From Beyoncé’s Renaissance tour to the Barbie movie to Taylor Swift’s Eras Tour, women are practically ruling the summer, and now, the US economy is thanking them.
The three women-led productions alone have led to a billion-dollar spending spree across the nation, helping local economies and keeping recession fears at bay. So let’s break down allll the benefits reaped by this Spending Girl Summer.
1.
The Eras Tour is set to break records as the first tour to cross a billion dollars in ticket sales alone, as reported by Fortune. One report even estimated that the tour would generate $4.6 billion across US local economies, which takes into account ancillary spending such as accommodations, transportation, and food.
3.
Greta Gerwig’s Barbie is on track to be the biggest movie of the year, grossing $155 million domestically on opening weekend and now surpassing $1 billion at the box office globally, as reported by Variety.
6.
Concertgoers are traveling further than ever this summer to see their favorite female artists, turning what was once an evening affair into a multi-day journey. According to Vivid Seats, attendees to Taylor Swift’s Eras Tour travel on average more than 300 miles to see the show, which is more than double what it was for her 2018 Reputation tour. And concertgoers traveled 46% further to see the Renaissance tour than they did for the 2016 Formation Tour.
7.
Taylor Swift even got a shoutout from the Federal Reserve, who featured her in their most recent Beige Book for bringing an “influx of guests” into Philadelphia which contributed to the “strongest month for hotel revenue” in the city.
8.
Similarly, hotels maintained a 96.8% average occupancy rate in the city of Chicago the weekend Swift was in town, reaching an all-time record high, as reported by Fortune. An average of 44,383 rooms were occupied each night. And, thanks to two stops to the city on the Eras Tour, tourism was reportedly brought back to pre-COVID levels in Las Vegas for the first time in March.
9.
During the July 4th holiday weekend, a period known for heavy travel and vacation, Cincinnati was the #1 trending travel destination on Airbnb, beating out top vacation destinations like London, England, and Italy’s Amalfi Coast. Can you guess who was in town?
10.
In its second-quarter earnings call for 2023, Universal Music Group (UMG), Swift’s record label, said their merchandising revenue grew 12% in the quarter which they hinted was “fueled by a strong performance from Taylor Swift.”
11.
In the week leading up to Beyoncé’s stop in East Rutherford, NJ, searches for lounges, aestheticians, and nail technicians saw triple-digit percentage increases compared to the prior year, according to Yelp. Additionally, when Bey was in town in Philadelphia, searches for wigs rose 81%, dive bar searches increased 160%, and LGBTQ+ shops showed the biggest improvement across all categories, with a near tripling of searches, Forbes reported.
12.
Mattel, the maker of the Barbie doll, saw shares rise over 20% in the month leading up to the release of Barbie.
13.
Stubhub told the WSJ that of the top 50 global acts, the average ticket price for female artists is $660, compared with $245 for male artists.
14.
Any Taylor Swift fan has probably seen or participated in making Swift-themed lyrics and word bracelets for the tour. A spokeswoman for Michaels Stores told the WSJ that demand for craft beads exceeded the projected supply the company forecasted ahead of the concerts.
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Bank of America reported that card spending on entertainment and clothing both spiked the week of Barbie’s release and entertainment sales rose 13%.
17.
And lastly, while spending is generally great for the economy, it’s less so for our pockets, as evidenced by Beyoncé’s tour kickoff in Sweden, which may have caused the country’s inflation rate to rise.
All that being said, the Renaissance tour kicked off in the US last month and will continue through the fall, and Taylor Swift will be back in North America for added shows in the fall of 2024. Sooooo, this economic boost might carry on well past the summer, and at least for now, we pretty much have women to thank for keeping us out of a recession.
Source: https://www.buzzfeed.com/alanavalko/taylor-swift-barbie-beyonce-impact-us-economy
