A Peek Inside the World of ‘Swiftonomics’: How Taylor Swift’s Mega Tour Has Benefited Local Businesses
Before Taylor Swift had even set foot on stage for her much-anticipated “Eras” mega tour, it had already been breaking records.
Nearly 2.4 million tickets were sold on the first day of presale alone – the most sold in a single day.
Now experts expect the 52-night, 20-city mega tour to be among the highest-grossing of all time, with Forbes estimating the singer could gross anywhere from $500 million to $1.5 billion.
It has spawned a phenomenon dubbed ‘Swiftonomics’ for its contagious effect on local economies as fans spend thousands of pounds on hotels, travel, food and drink and costumes in preparation for the event.
So-called “Swifties” have paid a whopping $42,000 in resale tickets, $200 in costumes sold through Etsy, and countless dollars traveling across the country for shows.
Experts estimate Swift’s 52-night, 20-city ‘Eras’ mega tour will be among the highest-grossing of all time
And local outlets reported that many hotels had raised their prices in time for the influx of concertgoers coming to their cities.
In Nashville, the La Quinta Inn & Suites hotel was charging $1,150 for one night on the first Friday Swift arrived in town.
In Foxborough, Massachusetts, the price of a room at the Renaissance Hotel tripled over the weekend Swift played at the city’s Gilette Stadium. The fee increased from $250 per night to $750, according to WBZ.
A slew of local restaurants and bars are also catching on to the trend: In Arizona, a bar called The Lola offered a pre-party for both of her tickets featuring Eras-themed cocktails and food — for a $20 entry fee.
In Philadelphia, a “Tay-Gate” party at the Xfinity Live venue sold tickets for $50.
On TikTok, fans have described paying a whopping $4,000 in total for the one night
Meanwhile, local Tampa Bay newspaper The Tampa Bay Times reported that parking fees at the concert venue where Swift performed had risen to $53 for the event.
Official Eras Tour merchandise includes $75 hoodies, $65 crewnecks, and $45 T-shirts.
But many fans are turning to Etsy for costumes for the event instead.
A search for “Taylor Swift Eras Tour” on the Craft site yields nearly 40,000 results, including outfits designed on costumes Swift has worn in the past.
Some sell for as much as $200.
Swift’s tour redemptions are so high that one fan even jokingly tried to sell their used contacts for $10,000 — claiming they were “contacts who saw Taylor Swift’s Era’s tour.”
Economists say the tour’s popularity has been fueled in part by the pandemic, which has given fans a newfound appreciation for live concerts and experiences. Fans take a picture at Swift’s show in Atlanta
Experts have coined the term “Swiftonomics” to describe the contagious effect the Eras tour has had on local economies.
The term “Swiftonomics” is a reinvention of the concept of “Rockonomics” coined in the early 2000s and used to refer to the booming economics of rock music.
On TikTok, fans have described paying a total of more than $4,000 for that one night.
In a video posted by financial influencer Tyler Wright, three concertgoers explain that they spent $385 on their tickets — or $128 each.
In addition, they spent $1,000 on flights, $1,200 on hotels, $700 on drinks and food, and $500 on their outfits.
In another clip, a user named Jilly explained that she spent $3,000 on a front row ticket before complaining that she had to listen to a scream from a nearby fan throughout the concert.
A search for “Taylor Swift Eras Tour” on the craft website Etsy yields nearly 40,000 results, including outfits designed from costumes Swift has worn in the past.
Fans happily spend hundreds of dollars on costumes based on Swift’s previous outfits
Economists say the tour’s popularity has been fueled in part by the pandemic, which has given fans a newfound appreciation for live concerts and experiences.
When the tickets first went on sale last November, University of Maryland economics professor Melissa Kearney told Bloomberg: ‘The pandemic in general has changed the way people think about what really matters to them and what brings them joy.’
Other outlets have reported how long fans will save for a ticket.
That told the 27-year-old superfan Lindsey Morris in November Buzz feed that she had a separate savings account to save for Taylor Swift tickets.
The term “Swiftonomics” is a reinvention of the concept of “Rockonomics” coined in the early 2000s and used to refer to the booming economics of rock music
She had been pouring into the account for three years — ever since she missed Swift’s last tour, Reputation.
Hysteria surrounding Swift’s tour first erupted in November when tickets went on sale through Ticketmaster and the site immediately crashed.
The chaos led to an out-of-control resale market that saw concert tickets go for tens of thousands of dollars.
Resale site StuHub offered seats for a show in Florida ranging from $500 to $42,000 each.
By comparison, initial tickets were initially priced between $73 and $666.
Some 320 fans subsequently filed a lawsuit against the ticket giant and its parent company, Live Nation, for “deliberately” charging “skyrocketing fees” and selling the “tickets to scalpers.”