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Taylor Swift economy not real? Experts weigh in on ‘Swiftonomics’ amid Europe Eras Tour

Source link : https://love-europe.com/2024/06/28/news/taylor-swift-economy-not-real-experts-weigh-in-on-swiftonomics-amid-europe-eras-tour/

Taylor Swift is gradually traversing the European continent and seemingly boosting one country’s economy after another. Although the magic of her record-breaking sold-out Eras Tour shows has swept over five European countries so far, pushing accommodation prices to new heights, France has passed under the spell’s radar.

Taylor Swift performs at Wembley Stadium as part of her Eras Tour on Friday, June 21, 2024 in London. (Scott A Garfitt/Invision/AP) {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}

Following a two-month hiatus, the “Gorgeous” global sensation resumed her world tour in May. According to a Monday report by BMI, an analytics subsidiary of Fitch Solutions, three out of four – Portugal, Spain and Sweden – country stops in May witnessed boosted hotel prices compared to the last three years.

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However, a different picture unfolded in France’s case. Here’s why.

Why Swiftonomics didn’t work its magic in France?

France’s antithetical response to the supposed “Taylor Swift effect” was attributed to the country’s grand hotel capacity and larger population than the other stops.

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BMI researchers noted that 290,000 people in attendance at six shows across French cities, Paris and Lyon, only accounted for 0.43% of the country’s population.

Researchers concluded that the country “hosts large events and has a very well-developed tourism industry and airports, suggesting a strong capacity to host large numbers of domestic and international arrivals.

Although the report didn’t include numbers from Swift’s recent June shows in London, a previous report drawing from Greater London Authority’s data estimated that her shows in the UK capital could give the city’s economy a whopping boost worth $381 million (around £300 million).

And now, the BMI survey indicates that Taylor’s forthcoming concerts in Ireland, the Netherlands, Austria, and Switzerland could potentially boost prices since the populations of these nations are under 20 million.

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Moreover, even though her Italy tour dates don’t kick off until mid-July, Milan hotels are booked to the top, according to Ben Julius, the founder of the tourism company, Tourist Italy.

“Our analysis and data show that hotel prices in Milan are on average 45% higher for the nights of Taylor Swift’s shows in the city in July 2024, compared to the weeks before and after the show,” Julius told the Business Insider.

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Economists weigh in on the Taylor Swift effect

Despite all these recent reports of “Swiftonomics” supposedly consequentially impacting countries, a June 27 Reuters report didn’t quite agree with the picture.

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The media outlet suggested that “Taylor Swift’s economy” is not real and insinuated that calculating her overall contribution to the continent’s economy would require a “magnifying glass.”

Using the figures for Stockholm shows in May, Reuters reported that 180,000 fans came out to see their beloved artist’s concerts, with a significant majority flying in from international borders, generating nearly 850 million crowns ($81 million) for the city.

While these numbers are envisioned as a “great weekend boost for Stockholm and in particular, its tourism sector,” they only make up a drop in a bucket despite Sweden’s modest economy, which ranks eighth in the EU.

“It’s just that — a weekend, with no visible or significant impact on overall economic growth,” said Carl Bergkvist, the Chief Economist at the Stockholm Chamber of Commerce.

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Carsten Brzeski, an economist with ING also responded to the question if a “Taylor Swift effect” was at work: “It’s extremely small and temporary, at best.” He highlighted that though copious research work may outline the economic benefits of these shows, one would “need a magnifying glass to find these so-called benefits in the numbers.”

The same was reiterated for the Summer Olympics to be held in France (Paris) in July and the ongoing UEFA Euro 2024 in Germany. Although these grand events positively impact restaurants, beer sales and merchandise sellers, they don’t hold any pivotal power over consumption patterns.

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Danske Bank’s Piet Haines Christiansen said, “On a micro level, such events do provide a boost but even that is small and temporary.”

Yet, he agreed they work wonders for specific sectors, such as hotels and catering witness a massive boost in places hosting Taylor Swift concerts or beer sales in football-playing countries.

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News / Entertainment / Music / Taylor Swift economy not real? Experts weigh in on ‘Swiftonomics’ amid Europe Eras Tour

Source link : https://www.hindustantimes.com/entertainment/music/taylor-swift-economy-not-real-experts-weigh-in-on-swiftonomics-amid-europe-eras-tour-101719583733378-amp.html

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Publish date : 2024-06-28 21:13:13

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Author : love-europe

Publish date : 2024-06-28 21:38:14

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