Swiftonomics: Impact of Taylor Swift’s sold-out ‘Era’s Tour’
- ‘Swiftonomics’ has benefited local hotels, restaurant and clothes sellers
- Resellers reportedly asked for up to $40K amid Eras Tour ticket demand
- Forbes predicts Swift will net between $500M to $1.5B from the tour
Testing widget old system
CHICAGO (NewsNation) — Taylor Swift is changing the concert game, with limited supply and skyrocketing demand, and fans are willing to pay almost anything — it’s what some have dubbed Swiftonomics.
Swifties, as the pop star’s fans are known, who’ve gotten their hands on an Eras Tour ticket are considered among the lucky ones, as nearly 2.5 million tickets were sold on the day of pre-sale, which left millions empty-handed and ready to pay whatever was necessary to get a seat.
Some nosebleeds seats cost as much as $1,500 per person, and some fans reportedly paid as much as $42,000 on the resale market.
“I am thrilled, I have always wanted to see Taylor in concert, I am up in the nosebleeds, but honestly, I feel like any seat at a Taylor concert is a good seat,” one Taylor Swift concertgoer said.
Over the weekend in Chicago, the asking price for one ticket was listed at over $9,200. But rain or shine, fans simply can’t get enough.
“You’re on the bleachers, dreaming about the day when you wake up and find what you are looking for; I’ve been here the whole time,” a Taylor Swift concertgoer said.
Yet, it’s not just Swifties that can’t get enough, but it’s cities and local businesses, too. Swift’s concerts drive up thousands of dollars in local economies, some coining it Swiftonomics.
Tampa reportedly brought in $750,000 in revenue to the local economy.
Over the weekend, Chicago felt the love, too. Martin Murch, the owner of Burger Bar, said he’s expecting a 40% increase in sales.
“We’re really excited about all the activity, we’re excited about the commerce, that’s starting to come back to the city,” Murch said.
Some restaurants offered Swiftie menus and Swift cocktails and played Swift’s music around the clock.
“She tweeted a while ago about lavender lemonade, and we will be serving those,”
Meanwhile, fans have paid up to $ 1,100 per night for a hotel room.
Then, there’s concert merchandise; T-shirts are $55 and hoodies are $75. NewsNation spoke to a fan who said even if a $55 concert shirt cost $200 she would’ve spent it.
One Swiftie purchased a box full of clothes from the concert.
“We paid about $11,000,” the fan said.
Other fans spend more than $200 on outfits from Etsy, oftentimes dressing to reflect an album.
“Juliette, you’ll never have to be alone … maybe just say yes.”
When it’s all said and done, Forbes reports Swift could net anywhere between $500 million and $1.5 billion.
