Published On: Tue, May 14th, 2024
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Huge £1bn boost to UK economy thanks to big spending Taylor Swift fans | UK | News


Taylor Swift’s Eras Tour, which will see hundreds of thousands of Swifties flocking to cities in June to catch the megastar, is set to provide a nearly £1 billion boost to the UK economy.

The singer is set to open her UK tour in Edinburgh on 7 June, playing a total of 15 shows and finishing in London on 20 August.

With millions of people registering for tickets in the UK, and those for her Wembley shows reportedly selling out in 14 minutes, new research by Barclaycard predicts the popstar’s tour will bring in £997 million.

Fans are forking out a staggering £848 on average to see the 34-year-old at one of her UK tour dates.

Attending a tour date is expected to be more than 12 times the average cost of a UK night out – at £67, more than twice the amount spent attending UK-based weddings – £398, and even higher than the cost of a UK-based stag or hen do – £779.

More than 1.2 million tickets have been sold for the UK leg alone and four stadiums are at capacity.

The average amount spent on an Eras Tour ticket is £206, yet for 14 per cent of fans, including those who purchased VIP ticket packages with premium seating and exclusive merchandise, the total exceeds £400.

After tickets, fans will spend the most on accommodation, the research found, with many spending £121 on average for somewhere to stay after the concern.

On top of that, travel will cost £111 and almost a fifth (18 per cent) said they were buying a new outfit for the event costing £56 on average, with many dedicated fans expected to spend more.

The new figures come after Barclays Consumer Spend data revealed a surge in consumer spending during the pre-release window for the Eras Tour last July – with entertainment jumping 15.8 per cent compared to July 2022.

Across the whole of 2023, the entertainment sector (up 7.5 per cent) was also boosted by the release of ticket sales for major events including the Eurovision Song Contest and Beyonce’s Renaissance tour, with spending on live shows and concerts up 8.6 per cent year-on-year overall.

One in four (26 per cent) Fearless fans say they had to or will have to travel to a different city in order to attend the highly-anticipated tour, while one in five (19 per cent) intend to see Swift perform in mainland Europe instead of the UK.

This could be due to ticket availability, cheaper travel, and accommodation costs, or simply so that they can combine the concert with a holiday or city break, Barclaycard said.

The Eras Tour is said to have brought in $1 billion (£796 million) for Swift – a record for any tour – and may have boosted the US economy overall by $4.6 billion (£3.6 billion), it has been reported.

Tom Corbett, Head of Group Sponsorship for Barclays, said: “Taylor Swift’s Eras Tour is the UK’s Wildest Dreams come true – capturing the nation’s attention and bringing a substantial boost to our experience economy, with retail, hospitality and leisure sectors all Ready For It.

“Fans are increasingly going all-out on experiences that resonate on a personal level, turning every concert into a potential holiday, every ticket into a cherished memory, and every event into an opportunity to splash out on new outfits, food and merchandise.  

“The UK’s Love Story with entertainment doesn’t just involve Taylor Swift, it’s all memorable experiences.”

Dr Peter Brooks, Chief Behavioural Scientist at Barclays: “Whoever came up with the phrase ‘money can’t buy happiness’ clearly wasn’t a Swiftie. 

“There’s growing evidence that spending on experiences boosts happiness and well-being more so than purchasing physical items, especially if that experience is shared with friends and loved ones.

“When it comes to cultural icons like Taylor Swift – like we saw with Elvis and Beatlemania in the 50s and 60s – supporters have such a strong connection to the artist and to the rest of the fandom that the desire to spend becomes even more powerful. 

“For non-fans, £848 may seem like an enormous amount to splash out on a concert – but for Eras Tour ticketholders, every pound they spend is an investment in the memories they’ll create.”



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