Taylor Swift’s Eras Tour is coming to Toronto. How will ‘Swiftonomics’ impact Canada?
Taylor Swift has sung that she’s the problem – but if the problem is what to do with boatloads of cash that she brings in for local economies, then it’s one Toronto is likely to welcome.
On Thursday, the acclaimed U.S. singer-songwriter announced she will be performing six shows in Canada’s largest city at the Rogers Centre next year as part of her Eras Tour – a show that has been attracting attention not only for the earthquakes it causes, but the seismic amount of money it brings in.
Fans excited are for the Swift’s arrival in the city, and businesses should be as well, said music industry expert Eric Alper.
“On average, each Taylor Swift fan going to a show so far in 2023 has spent US$1,300 not just on tickets, but hotels, merchandise, food, alcohol, drinks, gas, parking,” he told Global News.
“There’s a lot of money to be made off of a Taylor Swift tour.”
Swift’s tour has had a major impact on American economies, according to two reports.
The first is from the U.S. Federal Reserve, which found that May was the strongest month for hotel revenue in Philadelphia since the onset of the COVID-19 pandemic in 2020, in large part due to an influx of guests for the Swift’s concerts in the city.
Swift performed three shows in Philadelphia.
The second is from the Common Sense Institute – a U.S. think tank that promotes Colorado’s economy – that found that Swift’s two shows in July led to a US$140-million boost to the state’s GDP for the year.
At the end of the day, Swift’s U.S tour could generate US$4.6 billion in total consumer spending, larger than the GDP of 35 countries, the report, dubbed “Swiftonomics: Eras Tour Impact on Colorado,” found.
At 22 shows in, the tour has grossed an estimated US$300 million for an average of
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