As a longtime Taylor Swift fan, Kat Mahon always knew she would attend the artist’s much anticipated “Eras Tour” this year. But little did Mahon think she would help push the American economy forward in the process.
This was a year defined by such fulfillment, as Swift created a wave of hysteria that could be likened to the early days of Beatlemania. And with that came a wave of tour-related spending from Mahon and countless other Swifties — some $5 billion worth, according to the survey firm QuestionPro — that went far beyond the hundreds of thousands of tickets sold to the artist’s 50-plus U.S. concerts.
Things reached a fever pitch in July, when consumer spending, which accounts for more than two-thirds of the U.S. economy, jumped by 0.9%, the biggest increase in months, according to a Commerce Department report. In August, consumer spending increased another 0.4%. Certainly, the billions of dollars that Swift’s activity generated this year can’t be ignored, regardless of the fact it’s just a fraction of the $27 trillion U.S. GDP. Swift even made a summer appearance in the Federal Reserve’s beige book, which cited her concert tour’s impact on travel and tourism spending in Philadelphia.
Swift has also issued two albums this year: “Speak Now ” in July and “1989 ” just recently. Both are re-recordings of earlier albums created as part of Swift’s business-savvy efforts to fully own her material. ‘People will spend amazing money on a feeling worth feeling’ Nicolette Stessin has run a craft store in the Seattle area for 35 years, enjoying modest success along the way — that is, until Swift entered her life.
That’s especially true given the fact Stessin has never paid much attention to Swift’s music. “I like jazz and R&B,” she adds. Ellyn Briggs, a brands analyst with decision-intelligence company Morning Consult, says the movement driven by “Barbie,” Beyoncé and Swift constitutes its own perfect storm. And it’s one that will have lasting consequences, she contends.Which is not to say all financial minds are in agreement that Taylornomics is really a thing. Or at least a thing that has shaped the U.S. economy — and, in turn, the stock market — in any meaningful or ongoing way.
Holly Glisky, a 33-year-old Swift fan who shelled out more than $3,000 on a California trip from her home in Detroit to see Swift perform, admits she will be reducing her spending this fall as a result.Economists have been suggesting a cooling down could be coming — and there’s still talk about a potential recession. It’s more than just Swift-related factors, of course. The resumption of student-loan payments, for example, may weigh far more heavily on spending.
Holly Gleason, a veteran, award-winning music journalist who’s also worked in the industry, says Swift’s role in the matter is undeniable. And her influence extends further, Gleason notes, pointing to how the singer is likely inspiring a generation of female entrepreneurs of all kinds.