When I mentioned Taylor Swift in a previous blog, little did I know I was talking not about a singer, but a phenomenon. It seems she it taking the country, and the world, by storm. When Swift comes to town, the economy in the area takes a quantum leap, To Wit:
The Philadelphia Federal Reserve has noticed and has concluded that Taylor Swift’s concerts and her fans are single-handedly rescuing the hotel industry. Hotel revenues are their highest since the beginning of the coronavirus pandemic in 2020. No pressure, Taylor.
The Philadelphia Federal Reserve released its Beige Book Wednesday. The Beige Book’s findings report that hotel bookings were at the strongest growth level in years, thanks to the Swifties.
“Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was 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,” officials wrote.
The Beige Book is released eight times a year. It summarizes how the economy is performing in cities throughout the country. The summary of Philadelphia’s economic boost by Taylor Swift concerts might just be an interesting coincidence if it was a single finding. But, it’s not. Cities around the country are experiencing the same thing. Philadelphia is just one example. NBC News reported that when Swift’s tour was in Cincinnati for concerts on June 30 and July 1, the influx of fans brought more than $2.6M into downtown hotels and $5.3M to hotels in the surrounding area.
Its called the “Swift Effect.” When she sang in Chicago, the three night concerts brought in over $39 million in hotel revenue. In Denver, the Taylor Swift concerts are billed as the biggest concerts in Denver evah. Tickets were going for $1000 and $3000 for seats on the floor.
If you couldn’t get tickets, you came to the parking lot anyway, “just to be part of the experience.”
It was a Taylor Swift concert outside of the Taylor Swift concert.
“Yeah, this is crazy! All these people are here who don’t have tickets, just to be here,” said Danielle. “I’ve never seen anything like this.”
“I think it’s really cool! You can hear her perfectly and all of these people are really nice. They’ll trade bracelets with you and sing with you. It’s fun,” said another fan.
I wonder how you charge for parking if the persons goal is to attend a ‘scene’ in the parking lot? Is there a “Taylor Swift” surcharge? Do you charge more for spaces closer to the venue? What if you want to simply hang out and not park a car. How much to do charge for “The Concert outside the Taylor Swift Concert?” Go Taylor.
JVH
