Jul 3, 2023, 9:12am EDT
North America

3 takes: Taylor Swift’s economic impact

Swift attends the 65th Annual Grammy Awards in Los Angeles, California, U.S., February 5, 2023. REUTERS/David Swanson
REUTERS/David Swanson

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The News

Entertainment powerhouse Taylor Swift and her wildly popular Eras Tour may be responsible for a $5 billion surge in the U.S. economy — and other countries are taking notice.

Singapore is the only Southeast Asian nation to get a stop, and its neighbors have blamed their own poor concert infrastructure, ticket-scalping culture, and in some cases, religious conservatism, for the pop icon’s decision to skip them.

We’ve gathered three takes on what happens to the economy when Swift tours.

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  • Taylor Swift’s Eras Tour might be the thing that avoids an Australian recession. An economic downturn is looming over the country, but analysts who recently spoke to local media have suggested that the superstar’s 10-day tour stop next year could reignite Australia’s economy as fans flock to shows, even as a cost-of-living crisis makes life unaffordable.
  • A second narrative of Swift’s possible economic impact in Australia has emerged: Some have expressed fears that her presence could actually make inflation worse. But reporter Millie Muroi writes that while some people in Swift’s tour cities might see a spike in prices in the short term, people will pull back their spending on other things to fund their expensive ticket purchases. “Overall it’s unlikely the inflationary pressure will be much greater than what we otherwise would have seen.” — The Sydney Morning Herald
  • The Eras Tour has helped the U.S.’s own economy — and that could be due in part to Americans fixation on live music, even in times of economic hardship. Fans’ relationships to musicians became more important during the pandemic, so spending money to see Swift sing a three hour set, “or reaching transcendence in Beyoncé’s mosh pit, may just be worth it,” as people demand more experiences. — The Atlantic
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Know More

While Swift’s appearance is likely good news for Aussies, Canadians will need to travel abroad if they’re hoping to catch this tour. Swift is snubbing Canada — a move that has prompted backlash from some members of parliament.

Conservative MP Matt Jeneroux filed a grievance in the House of Commons in June, writing that not only would the snub “leave Canadian fans without the opportunity to see her tour, but it is also leaving Canada out of the economic opportunities her shows generate.”