overall inflation.” , strategists Lucas Krishan and James Rossiter emphasized.
Previously, in July 2023, US Federal Reserve (Fed) officials assessed that The Eras Tour had boosted the economies of states in the US, especially restaurants and hotels. By March this year, economists estimated that the female singer’s concert brought in 350 – 500 million Singapore dollars (260 – 371.9 million USD) to the Singapore economy. Officials of the capital Edinburgh (Scotland) also said Swift’s performances earlier this month helped the local economy add 77 million pounds ($98 million).
The 100th show within the framework of The Eras Tour took place in Liverpool city, June 13. As an important milestone, fans are excitedly waiting for a surprise announcement from Taylor at this show. However, the female singer simply confirmed that The Eras Tour will officially end on November 23, 2024 in Toronto, Canada. There have been many rumors about Taylor Swift bringing the show back to Asia again in 2025. However, with the recent announcement, this possibility is zero.
Sharing her feelings at the 100th concert, Taylor Swift said: “You guys have done a lot to be able to participate in this tour. You plan, consider what clothes to bring, and then study.” know the lyrics too… I especially want to spend the 100th concert night thinking about the sacrifices my fans have made for me, living this moment together. I’m truly grateful for everyone’s efforts people to be able to attend the shows of The Eras Tour “.
“This is the first time I’ve admitted to myself that this tour will end next December,” she said before singing All Too Well . Taylor Swift begins her sold-out tour in Arizona (USA) on March 17, 2023. This became the highest-grossing tour of all time after surpassing $1 billion in revenue.
