The economic impact of Taylor Swift’s Eras Tour

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how Taylor Swift’s Eras Tour boosted the economy.

Transcript

00:00I'm Conway Gittens reporting from the New York Stock Exchange, here's what we're watching

00:03on the street today.

00:05A new report released Tuesday showed small business optimism hit a three-year high in

00:09November.

00:10According to a survey by the National Federation of Independent Business, respondents were

00:14confident the incoming Trump administration will usher in a period of fewer regulations

00:20and lower taxes.

00:23In other business headlines, it turns out that a Taylor Swift concert is more than just

00:27a music event, it is an economic event.

00:31According to the U.S. Travel Association, Swifties, as her fans are known, spent an

00:35average of $1,300 on travel, hotels, food and other items, not including the actual

00:42tickets to her show.

00:44That kind of spending rivals what football fans spend each year at the Super Bowl.

00:48Now multiply that number by 62 nights across 23 U.S. cities over a five-month period.

00:55Swift's The Heiress Tour is going into the history books as the highest-grossing tour

00:59ever, bringing in an estimated $2.2 billion.

01:03The economic impact, however, goes well beyond the time she was on stage.

01:08Estimates on the money injected into the U.S. economy, directly or indirectly, range from

01:13$5 billion on the low end to $10 billion on the high end.

01:18Some cities credited the tour for dragging their local economies out of the post-pandemic

01:23doldrums.

01:24Pittsburgh, for example, said that when her concert was in town, it had the highest weekend

01:29hotel occupancy since the pandemic and the second-best ever, according to CNN.

01:35Lyft provides another snapshot on Swift's economic impact.

01:39The ride-hailing app said in a blog post that whenever a city played host to one of her

01:43concerts, it saw ridership jump by an average 8.2 percent.

01:49That'll do it for your daily briefing from the New York Stock Exchange.

01:52I'm Conway Gittins with The Street.

01:54Thanks for watching.

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