Last month, a Swedish economist claimed that Beyoncé’s Renaissance tour had an impact on the country’s inflation. Now, a similar financial claim is being made about Taylor Swift’s ongoing The Eras Tour: NBC News reports that one Federal Reserve office credits Swift’s tour for a significant rise in hotel revenues.
Officials from the Philadelphia Federal Reserve wrote, “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.”
Earlier this month, Cincinnati officials also credited Swift for boosting a number of local industries. Julie Calvert, president and CEO of the tourism group Visit Cincy, said in a statement, “Taylor Swift is a force to be reckoned with. The economic impact Swift creates is staggering, as fans travel from far and wide to attend her concerts, filling hotels, restaurants, and local attractions. Swift’s influence on tourism is a testament to her ability to captivate audiences and drive economic growth.”
In June, Choose Chicago, Chicago’s tourism and marketing organization, declared that thanks in part to Swift, the city had set a new all-time record for total hotel rooms occupied.