The US economy dramatically improves. Taylor Swift, a Grammy Award-winning pop diva, was mentioned in an unexpected source—the US Federal Reserve report—that was released on Wednesday.
Due to its substantial economic impact in the US, Ms. Swift’s Eras Tour, which included 131 shows across 17 states and 5 continents, has caught the attention of the Federal Reserve.
The Beige Book, also known as the Summary of Commentary on Current Economic Conditions, is a publication of the US Federal Reserve that is released eight times per year.
According to the report, hotel reservations in Philadelphia reached their greatest level since the pandemic’s start.
The newspaper ascribed this expansion to Ms. Swift’s scheduled performances there.
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“Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city,” the report read.
On May 12, 13, and 14 of this year, Ms. Swift gave three concerts at Philadelphia’s Lincoln Financial Field, a 67,000-seat American football stadium known as The Linc.
She then visited Pennsylvania again in the middle of June.
As the US economy dramatically improves, It’s not the first time that a US government agency has credited Ms. Swift for giving the neighborhood’s economy a significant boost and the first weekend in June shattered hotel occupancy records, according to Choose Chicago, the city of Chicago’s official tourist and marketing organization, in part because of Ms. Swift’s sold-out concerts.
This just in! 🚨
Chicago set its new all-time record for total hotel rooms occupied!
Thanks to three nights of Taylor Swift, the ASCO Annual Meeting, the James Beard Awards and more.
This isn’t just post-pandemic–we had more rooms filled than ever in Chicago’s history! pic.twitter.com/OqEGB3ZB2C
— Choose Chicago (@ChooseChicago) June 7, 2023
A wave of arena tours from Taylor Swift, Beyonce, and other major stars has helped revive the live entertainment industry after years of pandemic-related cancellations and postponements.
“I have never seen as many artists out at the same time, in the same space,” Stacy Merida, a professor at American University who studies the business of music, said as quoted by news agency AFP.
Industry observers are eagerly anticipating which of the celebrities currently on tour will announce the first billion-dollar tour. In May, Swedish inflation dropped to 9.7%. According to some commentators, Beyonce’s two concerts in Stockholm might have been the deciding factor.
With 106 remaining gigs on her “Eras” tour, Ms. Swift, 33, is now just shy of the $1 billion barrier, reports AFP.
If achieved, the feat would surpass that of the legendary Elton John whose “Farewell Yellow Brick Road” tour, which began in 2018, grossed more than $910 million.
