Taylor Swift is leaving an indelible mark on pop culture through her songs, tours and strong business acumen. The singer-songwriter, who achieved billionaire status last year, is among the top-selling musicians of all time – and she is still going strong.
While her influence on the cultural landscape is immeasurable, economists at Mastercard calculated her impact on the economy, dubbing it the "Swift Lift."
Swift’s "Eras Tour," which includes 151 shows spanning five continents and could net her billions, delivered a significant financial boost to restaurants and accommodations, such as hotels, in the area surrounding the stadium where she performed.
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This "Swift Lift" also impacted the NFL season to some degree. Her relationship with Kansas City Chiefs tight end Travis Kelce threw him further into the spotlight, as he gained some 2.5 million social media followers after their relationship went public.
Viewership of the Chiefs games also increased as Swift was shown numerous times on camera as she supported Kelce.
To accurately calculate this "Swift Lift," Mastercard Economics Institute examined this boost in sales within 2.5 miles of each stadium she performed at in the U.S. during 2023. It also measured spending in the 10-mile radius.
What it found was that spending at restaurants within the vicinity of the stadiums she performs at surged 68% on average per day over the duration of her tour.
Eateries in the broader area, a 10-mile radius, saw a 7% boost, underscoring how the surge was in large part due to concertgoers, according to the report.
Spending at restaurants for two days during the tour in Kansas City, Missouri, was equivalent to nearly two weeks of spending on a "normal period" in the same area.
Restaurants in the city saw a more than 170% lift in sales.
Similarly, restaurants in Santa Clara, California, and Glendale, Arizona, saw a boost in sales of 172.2% and 168.9%, respectively.
For accommodation, such as hotels, spending was lifted by 47% on average in the immediate area of the stadiums. Similarly, it rose about 32% on average for the 10-mile radius, given that some concert-goers will seek hotels further from the venue.
Foxborough, Massachusetts, saw the biggest growth in accommodation spending, with sales surging over 100% during the tour days.
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Accommodations in Cincinnati saw the second-biggest rise of about 63.9%, according to the data.
"If there was ever any doubt about the power of the consumer to drive economic growth, The ‘Swift Lift’ from the U.S. ‘Eras Tour’ shows they were able to shake it off," said Mastercard chief economist Michelle Meyer.
The data underscored that consumers deploy "their purchasing power for the experiences they prioritize, particularly for concerts, sporting events and movies."
"All eyes will be on this weekend," Meyer said.
