Taylor Swift's Eras Tour to bring $1.2b to Australian economy in Melbourne alone
10 months, 1 week ago

Taylor Swift's Eras Tour to bring $1.2b to Australian economy in Melbourne alone

Hindustan Times  

As Taylor Swift kicks off her Eras tour in Australia on Friday, Genevieve Mylne will be among a legion of fans providing what’s likely to be only a fleeting boost to the economy. “I don’t feel that strongly about any other artist.” With seven shows across Australia’s two biggest cities from Feb. 16-26, the tour could generate A$1.2 billion in economic value in Melbourne alone, according to the city’s Lord Mayor Sally Capp. “With households under extreme pressure from higher rates, and the savings rate at a 16-year low, concert-related spending could crowd out purchases in other areas, especially in already weak discretionary sectors.” The billionaire singer has made economic waves throughout her record-shattering global tour, in a phenomenon dubbed “Swiftonomics.” Bloomberg Economics estimates the megastar, along with a tour from Beyoncé and the “Barbenheimer” films, may have contributed as much as $8.5 billion to US growth in the third quarter of 2023. Such demand has seen the cost of flights and accommodation spike, with Reserve Bank of Australia Governor Michele Bullock addressing the topic of “Taylor Swift inflation” in a media conference earlier this month. “And clearly for a lot of people Taylor Swift is very important.” The governor added her own children had “put money away” for tickets and “forewent other things in order to be able to afford Taylor Swift.” Meanwhile, Mylne is flying some 900 kilometers from Sydney to Melbourne for this weekend’s shows, armed with more than 80 homemade friendship bracelets to trade with other fans.

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