{"id":47740,"date":"2023-08-12T21:04:30","date_gmt":"2023-08-13T01:04:30","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/a-35000-trip-to-see-taylor-swift-how-the-artists-fans-boosted-the-los-angeles-economy-by-320-million\/"},"modified":"2023-08-12T21:04:33","modified_gmt":"2023-08-13T01:04:33","slug":"a-35000-trip-to-see-taylor-swift-how-the-artists-fans-boosted-the-los-angeles-economy-by-320-million","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47740","title":{"rendered":"A $35,000 trip to see Taylor Swift? How the artist\u2019s fans boosted the Los Angeles economy by $320 million."},"content":{"rendered":"
\n

When Dallas resident Adriana Akhtar planned a recent Los Angeles trip with her family to see Taylor Swift perform as part of the artist\u2019s ballyhooed \u201cEras Tour,\u201d she wasn\u2019t necessarily thinking about boosting the local economy.\u00a0<\/p>\n

But over the course of four days, Akhtar, 47, did just that: She estimates her family spent about $35,000 on luxury accommodations, meals at some of the city\u2019s hottest restaurants and transportation within the area \u2014 and that figure doesn\u2019t even include a five-figure shopping splurge. In short, her Taylor trip became an L.A. vacation done to the max.<\/p>\n

\n

And Akhtar makes the point that she was hardly alone. \u201cRodeo Drive was overrun with moms and daughters in town for Taylor Swift,\u201d she told MarketWatch.\u00a0<\/p>\n

Add up all that spending by so many Swifties over the course of Swift\u2019s sold-out, six-show run at SoFi Stadium in the Los Angeles suburb of Inglewood and you have a $320 million boost to the city, according to a detailed report from the California Center for Jobs & the Economy. The Los Angeles engagement concluded Wednesday night, which also marked the end of the first leg of the \u201cEras Tour.\u201d<\/p>\n

Notably, the $320 million doesn\u2019t include the bulk of the money spent on tickets and merchandise, since that\u2019s channeled to Swift, officials with the center told MarketWatch. But if that was added to the mix, the total would be $490 million \u2014 or nearly a half-billion dollars. The $320 million does, however, encompass everything from hotel stays and restaurant visits to sales taxes generated.<\/p>\n

It\u2019s been estimated that 420,000 people attended the Swift shows in Los Angeles. Many of those traveled from out of town \u2014 just like Akhtar. And befitting the joyous mood of the concerts, they clearly came to have a good time and spend, spend, spend, said Robert Lapsley, president of the California Business Roundtable, which runs the center.<\/p>\n

\u201cThis became a vacation for people,\u201d Lapsley told MarketWatch. \u201cThey probably planned their whole summer around it.\u201d<\/p>\n

The phenomenon was hardly limited to Los Angeles. Cities across the U.S. that hosted the tour saw all kinds of upticks in business.<\/p>\n

In Philadelphia, hotel bookings surged during the month of May, which was when the tour was in town for three nights. The boost even drew the attention of the Federal Reserve Bank of Philadelphia, which said it \u201cwas the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city.\u201d<\/p>\n

Denver enjoyed a lesson in \u201cSwiftonomics\u201d as well. The two shows that Swift played there resulted in a $140 million gain for the city, according to the Common Sense Institute, a group that tracks the Colorado economy.\u00a0<\/p>\n

But you don\u2019t need to convince Shelley Yates-Laguna of that. As the general manager of Death & Co., the bar and restaurant operator at the Ramble Hotel in Denver, Yates-Laguna saw the crowds forming at her establishment during tour time. The wait for a table exceeded more than two hours at one point, she said.\u00a0<\/p>\n

\u201cSome people we weren\u2019t able to get to at all,\u201d she noted of the unprecedented demand.\u00a0<\/p>\n

In all, the \u201cEras Tour\u201d will provide a $5 billion boost to the global economy, according to market researcher QuestionPro \u2014 \u201cmore than the gross domestic product of 50 countries,\u201d the company said in a press release. QuestionPro said that each concertgoer spends about $1,300 on average to attend the show, including the cost of the ticket itself.\u00a0<\/p>\n

<\/p>\n

<\/p>\n

\n

\n \u201c<\/span>\u201cThis became a vacation for people. They probably planned their whole summer around it.\u201d\u201d<\/span>\n <\/p>\n


\n \u2014 Robert Lapsley, president of the California Business Roundtable<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

Dan Fleetwood, QuestionPro\u2019s president of research and insights, told MarketWatch that he believes people are opening their wallets for Swift shows in part because they haven\u2019t had a chance to celebrate like this since the onset of the pandemic.\u00a0<\/p>\n

\u201cIt\u2019s almost like we\u2019re seeing some revenge spending from being pent-up during COVID,\u201d he said.\u00a0<\/p>\n

If that\u2019s the case, Swift\u2019s Los Angeles shows may have equated to revenge spending on steroids. Several factors contributed to why the six-concert engagement had that supersized $320 million impact, said officials with the California Center for Jobs & the Economy and others who have tracked the Swift economic boom.\u00a0<\/p>\n

For starters, it was the longest run of shows that Swift has done in any city so far. Plus, it was in a region that offers no shortage of attractions, so those who traveled from out of town for a concert had plenty of opportunities to extend their trip, from visiting theme parks (think Disneyland) to, yes, shopping on Rodeo Drive.<\/p>\n

If anything, there\u2019s hope that the impact will continue beyond the concerts. Chris Heywood, a senior vice president of the Los Angeles Tourism and Convention Board, said the goal is to convince Swifties who had a good time while in town to return to the city \u2014 even if there isn\u2019t a concert beckoning them.\u00a0<\/p>\n

In effect, the Swift engagement was a tourism \u201cadvertising campaign that money can\u2019t buy,\u201d Heywood said. He added that the tour couldn\u2019t have come at a better time, since Los Angeles is gearing up to host the summer Olympics in 2028 \u2014 with the opening and closing ceremonies slated to be held at the same stadium where Swift performed.\u00a0<\/p>\n

For Adriana Akhtar, the Taylor trip-to-end-all-Taylor trips might be spurring a different future travel plan: She\u2019s already thinking ahead to some of the cities where Swift is playing when her tour resumes.<\/p>\n

On the top of her list: Paris and London. \u201cWe could do a family vacation and see her, too,\u201d she said.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

When Dallas resident Adriana Akhtar planned a recent Los Angeles trip with her family to see Taylor Swift perform as part of the artist\u2019s ballyhooed \u201cEras Tour,\u201d she wasn\u2019t necessarily thinking about boosting the local economy.\u00a0 But over the course of four days, Akhtar, 47, did just that: She estimates her family spent about $35,000 […]<\/p>\n","protected":false},"author":1,"featured_media":47741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-47740","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nA $35,000 trip to see Taylor Swift? 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