It sounds like hyperbole, but the Philadelphia Federal Reserve is actually crediting Taylor Swift’s massive “Eras” tour as a lifesaver for the hotel industry.
Per Billboard, officials for the central bank raised a point in their Beige Book, which is released eight times per year and discusses economic health in cities around the country. They wrote: “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.”
Taylor Swift Has Politicians Suddenly Realizing Ticketmaster Is a MonopolyFans looking to buy tickets to Swift’s Eras tour have been plagued by long waits, insane prices and bad customer service
Billboard also points out (via an NBC News story) that it wasn’t just Philly; a Swift concert in Cincinnati reportedly brought in an estimated $2.6 million to downtown hotels and $5.3 million to hotels in the surrounding area. And the singer’s show in Chicago brought in $39 million in total hotel revenue.
“Taylor Swift is a force to be reckoned with,” Julie Calvert, president and CEO of the tourism group Visit Cincy, said in a statement. “The economic impact Swift creates is staggering, as fans travel from far and wide to attend her concerts, filling hotels, restaurants, and local attractions. Swift’s influence on tourism is a testament to her ability to captivate audiences and drive economic growth.”
Hooray for the economy, but still…getting tickets to the Swift shows (or any show) has been somewhat of a nightmare for fans, which — in a strange, good way — has led to some incremental improvements and hopefully less deceptive ticket pricing practices.
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