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In a groundbreaking announcement by Forbes, <keyword id="35866" type="General" weightage="100" keywordseo="Taylor-Swift" source="Orion">Taylor Swift</keyword> has been officially acknowledged as a billionaire, marking a historic milestone in the music industry. What distinguishes Swift's achievement is the fact that she attained this coveted status solely through her music career, making her the first artist to accomplish such a feat. The renowned financial publication put an end to long-standing speculations about Swift's wealth by confirming that her fortune surpasses the billion-dollar mark, specifically resting at an impressive $1.1 billion. Unlike other industry titans like Rihanna and Jay-Z, whose wealth stems from diverse ventures ranging from fashion brands to entertainment holdings, Swift's riches are predominantly derived from her unparalleled success in the realm of music. Forbes underscored Swift's extraordinary songwriting prowess and groundbreaking achievements, such as her record-breaking <keyword id="19972167" type="General" weightage="20" keywordseo="eras-tour" source="keywords">Eras Tour</keyword>, which stands as the first billion-dollar tour in history. These monumental accomplishments have played a pivotal role in propelling her into the exclusive <keyword id="893881" type="General" weightage="20" keywordseo="billionaire-club" source="Orion">billionaire club</keyword>, solidifying her status as a trailblazer in the music industry. <cmsannotation type="cmsannotation" annotationid="Swift’s ‘Swiftonomics’ Superpower" comment="subhead" text="Swift’s ‘Swiftonomics’ Superpower">Swift’s ‘<keyword id="20978555" type="General" weightage="20" keywordseo="swiftonomics" source="keywords">Swiftonomics</keyword>’ Superpower</cmsannotation> Swift's influence transcends beyond the confines of the music world, evident in her vast social media following and devoted fan base. Such is the magnitude of her impact that political commentators and conspiracy theorists alike have speculated about her potential sway over significant events, including the presidential election. Remarkably, Taylor Swift's Eras Tour has not only shattered records, but also popularised the term ‘Swiftonomics’ — a phenomenon where her concerts stimulate substantial economic growth in the cities she performs in. This economic impact extends far beyond ticket sales, as Swift's devoted fan base, known for their enthusiastic spending habits, contributes to increased retail sales, boosted tourism revenue, and overall economic vitality in the host cities. The term encapsulates the extraordinary influence of Swift's concerts on local economies, highlighting the profound economic ripple effect generated by her musical performances. The latest evidence of this phenomenon was recently witnessed in Australia, where reports credited Swift's sold-out shows with a significant boost in retail turnover, as fans flocked to spend generously on clothing and accessories. Taylor Swift's rise to billionaire status purely through her music, coupled with her propensity for breaking barriers and reshaping industry standards, cements her status as an iconic figure not just in the realm of music but also in the annals of economic accomplishment.

Swiftonomics: All about the economic phenomenon associated with Taylor Swift, newest member of the billionaire club

<ul class="summary-list"><li>People's willingness to pay huge amounts for Taylor Swift tickets defies the current economy. </li><li>I also got swept up by the Eras Tour hype.</li></ul>If we're in a "<a href="https://www.businessinsider.com/how-is-us-economy-recession-outlook-2023-6">vibecession</a>," it seems Swifties didn't get the memo. While <a href="https://www.businessinsider.com/wall-street-recession-stock-market-crash-calls-wrong-economy-housing-2023-6">we may not heading for an actual recession after all</a>, there's a lot of stuff that we can't really go without that's getting more expensive. Basics like <a href="https://www.businessinsider.com/shoppers-blame-greedflation-pepsico-nestle-raise-food-prices-2023-4">food</a>, <a href="https://markets.businessinsider.com/news/commodities/housing-market-explained-mortgage-rates-fed-inventory-home-prices-house-2023-6">housing</a>, and <a href="https://eu.usatoday.com/story/money/personalfinance/2023/01/24/electricity-prices-inflation/11089430002/">electricity</a>. And that's making everyone feel like the economy is struggling, even if in reality it's not that bad.So when tickets to Taylor Swift's US tour went on sale last year, I wasn't expecting the astronomical demand to <a href="https://www.insider.com/taylor-swifts-response-to-ticketmaster-chaos-wins-praise-from-fans-2022-11">basically break the internet</a>.Desperate fans who missed out were paying extortionate amounts of money for second-hand tickets, which were being sold at up to <a href="https://www.businessinsider.com/how-much-taylor-swift-fans-spend-concerts-eras-tour-2023-7?r=US&amp;IR=T">a 4,000% markup</a>. Others drained their bank accounts to attend as many shows as they could. Insider reported that at least <a href="https://www.businessinsider.com/how-much-taylor-swift-fans-spend-concerts-eras-tour-2023-7?r=US&amp;IR=T">two</a> <a href="https://www.insider.com/dad-dishes-out-21k-for-taylor-swift-concert-tickets-report-2023-5">people</a> spent $20,000 on the Eras tour, and that doesn't factor in the <a href="https://www.insider.com/taylor-swift-fans-viral-tiktoks-handmade-outfits-eras-tour-2023-3">elaborate outfits</a> that are pretty much mandatory. After months of watching all this play out on social media, the European dates for the Eras tour dropped, and I suddenly had to decide what I was willing to pay for a ticket, if I could even access one. And remember what I said about people being terrified of an impending recession that may not exist? Hi, it's me, I'm the problem.How is it possible that I was considering spending the equivalent of a weekend in Paris on a single show? I'm not even that big a fan (<a href="https://www.insider.com/taylor-swift-fans-say-theyll-wear-adult-diapers-to-concert-2023-5">comparatively</a>). Part of it had to be the <a href="http://recremisi.blogspot.com/2010/12/osmosis-marketing.html" target="_blank" rel="noopener">osmosis marketing</a> of the impossibly smart TikTok algorithm, but surely there was more to it than that?To find out — and try and validate my questionable financial choices — I spoke to a fellow Swiftie: Professor Brett House, who teaches economics at Columbia Business School.He told me that actually, our willingness to pay so much money for a concert makes sense, and is down to three key factors:1. During COVID-19 shutdowns, <a href="https://www.imf.org/en/Blogs/Articles/2021/11/09/the-unequal-covid-saving-and-wealth-surge">some</a> people <a href="https://www.federalreserve.gov/econres/notes/feds-notes/excess-savings-during-the-covid-19-pandemic-20221021.html">saved way more money</a> than they otherwise might have. This is partly because they were spending less, and partly because of the government's response to keep the economy healthy, like stimulus checks.2. As we were stuck at home, what we were spending on was also mostly goods (which is economy-speak for "stuff") and as the world opened back up we pivoted to <a href="https://www.businessinsider.com/americans-spend-less-goods-more-on-vacation-fewer-retail-jobs-2022-6">prioritizing spending on experiences rather than products</a>. This is post-pandemic specific lopsidedness though, which House thinks will even out eventually.3. Basic supply and demand: No artist can put on an unlimited number of shows. When they get to a certain level of fame, it's impossible to accommodate every fan, and financially speaking they may be wise not to — the more scarce something is, the higher it can be priced. It's Econ 101, and no one's above that, not even Taylor Swift.And yes: I did manage to get a ticket.

A study in Swiftonomics: Why we're willing to spend so much on Eras Tour tickets

<ul class="summary-list"><li>Taylor Swift's economic impact boosted the US economy by billions.</li><li>Now, she might do the same thing in Europe on the latest leg of her Eras Tour.</li></ul><a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-set-list-in-order-2024-5#ready-for-it-14">"Baby, let the games begin."</a>The lyrics from Taylor Swift's "…Ready For It?" might be ringing through Europe's hospitality industry as "<a target="_blank" rel="" href="https://www.businessinsider.com/concert-tickets-price-taylor-swift-economics-2023-7">Swiftonomics</a>" bears down on Europe.Over the last year, Swift's <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-box-office-records-beyonce-barbie-oppenheimer-2023-10">Eras Tour and its affiliated film</a> cemented her <a target="_blank" href="https://www.businessinsider.com/taylor-swift-travis-kelce-economy-nfl-eras-tour-2023-9">economic prowess in the United States</a>, injecting billions into the economy.Now, she's bringing that power to the European leg of her worldwide tour, during which she will perform in at least 18 cities.Local businesses are seeing Swift's impact weeks ahead of her concerts. Swift doesn't perform in Italy until mid-July, but hotels are already booked and busy."Our analysis and data shows 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," Ben Julius, the founder of a tourism company called <a target="_blank" href="https://www.touristitaly.com/">Tourist Italy</a>, told Business Insider.Julius added that the concertgoers only stay for an average of two nights, but the mass demand is "creating a wider tourism trickle-down effect" as the rising costs of travel and lodging push other tourists to find other places to stay.<div type="image" title="Taylor Swift performing in London on June 21 during The Eras Tour." height="1937" width="2844" msid="111207470" hostid="261" sizebytes="357256"></div>European economists monitoring inflation rates in the service sector are examining Swift's tour to see what impact it will have on Europe's economy.Officials at the <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/ecb-lagarde-economy-interest-rates-cuts-inflation-growth-central-banks-2024-6">European Central Bank cut interest rates</a> this month after inflation slowed, but there are concerns that Swift's arrival in different cities could cause a new uptick.Because when Swift comes to town, she rallies tens of thousands of fans who will spend money on a bevy of services like restaurants, lodging, and local attractions. Some <a target="_blank" class="editor-rtfLink" href="http://businessinsider.com/traveled-la-to-paris-taylor-swift-eras-tour-worth-it-2024-5">Swifties will travel hours</a> — and across countries — to attend a concert, which puts a demand on airfare and other transportation options.Barclays' Consumer Spend research found that <a target="_blank" href="https://home.barclays/news/press-releases/2024/05/it-s-a--love-story---taylor-swift-s-eras-tour-to-provide-nearly-/">Swift's tour is expected to boost the UK economy</a> by £997 million ($1.26 billion).Central bankers told <a target="_blank" class="editor-rtfLink" href="https://www.nytimes.com/2024/06/21/business/taylor-swift-eras-tour-inflation-europe.html">The New York Times</a> that even small changes to data could affect their decision to continue cutting rates."All those tiny quirks are going to matter a lot," TD Securities strategist Lucas Krishan told the outlet.Krishan added that the service inflation rate could rise in August when Swift returns to London. Her tour dates — August 15 to August 20 — overlap with the day Europe's statistics agency records price data.<div type="image" title="Taylor Swift in a white dress and white lace-up boots performs on stage" height="1668" width="2500" msid="111207467" hostid="261" sizebytes="115356"></div>If the data shows too much increase, the Bank of England could theoretically pause plans to lower rates in September.Economist George Moran told the Times, however, that he thinks it's unlikely Swift will impact decision-making at the Bank of England."Taylor Swift is unlikely to be affecting central bank policy. She's unlikely to be affecting government policy," Moran, who works for Nomura, said. "And I don't think it's a sustainable option for growth in a country to rely on having superstar concerts."He told the Times the impact would likely be "more local than macro.""Taylor Swift is obviously a massive phenomenon, and the areas that she's visiting is causing a big buzz in the hospitality sector," he said.Representatives for Swift did not respond to a request for comment from Business Insider.

Taylor Swift's economic clout has now come for Europe

<ul class="summary-list"><li>The European leg of Taylor Swift's record-breaking Eras Tour kicked off on Thursday.</li><li>The Eras tour is the first concert tour to gross over $1 billion, estimates showed.</li></ul>The European leg of Taylor Swift's Eras Tour kicked off in Paris on Thursday.Last summer, the "Tortured Poets Department" singer's concerts helped boost the US economy, driving up spending on everything from restaurants to hotels across the country.Estimates showed that <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-first-concert-tour-gross-over-1-billion-2023-12#:~:text=Taylor%20Swift's%20Eras%20Is%20First%20Tour%20to%20Gross%20Over%20%241%20Billion%3A%20Report">the Eras tour</a> is the first concert tour to gross over $1 billion.In 2023, the research firm QuestionPro estimated that the Eras Tour would boost US consumer spending by an <a target="_blank" href="https://www.businessinsider.com/taylor-swift-barbie-oppenheimer-beyonce-economy-gdp-growth-jobs-report-2023-10">eye-popping $4.6 billion</a>. Meanwhile, key business figurers ranging from Uber <a target="_blank" href="https://www.businessinsider.com/uber-ceo-taylor-swift-effect-2024-2">CEO Dara Khosrowshahi</a> to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/taylor-swifts-economic-impact-catches-attention-federal-reserve-hotel-revenue-2023-7">policymakers at the Federal Reserve</a> have noted the positive impact Swift's concerts have had on business.Economists have even coined new phrases like "<a target="_blank" href="https://www.businessinsider.com/concert-tickets-price-taylor-swift-economics-2023-7">Swiftonomics</a>" and "<a target="_blank" href="https://www.businessinsider.com/taylor-swift-funflation-live-concerts-economy-bank-of-america-2023-10">funflation</a>" to refer to the idea that in the aftermath of the pandemic, Americans are more willing to splash the cash on live events that might lead to once-in-a-lifetime opportunities.Now, after quick pit stops in <a target="_blank" href="https://www.businessinsider.com/taylor-swift-megafans-tickets-seats-six-shows-spreadsheets-relatives-2024-2">Singapore</a> — where Swift's <a target="_blank" href="https://www.businessinsider.com/taylor-swift-megafans-tickets-seats-six-shows-spreadsheets-relatives-2024-2">big-money shows</a> made the country mountains of money and <a target="_blank" href="https://www.businessinsider.com/taylor-swift-singapore-eras-tour-mountain-money-asia-concert-envy-2024-3">sparked concert envy</a> among its Southeast Asian neighbors — and <a target="_blank" href="https://www.theguardian.com/music/2024/feb/28/taylor-swift-australian-eras-concert-tour-highlights-wrap-review">Australia</a>, Swift is set to embark on an 18-city European tour.She could be set to give the continent's economy a similar boost.Planeloads of American fans have followed her across the Atlantic, <a target="_blank" href="https://apnews.com/article/taylor-swift-europe-eras-tour-fans-bcf8a207f06fd1f3e17a2f3f3b24dab5">The Associated Press</a> reported on Thursday, which is likely to fuel an uplift in spending.When Beyoncé came to Sweden's capital, Stockholm, last summer, economists noted that her fans had spent so much on hotels and meals that they'd triggered a slight bump in inflation. This summer, the city is expecting 10,000 extra concertgoers to fly over from the US to see Swift.Hotel booking statistics also help to capture the sense of how in-demand Eras Tour tickets are.By August 2023, hotels in Cardiff and Liverpool in the UK — where Swift will be stopping in June — had already reached occupancy levels of more than 50% for her tour dates, hotel research firm <a target="_blank" href="https://str.com/data-insights-blog/taylor-swift-impact-grows-208M-in-us-hotel-room-revenue">STR</a> reported, with rooms in Cardiff going for $230 more than they typically do.In December, vacation rental data firm <a target="_blank" href="https://www.airdna.co/blog/taylor-swift-transforms-local-economies-str-market">AirDNA</a> found that demand for short-term rentals during Swift's tour dates in Vienna, Austria, and Warsaw, Poland, had already surged by around 2,000%.The economies of Europe arguably need that boost in spending even more than the US did. The ongoing war in Ukraine has hammered the continent, with one country where Swift will play — Ireland — which was in a <a target="_blank" href="https://www.irishtimes.com/business/2024/01/26/ireland-remains-in-technical-recession-as-gdp-shrinks-once-more/#:~:text=It%20said%20GDP%20is%20also,economy%20is%20technically%20in%20recession.">technical recession</a> as of late last year — and several others, including the UK, having only just exited a period of negative growth.Perhaps that means it's the perfect time to welcome back Miss Americana.

Taylor Swift's Eras Tour might be about to do for Europe what it did for America

<ul class="summary-list"><li>Armed with a credit card and a dream, Daniel Jailani set off to see the Eras Tour as many times as possible.</li><li>Going to 10 shows across four countries cost him $4,280 in tickets, flights, hotels, and outfits. </li></ul>Daniel Jailani, a 24-year-old legal counsel from Singapore and a hardcore Taylor Swift fan, was laser-focused on catching as many of his idol's Eras Tour shows as possible.Even if it meant using up almost all his paid time off, he traveled to Australia, France, and the United Kingdom to catch 10 of Swift's three-and-a-half-hour-long concerts.Jailani said Swift is his favorite artist of all time. Growing up gay in a conservative Muslim family in Singapore, he said: "Her music transported me to a place where I was not stuck in my very difficult reality."He added that he lived vicariously through Swift's music in his formative years."And at that point in time, her music was about high school and falling in love with boys, so that's how she allowed me to experience all that," he said.In five months, Jailani has taken six flights, tailored eight concert outfits himself, and spent $4,279.76 to see the shows.He said that the main motivation to see Swift across multiple nights was to catch her three surprise songs every night, which are not in her set list of 46 songs and are unique to each city.He's not done yet and plans to attend one last show in London in August.Here's what the whole experience cost him, according to receipts and invoices verified by Business Insider.<h2 id="157fc0ed-0d4f-482f-8b7c-3dc8669976ca">$2,242.22 for concert tickets</h2>While some <a target="_blank" href="https://www.businessinsider.com/taylor-swift-ticketmaster-fiasco-doj-lawsuit-2024-5">struggled with purchasing even a single ticket</a> to see Swift, Jailani managed to snag 11 with the help of his friends, family, and strangers on TikTok.He attended one night in Melbourne, all six nights in Singapore, two in Lyon, and one in London, with one more — Swift's August show at Wembley Stadium — left. Jailani said securing the tickets was a team effort, with his family and friends helping him purchase additional tickets.For example, one of his friends traded her extra Melbourne Eras Tour ticket for his spare Singapore Coldplay "Music of the Spheres" ticket.<h2 id="869c64c9-e634-456c-9e56-6abb65e19656">$1,083.51 for flights</h2>The fan chased Swift around the world, flying to three different countries from Singapore to see his idol. He purchased six flight tickets, return journeys from Singapore to Melbourne, Paris and London.<div type="image" title="Daniel Jailani on the flight to the Eras Tour in Melbourne." height="768" width="1024" msid="111428623" hostid="261" sizebytes="90992"></div>Jailani booked them all with deals on Singapore Airlines, the country's national carrier.He has yet to book his last return flight to London for Swift's August show.<h2 id="150abb27-29fe-47dd-a408-9a68eb680899">S$396.48 for hotels</h2>Here's where Jailani saved big. Opting to bunk in with his friends and family in Lyon and London rather than in hotels or Airbnbs helped him save.In Melbourne, however, he chose to stay in a serviced apartment just half a mile from the concert venue.<h2 id="ee32e23e-7525-4553-84ea-b7bb8e2cf7de">$230 on Eras Tour merch</h2>He spent about $230 on official Eras Tour <a target="_blank" href="https://www.businessinsider.com/taylor-swift-fans-calling-covid-19-infection-souvenir-2024-6">souvenirs,</a> which included two t-shirts, one hoodie, and one crewneck sweater.<h2 id="d5f8abbf-ad97-420a-ab7a-4dc9cc9c0eb4">$328.55 for outfits</h2>Jailani designed his own outfits for the concerts, inspired by eight of Swift's 11 albums, or eras.<div type="image" title="Daniel's outfit moodboard." height="1280" width="889" msid="111428625" hostid="261" sizebytes="97976"></div>From a rhinestone-studded black pantsuit inspired by the Midnights album to a sweeping green cape for the Folklore album, he pieced all his outfits together by hand.The materials used cost him $328.55, he said.<h2 id="220de2ab-8f21-4a23-8b5a-0eb46e6bdb3c">Swifties are shelling out big time for the Eras Tour</h2>Jailani is not the only one <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-hits-uk-europe-tour-tourism-trend-2024-6">willing to spend big bucks</a> for the Eras Tour. A report by <a target="_blank" href="https://www.questionpro.com/research/taylor-swift-study/">research company QuestionPro</a> found that Swifties were spending $1,300 on average to attend the Eras Tour.An <a target="_blank" href="https://www.businessinsider.com/how-much-taylor-swift-fans-spend-concerts-eras-tour-2023-7">earlier Business Insider story</a> featured eight Swifties who spent between $300 and $20,000 to see the concert.He also hasn't broken the record for most shows attended. According to <a target="_blank" href="https://www.rollingstone.com/music/music-features/taylor-swift-fan-swiftie-eras-tour-20-shows-tiktok-1234816128/">Rolling Stone</a>, a 27-year-old fan visited the Eras Tour 20 times across North America.The Eras Tour is the first-ever concert tour to gross over $1 billion, and the QuestionPro report found that it could result in $4.6 billion in consumer spending in the US.Swift is expected to <a target="_blank" href="https://www.businessinsider.com/concert-tickets-price-taylor-swift-economics-2023-7">boost the economies</a> of countries in Europe in a similar way as her tour makes its way through the continent.Hotel prices in Milan, ahead of her show in July, spiked by 45% on the nights of her concerts, compared to the weeks before and after the show, Italian tourism company Tourist Italy <a target="_blank" href="https://www.businessinsider.com/taylor-swift-economic-clout-europe-eras-tour-2024-6">told Business Insider</a>.Portugal, Spain, and Sweden's hotel prices in May increased several times from their 2021 to 2023 average, according to a June report from BMI, an analytics subsidiary of Fitch Solutions.The one European country that didn't seem to have benefited from <a target="_blank" href="https://www.businessinsider.com/taylor-swift-swiftenomics-france-effect-inflation-europe-eras-tour-hotels-2024-6">Swiftonomics, however, was France</a>, where hotel prices dropped, per the BMI report.Swift still has 34 shows left in Europe and Canada, with the tour slated to end in December.

Here's how much it cost this Swiftie to chase his idol across 4 countries and 10 shows

<ul class="summary-list"><li>Singapore is the only Southeast Asia stop of Taylor Swift's Eras Tour.</li><li>The concerts are part of a push to boost tourism in Singapore after the height of the pandemic.</li></ul>Taylor Swift isn't just another celebrity on a world tour — she's literally <a target="_blank" href="https://www.businessinsider.com/taylor-swift-travis-kelce-boost-kansas-city-golden-era-2023-12">boosting economies</a>.Her impact is so huge that Singapore shelled out nearly $3 million per show to sign an exclusive deal with her for the Southeast Asian leg of her Eras Tour, <a target="_blank" href="https://www.reuters.com/lifestyle/singapore-lures-taylor-swift-with-grant-sold-out-march-concerts-2024-02-20/">Thai Prime Minister</a> Srettha Thavisin said at a business forum last month.Singapore authorities said its tourism board disbursed a grant to support Swift's event but declined to comment on specifics of the deal to Business Insider, citing business confidentiality. Edwin Tong, Singapore's culture minister, told the local outlet <a target="_blank" href="https://mothership.sg/2024/03/spore-proactively-courted-taylor/">Mothership</a> on Wednesday that the amount of grant given "is not what is being speculated online.""It is likely to generate significant benefits to the Singapore economy, especially to tourism activities such as hospitality, retail, travel, and dining, as has happened in <a target="_blank" href="https://www.businessinsider.com/taylor-swift-travis-kelce-boost-kansas-city-golden-era-2023-12">other cities</a> in which Taylor Swift has performed," Singapore's culture ministry and tourism board said in a joint statement.Swift is scheduled to perform six shows in Singapore from March 2 to March 9. More than 300,000 tickets have been sold.But it's not just about the money.<h2>Cultural clout</h2>Mega-concerts such as Swift's help build Singapore's status as a fun place to visit rather than just a place to do business and hold trade events, tourism experts say.After all, strait-laced <a target="_blank" href="https://www.todayonline.com/singapore/survey-ranks-spore-among-least-exciting-cities">Singapore</a> isn't known for being the most exciting tourist destination."Live music from some of the biggest names in the industry marks a slight shift in Singapore's attractiveness as a tourism destination," Yun Liu, an HSBC economist, wrote in a February note.Tong, the Singapore culture minister, told Mothership the city-state was looking "beyond just the economic impact" of those concerts."We look at it from the perspective of building Singapore into a cultural hub that's of strong strategic value for us," Tong told the outlet."Such concerts help put us on the top of the minds of tourists and position us as a luxe destination that justifies the premium," Kevin Cheong, the managing partner of Syntegrate, a consultancy for destination and tourism development, told BI.<h2>Tourist spend</h2>Everywhere Swift's tour goes, a boost in tourism-related spending follows, known as "Swiftonomics." That ranges from <a target="_blank" href="https://www.channelnewsasia.com/singapore/taylor-swift-singapore-concerts-stb-grant-economic-benefits-4141056">air tickets and accommodation</a> to food and beverage, as well as niche retail sectors such as the sale of <a target="_blank" href="https://www.todayonline.com/singapore/taylor-swift-friendship-bracelet-fad-singapore-fans-2369776">friendship bracelets</a>.Singapore is no exception.Economists estimate that Swift's concerts in Singapore could contribute up to <a target="_blank" href="https://www.businesstimes.com.sg/singapore/economy-policy/taylor-swifts-six-shows-estimated-boost-singapores-economy-s500-million">500 million Singapore dollars</a>, or $372 million, in tourist receipts.David Mann, the Asia Pacific chief economist of Mastercard, told BI that since Singapore is one of the <a target="_blank" href="https://www.eiu.com/n/singapore-and-zurich-top-the-list-as-the-worlds-most-expensive-cities">most expensive cities in the world</a> and has a strong currency, it was unlikely tourists from places with weaker currencies would be splurging on retail therapy in the country.It's a different story for spending on experiences — and it's heightened because Singapore is Swift's only stop in Southeast Asia.Mann said the people who had money to pay for flight tickets, Swift's concert tickets, and a hotel were likely to keep spending at other tourist spots.Since the Singapore government collects a 9% tax on all goods and services, tourist spending goes to the national coffers, too."It goes to the entire ecosystem," Cheong said.The Nomura economist Si Ying Toh wrote in a February note that Swift and the British band Coldplay — the first two major acts of 2024 in Singapore — were likely to contribute 0.25 percentage points to the country's first-quarter GDP.<h2>Taylor Swift 'pays the bills' in the short term</h2>Cheong said getting exclusive access to Swift was a smart short-term move by the Singapore government: "You need business right now to help pay the bills and put us on the world map."The wealthy city-state's neighbors are taking notice, and <a target="_blank" href="https://www.businessinsider.com/taylor-swift-exclusive-deal-singapore-criticized-by-philippines-2024-3">not all of them are happy about it</a>.Singapore's move to award a grant for Swift's appearances in the city-state is done "at the expense of neighboring countries, which could not attract their own foreign concertgoers and whose fans had to go to Singapore," Joey Salceda, a Filipino lawmaker, told the <a target="_blank" href="https://www.philstar.com/headlines/2024/02/29/2336920/singapore-must-explain-taylor-swift-exclusivity-deal-lawmaker">Philippine Star</a> on Thursday.Srettha, the Thai prime minister, also threw Singapore some shade and suggested his country could have splashed some money to attract Swift's performance, too."If I had known this, I would have brought the shows to Thailand," Srettha was quoted as saying in the <a target="_blank" href="https://www.bangkokpost.com/life/arts-and-entertainment/2743369">Bangkok Post</a>, referring to Singapore's grant for Swift's concert.The FOMO appears to extend to Indonesia, with the tourism minister, Sandiaga Salahuddin Uno, telling <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-02-19/indonesia-will-turn-to-swiftonomics-to-boost-tourism-spending">Bloomberg TV</a> last month that the country needed Swiftonomics for tourism and was considering more incentives for large events such as concerts.Still, Cheong said massive performance grants couldn't be Singapore's long-term solution to boost tourism."It's a wise move, but is it sustainable?" Cheong asked, saying he thought Singapore was courting mega-concerts as a short-term boost before big investments — such as an <a target="_blank" href="https://www.mandai.com/en/about-mandai/media-centre/mandai-invites-you-to-get-closer-to-nature-with-new-resort.html">eco-resort</a> and a new tower for the iconic <a target="_blank" href="https://www.safdiearchitects.com/media/article-safdie-architects-to-add-fourth-tower-to-marina-bay-sands-resort">Marina Bay Sands hotel</a> — were completed.Cheong said the longer-term, more sustainable measure was to make Singapore so enticing that tourists and artists would come for their big-ticket events even without grants."It has to be as attractive as Las Vegas, where performers will definitely make a stop," he added.Swift's PR team didn't immediately respond to a request for comment from BI.

Taylor Swift is making Singapore a mountain of money, and some of the country's neighbors are salty about it

<ul class="summary-list"><li>Taylor Swift kicked off the UK leg of The Eras Tour with three sold-out shows in Edinburgh, Scotland.</li><li>Planeloads of fans followed Swift to the UK and other European destinations to catch a concert.</li></ul>It's 7 a.m. and 48 degrees Fahrenheit in Edinburgh, but Callie, Corrie, and KJ say they're not feeling the cold.Instead, the three friends who had flown from Gibraltar in southern Europe are running high off the knowledge that in just 12 hours, they will be so close to<a target="_blank" href="https://www.businessinsider.com/taylor-swift-career-in-photos"> Taylor Swift</a> that they'll be able to "see her pores," as KJ puts it.Thanks to their early start — they got to the stadium when the sun was rising at 4 a.m. — they were among the first in the line to see Swift kick off<a target="_blank" href="https://www.businessinsider.com/taylor-swift-uk-eras-tour-tickets-scam-2024-4"> The Eras Tour in the UK</a>. When the doors opened, they hoped to secure a coveted spot along the guardrail surrounding the stage.They faced what would be a marathon of a day with optimism."We've got blankets, and we'll order Uber Eats when we get hungry," Corrie said.For the trio, seeing Swift was a long time coming. After the<a target="_blank" href="https://www.businessinsider.com/taylor-swift-grammy-history-aoty-four-times-2024-2"> multi-Grammy-winning superstar</a> announced the European leg of The Eras Tour in mid-2023, they started saving, knowing that they had to "travel for Taylor."<div type="image" title="Corrie (left), KJ (center), and Callie (right) traveled from Gibraltar to Edinburgh to see The Eras Tour." height="3639" width="4852" msid="110975173" hostid="261" sizebytes="1003090"></div>That was true for many of the fans Business Insider spoke to outside Murrayfield Stadium.Over 1.2 million people are expected to see Swift perform at the 15 shows she has scheduled in the UK this summer, which began on Friday with a sold-out show in<a target="_blank" href="https://www.businessinsider.com/homeless-people-moved-edinburgh-make-room-taylor-swift-eras-tour-2024-5"> Scotland's capital</a>.When Swift took to the stage for her almost<a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-set-list-in-order-2024-5"> three-and-a-half-hour set</a>, the joyous screams of the more than 73,000 fans were heard nearly three miles away at<a target="_blank" href="https://www.businessinsider.com/what-its-like-to-visit-scotland-haunted-edinburgh-castle-photos-2021-8"> Edinburgh Castle</a>."The volume of the singing, the dancing, you guys are performing on another level. Like, I'm captivated," Swift said, marveling at her adoring fans.With The Eras Tour set to light up Liverpool, Cardiff, and London in the coming weeks, Swift's presence is expected to boost the UK economy by £997 million ($1.26 billion),<a target="_blank" href="https://home.barclays/news/press-releases/2024/05/it-s-a--love-story---taylor-swift-s-eras-tour-to-provide-nearly-/"> according to a report from Barclays</a>.The British bank estimates that attendees of UK shows spend an average of £848 ($1,077) per show, including accommodation, food, outfits, merch, and transportation. This is trailing behind the $1,300 that the average US concertgoer spent last year, per a study by<a target="_blank" class="editor-rtfLink" href="https://www.globenewswire.com/Tracker?data=pBBnSryFieLHHNlmVEJbUbAXfWYX1P3Re92B1__VA_msI1BmqleNUd7YZyQJgq32knh_2sjsVNk5rPvqso7n-g=="> QuestionPro</a>.<div type="image" title="Plenty of fans 'Taylorgated' and gathered outside Edinburgh's Murrayfield Stadium to listen to the concert." height="4480" width="5973" msid="110975175" hostid="261" sizebytes="912812"></div>Part of this stems from the <a target="_blank" href="https://www.nytimes.com/2024/04/17/arts/music/taylor-swift-albums-versions-vinyl.html">superfans' devotion to Swift</a>, but even casual fans are willing to splash the cash to experience the tour because it has become a cultural juggernaut.Amira, 23, a student from Italy who admitted she's "not even that big of a Swiftie" spent over $1,000 to make it to the first night of the UK tour."My friends told me, 'You have to come, you'll regret it if you don't.' I was like, 'Okay!' and then forgot about it for a year. But now we're here, I'm glad they convinced me."For Americans, coming to Europe has presented a novel solution to beat the <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-cost-summer-vacation-swifties-2023-11">sky-high ticket prices in the US </a>— and the opportunity to make memories.Leah, 36, and Simone, 33, from Minneapolis, bought their tickets for the second night from<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/resale-price-taylor-swift-eras-tour-reputation-ticket-pitchfork-report-2023-8"> a resale website</a>, and visiting Edinburgh ticked two things off their bucket list."I probably would've come to Scotland at one point, but it was the concert that got me here," Leah said.The women reflect the trend of prioritizing experiences and memories over dropping big money on homes, cars, and other commodities. In short, many millennials and Gen Z want to<a target="_blank" href="https://www.businessinsider.com/henrys-six-figure-income-inflation-layoffs-living-below-your-means-2023-10"> do things, not buy things</a>."We said to ourselves, 'Let's just go and have an adventure," Simone said. "Tickets are outrageously expensive in the US, and this entire trip for both of us was cheaper than our friends back home paid."They estimated that the total cost for their weeklong trip, accommodation, and Eras Tour tickets was just over $2,500 each. This is what they would normally spend on a vacation, but this one just so happens to culminate in the show of a lifetime.<div type="image" title="Taylor Swift kicked off her 15-stop UK tour at Murrayfield Stadium in Edinburgh, Scotland on June 7, 2024." height="4564" width="6085" msid="110975174" hostid="261" sizebytes="820616"></div><h2 id="0ac1cc7e-7c9e-4895-a5ba-6fb3a49a4f08">Tour tourism</h2>Planeloads of US fans have followed Swift across the Atlantic. In Paris, where the singer kicked off the European leg of her tour in May with four back-to-back shows, 20% of tickets had been purchased by Americans, per The Associated Press.It's what travel company Expedia dubbed 'tour tourism' in its report on<a target="_blank" href="https://www.expedia.com.au/travel-trends-unpack-24/wp-content/uploads/2023/11/Unpack-24_TrendReport_AUS_FINAL.pdf"> 2024 travel trends</a>. Blockbuster tours, such as Swift's and<a target="_blank" href="https://www.businessinsider.com/beyonce-renaissance-tour-unpopular-opinions-setlist-stage-2023-8"> Beyoncé's, </a>have led people to build their vacations around live music."Superfans like to showcase their fandom to their peers," Daniel Finch, managing director of Expedia Brands,<a target="_blank" href="https://www.expedia.com.au/travel-trends-unpack-24/tour-tourism/"> said</a> in the report.<div type="image" title="Some fans didn't want to disclose exactly how much they had spent in the pursuit of seeing their idol perform live." height="4480" width="5973" msid="110975170" hostid="261" sizebytes="610506"></div>"I have spent a lot. A lot," said Sammi, 18, a fan from England with a VIP ticket to Swift's final Edinburgh concert."And I've just brought some merch," she said with a self-deprecating eye roll. "But I just think it's such a special thing, and I didn't want to miss out, so I bought the tickets not really thinking about the extra costs of traveling and where I would need to stay."For the high schooler who has been working part-time while studying, her earnings haven't caught up with her Swift-related spending, meaning she's currently overdrawn.But she's at peace with the damage to her finances. "At the end of the day, money comes and goes, but my love for Taylor and my memories from tonight will be with me forever," she said.<h2 id="04b874b4-f3c5-42e5-8f61-5851026f3742">The 'Swift lift'</h2>"<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/concert-tickets-price-taylor-swift-economics-2023-7">Swiftonomics</a>" and "Swift lift" have been coined to define the global superstar's profound economic impact. It has already been<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/taylor-swift-eras-tour-helped-us-economy-2023-9"> felt in North America</a>, South America, and Australia. It's no surprise that Singapore's exclusive deal, which meant the city-state was the "Anti-Hero" singer's only tour stop in Southeast Asia earlier this year<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/taylor-swift-singapore-eras-tour-mountain-money-asia-concert-envy-2024-3">, sparked concert envy</a> from its neighbors.Many of Edinburgh's hotels have sold out even though prices skyrocketed as soon as the tour dates were announced last July, with prices averaging £686 ($876) per night during Swift's residency, per <a target="_blank" href="https://www.edinburghnews.scotsman.com/recommended/entertainment/edinburgh-concert-for-taylor-swift-sees-fans-book-glasgow-hotels-as-demand-soars-in-the-capital-4627358">local media</a>.Wilde Aparthotel, a hotel chain by StayCity that offers travelers compact, no-fuss studio apartments, was one of the few establishments still available on the nights of the concerts, albeit at an inflated price.According to Ava, the hotel's front desk clerk, these rooms were freed up for people who had decided last minute to buy tickets or try '<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/taylor-swift-fans-taylor-gating-sold-out-shows-eras-tour-2023-5">Taylorgating</a>' — gathering outside to experience the concert anyway.<div type="image" title="Hotels such as Wilde Aparthotel are embracing the Swiftmania taking over the UK." height="4480" width="6720" msid="110975172" hostid="261" sizebytes="639692"></div>As Marc Crothall, chief executive of the Scottish Tourism Alliance, told BI last month, retail stores, bars, and restaurants have also been looking forward to the "ripple effect" from the shows.Mimi's Bakehouse, which has five locations across Edinburgh, seized the opportunity to cater to Swift's fans.At the family-run bakery's Leith branch, locals and tourists alike have been enjoying Eras-themed cakes and a new afternoon tea menu.The menu includes "Mirrorball" cake pops and southern fried chicken sandwiches with "ketchup and seemingly ranch," a nod to a<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/taylor-swift-travis-kelce-chiefs-game-seemingly-ranch-taste-test-2023-9"> viral post about Swift's meal of choice</a> at NFL games. A staffer with extensive knowledge of Swift and her fandom created the idea and deep-cut references, and it paid off."Truthfully, the whole hospitality sector has been struggling recently, but yesterday we made our daily target three times over," assistant manager Mariola told BI on Saturday morning, the day after Swift's Murrayfield Stadium debut.Already filling up with fans again at 9 a.m., she was preparing for another busy day."We've got the whole team working this weekend, plus extra staff."Meanwhile, Pie in the Sky, an independent store specializing in pop culture-inspired tchotchkes, jewelry, and clothing, also became the site of a Swiftie pilgrimage.<div type="image" title="Pie in the Sky has unexpectedly found itself the site of a Swiftie pilgrimage thanks to its coveted unofficial merchandise." height="1068" width="1424" msid="110975181" hostid="261" sizebytes="163306"></div>In the week before Swift's arrival in Edinburgh, fans were queuing on the cobblestone street outside to buy necklaces emblazoned with the names of Swift's songs, as well as stickers, patches, and prints.Erin, the store's director, appeared a little bemused by the store's sudden popularity but welcomed the surge in sales."This is shaping up to be our busiest weekend ever. We've not really promoted ourselves at all. It's all other people sharing videos and photos," she said.<div type="image" title="Friendship bracelets have made Swifties instantly identifiable." height="4480" width="6720" msid="110975177" hostid="261" sizebytes="474474"></div>As the sun set in Edinburgh that night, Swift closed her show with a firework display, and fans headed for the tram service back into the city center as the last of the confetti floated down onto their shivering shoulders — but the energy remained sky-high as they broke into renditions of their favorite songs.As KJ had said at the start of the day, seeing The Eras Tour isn't "just about the show and the music. It's the memories, it's the friendship bracelets, it's the community, it's the whole package experience."

Taylor Swift fans say you can't put a price on the memories as The Eras Tour hits the UK, injecting a potential $1.2 billion into the economy

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<ul class="summary-list"><li>Kansas City has seen its own Taylor Swift bump, as the superstar spends more time in the Midwest.</li><li>Swift's presence has helped bolster a new "golden era" in Kansas City, one area leader said.</li></ul><a target="_blank" href="https://www.businessinsider.com/kansas-city-mayor-quinton-lucas-public-safety-housing-growth-polarization-2023-2">Quinton Lucas</a>, the mayor of Kansas City, had a rare experience recently: A fan encounter.Lucas had just finished giving a speech to new mayors in Boston when one approached him, saying her teenage daughter wanted her to take a picture with him — and wants to go to Kansas City."I was like, 'that's rare, I'm not the most popular for 14-year-olds from the Pacific Northwest.' And she's like, 'but you are the Taylor Swift mayor,'" Lucas said.That's part of Kansas City's new normal.Swift's presence been one of the "biggest things" that's happened in Kansas City, Lucas said. "And I say that as a city that has recently won two Super Bowls, went to a third, had the NFL draft in town last year, is the smallest market in America to have the 2026 FIFA World Cup."Indeed, a "historically great run" in Kansas City has been topped off by the world's biggest star deciding to lay down roots there. The staggering power of Swiftonomics has been well-documented, with her <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-first-concert-tour-gross-over-1-billion-2023-12">tour projected to gross over $1 billion</a>, and its economic impact in the US projected at <a target="_blank" href="https://www.washingtonpost.com/business/2023/10/13/taylor-swift-eras-tour-money-jobs/">$5.7 billion</a>.In Kansas City, the Eras Tour meant $47.8 million in direct economic impact, according to Visit KC. In 2023, hotel performance was up from pre-pandemic levels, with revenue up 42% and demand up by 16% in downtown Kansas City."It's like we get a mini piece of the Eras Tour every other weekend with a football game," Lucas said.Swift's arrival comes as Kansas City, alongside cities across the country, is still grappling with the mixed bag of the pandemic's economic fallout. Its population reached historic highs in 2020, surpassing <a target="_blank" href="https://www.kcur.org/politics-elections-and-government/2021-08-14/kansas-city-population-2020-census">half a million for the first time in 50 or so years</a>, and it emerged as a <a target="_blank" href="https://www.businessinsider.com/kansas-city-remote-work-best-place-on-earth-icelandair-2022-6">hub for remote workers</a>. A <a target="_blank" href="https://www.kshb.com/news/local-news/your-voice/business-owner-optimistic-as-kc-streetcar-track-nears-75-completion-for-main-street-extension">streetcar expansion</a> and new airport terminal are all aimed at connecting more Kansas City residents and visitors; the city <a target="_blank" href="https://www.kansascitycurrent.com/news/kansas-city-current-and-cpkc-announce-historic-stadium-namin">will also soon have the world's first stadium solely dedicated to a professional women's sports team</a>, which will host the KC Current, a soccer team.But Kansas City is also up against the urban doom loop that's been battering Midwestern cities, with <a target="_blank" href="https://downtownrecovery.com/charts/rankings">activity in its downtown area still below pre-pandemic levels,</a> according to one measure from University of Toronto researchers. As <a target="_blank" href="https://www.businessinsider.com/midwest-america-cities-downtown-crisis-office-apocalypse-urban-doom-loop-2023-6">BI's Eliza Relman reported</a>, the key to reversing some of the damage rests in policies such as adequate housing — and also downtown attractions that can lure people in.Enter Swift."The local brands here in Kansas City have gone all in on Taylor Swift," Jessica Palm, the vice president of the Kansas City Area Development Council, said.Local stores — including Westside Storey, which <a target="_blank" href="https://www.businessinsider.com/taylor-swift-vintage-chiefs-sweatshirt-local-business-2023-12">sold Swift the vintage Chiefs gears she's been sporting</a> — <a target="_blank" href="https://www.businessinsider.com/taylor-swift-travis-kelce-kansas-city-missouri-business-economy-booming-2023-10">previously told BI</a> that the Tayvis boom has also been a boon for their bottom line. That Swift boom has been "thrilling for us," Palm said, especially when it comes to brand recognition and attracting businesses to Kansas City."That global reach, whether it's a game or brand recognition or Taylor performing, that's unmeasurable really for us," Palm said.Swift's presence has helped reaffirm something that Kansas City has been trying to get people to realize: "Kansas City is like this cool, 'it' city now," Lucas said.Swift adds what Lucas describes as a "badge of impressiveness" to the narrative that Kansas City is cool now. It's not just a "rando" or a friend from college saying KC is cool; it's instead arguably the most famous woman in the world. And that comes as more people are considering making the move to Kansas City."While we can't promise that each one will get to meet a Super Bowl-winning tight end and date him, maybe it turns out there are a lot of other great things in KC," Lucas said.<h2>A Swift ripple effect</h2>While Swift might be the most famous woman in the world, some of her impact has been a bit quieter.After Swift's first foray into Kansas City this year while on the Eras Tour, Harvesters, a regional food bank serving 26 counties across northwest Missouri and northeast Kansas, received an email. It was from the pop megastar's team."They had reached out and said that Taylor Swift was interested in making a donation," Sarah Biles, Harvesters's director of communications, said. That donation — the amount of which Harvesters was asked to not disclose, but Biles said helped provide "thousands" of meals — came in pretty quickly."We were excited and thrilled that she had chosen to give to our food bank," Biles said.That quiet donation, a practice that Swift <a target="_blank" href="https://www.insider.com/food-banks-taylor-swift-calfresh-ebt-second-harvest-silicon-valley-2023-8">continued throughout the Eras Tour</a>, didn't receive much attention until after the emergence of Swift's new relationship with Travis Kelce, when the <a target="_blank" href="https://www.kansascity.com/news/local/article280358979.html">Kansas City Star</a> picked up the story."Obviously the financial donation was amazing, but almost more impactful to that was the awareness that it raised," Biles said.Swift's donation didn't solve all of their problems — <a target="_blank" href="https://www.businessinsider.com/millions-americans-hunger-cliff-snap-benefits-food-stamps-getting-cut-2023-2">food insecurity</a> is still rampant, <a target="_blank" href="https://www.businessinsider.com/millions-americans-will-lose-snap-benefits-groceries-march-2023-2">especially</a> after <a target="_blank" href="https://www.businessinsider.com/americans-lose-food-stamps-snap-benefits-banks-bracing-high-need-2023-2">pandemic-era food assistance programs wound down</a> — but, much like Swift's broader impact across Kansas City, she's helped raise awareness of both the issue and organization, and push forward a new story.<h2>Kansas Swift-y is just getting started</h2>Swift's presence has meant some new shifts in Kansas City, like paparazzi, and superstar encounters in local haunts. Lucas, the mayor, said it's meant some security changes in ensuring that both her and everybody she's around are safe when navigating through town.But on the whole, Swift's presence — and the exposure that comes with her — has been welcomed."This is the dawn of a golden era in the Kansas City region, not just from a lifestyle perspective, but from an economic standpoint as well. And we're just getting started," Tim Cowden, the president and CEO of the Kansas City Area Development Council, said.Palm said that Kansas City residents treat their local celebrities with respect and kindness, pointing to recent TikToks of <a target="_blank" href="https://fox4kc.com/news/entertainment/travis-kelce-shops-at-trader-joes-unbothered-by-kansas-city-fans/">Travis Kelce quietly shopping at Trader Joe's</a> — with customers only erupting in cheers after he leaves.Lucas said that he's watched a few football games from a suite next to Swift's at Arrowhead Stadium. In fact, he said, he's been occasionally offered the chance to go meet her. He may be the only person in America, or the world, who's politely declined."I'm like, she's busy enough! And the last thing she cares about is like, 'Hi, I'm the mayor. Thank you for being in this All-American city,' right?'" Lucas said. "We can save that for another time."He said he's just going to let her have her fun at football games — although he has contemplated that posting an Instagram photo with her would "break" his Instagram, in a departure from posting about "mayor stuff" like filling potholes. However, he does have one offer on the table."If they need me to officiate a wedding or anything like that, then I'm there for 'em," he said.

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