Taylor Swift’s Eras Tour: A £997m Economic Boost for the UK

Taylor Swift’s Eras Tour: A £997m Economic Boost for the UK

(IN BRIEF) The highly anticipated Eras Tour by Taylor Swift is poised to inject a staggering £997 million into the UK economy, according to new data from Barclays. Swifties attending the tour are expected to spend an average of £848 each on tickets, travel, accommodation, outfits, and other expenses, surpassing the average cost of a UK night out by over 12 times. The Swiftonomics report, part of Barclays’ Consumer Spend research, highlights the significant economic impact of the tour, with spending by attendees anticipated to fuel growth in various sectors, including retail, hospitality, and leisure. With almost 1.2 million fans set to catch Swift’s performances across four cities, the Eras Tour is not only a musical extravaganza but also a substantial contributor to the UK’s experience economy.

(PRESS RELEASE) LONDON, 15-May-2024 — /EuropaWire/ — New data from Barclays reveals that Taylor Swift’s highly anticipated Eras Tour is predicted to provide a £997m1 boost to the UK economy, with Swifties forking out £848 on average to see their idol at one of the 15 UK tour dates.

The Swiftonomics report shows that spending by The Lucky Ones attending a tour date is expected to be more than 12 times the average cost of a UK night out (£67)2, more than twice the amount spent attending UK-based weddings (£398)3, and even higher than the cost of a UK-based stag or hen do (£779)4.

Brits never go out of Style

After tickets, fans will spend the most on accommodation (£121), with other notable costs including travel (£111) and clothing for the big event (£56), with almost a fifth (18 per cent) buying a new outfit especially for the concert.

Meanwhile, £79 is expected to be spent on official merchandise at the tour stops in London, Liverpool, Edinburgh and Cardiff, as well as £59 on a pre-concert meal, boosting sales at restaurants near the tour’s venues.

Adding up the total spending for Brits on the UK leg alone – that’s 1.2 million tickets over 15 nights and four stadiums at capacity, with merchandise, outfits, food, accommodation, travel and more – the Eras Tour is expected to bring in almost £1 billion (£997m) to the UK’s experience economy.

Fans splash out on Bejeweled VIP tickets

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.

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 Beyoncé’s ‘Renaissance’ tour, with spending on live shows and concerts up 8.6 per cent year-on-year overall.

So Long, London – UK Swifties prepared to travel far and wide

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 Eras Tour, while one in five (19 per cent) intend to see Swift perform in mainland Europe instead of the UK – possibly due to ticket availability, cheaper travel and accommodation costs, or simply so that they can combine the concert with holiday or city break.

Long Live the pre-show excitement

As eager fans wait to attend the live show, 28 per cent have watched or plan to watch the film of the Eras Tour, while nearly one in 10 (8 per cent) is either planning to host or attend a Taylor Swift-themed party before or after her show. In addition, 7 per cent have even bought Taylor Swift-themed decorations to Dress up their house in Style.

Swifties have been swotting up by listening to Timeless classics as well as learning the lyrics to more recent hits. One in five (21 per cent) has bought the album ‘Midnights’, and one in six (15 per cent) pre-ordered the latest album ‘Tortured Poets Department’ prior to its release. A further one in six (14 per cent) is so invested in Swift’s Love Story that they have even started listening to Travis Kelce’s podcast ‘New Heights’, and the same proportion (14 per cent) admit to having streamed American Football games because Taylor was in the crowd.

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, said: “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.”

Barclays has a long history in the Entertainment sector. Earlier this month, Barclaycard – part of the Barclays Group – announced that it had renewed its partnership with Global to sponsor the biggest live events in Global’s portfolio for five more years. This includes continuing as headline partner of Capital’s Summertime Ball with Barclaycard and Capital’s Jingle Bell Ball with Barclaycard, two of the biggest multi-artist events in the UK. Barclaycard and Barclays Premier customers also have access to a range of perks and benefits at selected festivals and events, including 10 per cent off presale tickets and 10 per cent off food and drink. Find out more at barclaycard.co.uk/entertainment

Notes to editors

1 Total spending calculation:

• Total capacity of all UK Eras Tour venues: 1,175,470
  • Wembley Stadium (London): 90,000 x 8 dates = 720,000
  • Anfield Stadium (Liverpool): 54,000 x 3 dates = 162,000
  • BT Murrayfield Stadium (Edinburgh): 72,990 x 3 dates = 218,970
  • Principality Stadium (Cardiff): 74,500 x 1 date = 74,500
• Average expected spending by fans attending UK Eras Tour concerts: £848.30
• Total expected spending across all UK tour dates (1,175,470 x £848.30) = £997,151,201

2 Source: MoneySuperMarket: https://www.dailymail.co.uk/news/article-13379817/Brits-cutting-taxis-kebabs-limit-cost-night-study-suggests-data-shows-revellers-spending-pandemic.html

3 Source: Aviva: https://www.aviva.com/newsroom/news-releases/2024/04/3-million-brits-expect-to-spend-1000-each-attending-a-wedding-abroad-this-year/

4 Source: Aviva: https://www.aviva.com/newsroom/news-releases/2023/06/guests-face-four-figure-bills-for-stag-and-hen-dos/

Across its issuing and acquiring businesses, Barclays sees nearly 40 per cent of the nation’s credit and debit card transactions, which provides us with unique insight into UK consumer spending. The consumer card spending data used is from Barclays’ issuing business – i.e. Barclays debit card and Barclaycard credit card transactions.

The consumer research in this press release was carried out between 16th – 23rd April 2024 by Opinium Research on behalf of Barclays. There were 200 UK adults who have secured or are trying to secure Taylor Swift tickets, providing a representative sample of UK consumers by age, gender, region, and income group.

For more information, please contact Oliver Palca at oliver.palca@barclaycard.co.uk

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SOURCE: Barclays