{"id":59085,"date":"2023-09-10T00:59:13","date_gmt":"2023-09-10T04:59:13","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/taylor-swift-is-propping-up-the-hotel-industry-analysts-say-amid-questions-about-revenge-travel-fluctuations\/"},"modified":"2023-09-10T00:59:15","modified_gmt":"2023-09-10T04:59:15","slug":"taylor-swift-is-propping-up-the-hotel-industry-analysts-say-amid-questions-about-revenge-travel-fluctuations","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=59085","title":{"rendered":"Taylor Swift is propping up the hotel industry, analysts say, amid questions about revenge-travel fluctuations"},"content":{"rendered":"
\n

Taylor Swift\u2019s \u201cEras\u201d tour has been emblematic of our own era of supply and demand shocks. Last year, ticket demand overwhelmed Ticketmaster. This year, apparently, the tour has caused a \u201cnotable\u201d uptick in hotel sales, analysts said on Friday. <\/p>\n

U.S. states where Taylor Swift concerts have taken place this year have seen their monthly hotel sales, measured by available hotel room, rise 7% on average year over year, Bernstein analysts said in a research note on Friday. That was more than 4 percentage points above the national performance overall for those months. <\/p>\n

\n

The \u201cSwift lift,\u201d or the bump from \u201cSwiftonomics\u201d \u2014 both terms that came up in the analysts\u2019 note \u2014 arrived as analysts wonder how much appetite people have left for revenge travel, as higher prices cut into savings but concerns about a recession fade, for now, among some economists. <\/p>\n

But the Bernstein analysts said the Taylor Swift effect on U.S. hotels was significant, as more travelers in the nation venture out to destinations abroad. <\/p>\n

They traveled:<\/strong> A $35,000 trip to see Taylor Swift? How the artist\u2019s fans boosted the Los Angeles economy by $320 million.<\/p>\n

\u201cIn a normalized U.S. travel environment, this has been a notable boost to the hotel industry, especially as booming U.S. outbound this summer has shifted demand away from domestic on a (year-over-year) basis,\u201d the analysts said of the \u201cEras\u201d tour impact. <\/p>\n

That tour will run through most of next year, likely leaving Europe, Canada, Latin America and Asia with similar hotel-sales gains. But Swiftonomics hasn\u2019t come without its own disruptions, the analysts suggested. <\/p>\n

Also read:<\/strong> Taylor Swift is on track to earn $345 million this year, bringing her closer to billionaire status<\/p>\n

The Bernstein analysts said that in Minneapolis, hotel prices jumped 80% in the month leading up to Swift\u2019s concert dates, compared with a 37% increase for short-term rentals. Hotel chains\u2019 profit and sales figures benefit from higher room prices, but the analysts argued that events like the \u201cEras\u201d tour \u201care one reason why the short-term rentals are necessary.\u201d <\/p>\n

\u201cThe Taylor Swift effect is one of a kind but many cities will likely try and recreate it,\u201d the Bernstein analysts said. \u201cWe try a similar analysis for Beyonce concert dates, but the effect is much more muted.\u201d<\/p>\n

The glitch-addled rollout of \u201cEras\u201d tour ticket sales led to greater lawmaker scrutiny of Ticketmaster\u2019s parent, Live Nation Entertainment
\n LYV,
\n +0.05%<\/bg-quote>,<\/span>
\n and questions about that company\u2019s grip on the concert industry. Despite a boom in concert-ticket demand, more broadly, price increases over the past two years have led to bigger complaints from artists about a music industry that they say doesn\u2019t support them. <\/p>\n

Live Nation Chief Financial Officer Joe Berchtold , during a conference this week, said demand was still strong. <\/p>\n

\u201cWe haven\u2019t seen any issues at all, any signs of any slowness on sales as recently as this week, and last week continued to perform very strongly,\u201d he said. \u201cSo we\u2019re not seeing any issues, we\u2019re continuing to move forward with the expectation that next year will be an even better year.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

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

Taylor Swift\u2019s \u201cEras\u201d tour has been emblematic of our own era of supply and demand shocks. Last year, ticket demand overwhelmed Ticketmaster. This year, apparently, the tour has caused a \u201cnotable\u201d uptick in hotel sales, analysts said on Friday. U.S. states where Taylor Swift concerts have taken place this year have seen their monthly hotel […]<\/p>\n","protected":false},"author":1,"featured_media":59086,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-59085","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nTaylor Swift is propping up the hotel industry, analysts say, amid questions about revenge-travel fluctuations | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Taylor Swift\u2019s \u201cEras\u201d tour has been emblematic of our own era of supply and demand shocks. Last year, ticket demand overwhelmed Ticketmaster. 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