Taylor Swift, Beyonce and an inflated 3Q GDP

foxbusiness.com:

Former U.S. International Trade Commission Chief Peter Morici joined ‘Varney & Co.’ to discuss the state of the U.S. markets as investors attempt to navigate the economic impact of the Israel-Hamas war. 

U.S. consumers treated themselves this summer, scooping up concert tickets to likes of Taylor Swift and Beyonce, singing and dancing to sold-out shows, while also driving record numbers for U.S. air travel. 

The combination is likely behind a big jump in third-quarter gross domestic product (GDP), which is expected to come in north of 4% on Thursday, just about doubling from the second-quarter’s 2.1% read. 

«It’s all the kind of revenge spending post-pandemic, which is especially concentrated in the service sector. Of course, you know, the poster child of that this summer is, of course, Taylor Swift,» Carl Riccadonna, chief U.S. economist at BNP Paribas told FOX Business. "It was other concerts. It was sporting events, it was very strong, what we'll call discretionary service spending from hotels, Las Vegas trips, air travel and all these sorts of things" he added. 

Taylor Swift recently made history with «Speak Now (Taylor's Version.)» (Tom Cooper / Getty Images)

Swift’s Eras Tour ranked at #1 raking in $780 million, according to Forbes list by gross. Ticket prices rocketed to over $1,000 for some shows on demand from Swifties. 

Taylor Swift gave bonuses to her entire team, including her dancers. (Jeff Kravitz/TAS23/Getty Images for TAS Rights Management / Getty Images)

TAYLOR SWIFT TICKET PRICES SKYROCKET

Other high-profile performers also pulled in big bucks, including Beyonce’s Renaissance World Tour $460 millionc and Pink’s $300 million, while Coldplay and Ed Sheeran each topped out at over $200 million. 

Taylor