Taylor Swift is an economic powerhouse even for Italy

With The Eras Tour, Taylor Swift has unlocked a money-making mechanism that immediately caught the attention of economists. The event has generated a lot of buzz, receiving both criticism - the star always travels by private jet, which was recently vandalized by Just Stop Oil activists - and praise. With a show that traces the various artistic seasons marking her first twenty years of career, in 2023 Swift broke the record for the most profitable tour ever, reaching a total revenue of over one billion dollars (before her, Elton John held the record with 939 million for the Farewell Yellow Brick Road tour). This year, despite the heated controversy that has long simmered within the concert industry, which has become increasingly inaccessible, the Eras Tour also represents a rich opportunity for Europe, which is preparing to welcome the star. In a recent interview with Philip Lane, chief economist at the European Central Bank, when asked if he was worried about worsening inflation due to the Paris Olympics and the European Football Championship in Germany, the expert replied: «Well, it's very interesting. You managed to say all that without mentioning Taylor Swift.»

It wouldn't be the first time a pop artist has influenced a country's economy. Last May, the first date of Beyoncé's Renaissance World Tour caused inflation to rise in Sweden. Analysts have quantified the expenses of Taylor Swift fans who traveled to North America to see the star, totaling 4.6 billion between travel, tickets, and merchandise. As a «result of a major cultural event» declared the Portuguese statistical office, the price of a hotel night in Lisbon and all surrounding areas saw substantial increases as the May 24 and 25 concert dates in the country's capital approached. In England, Barclays Bank predicted that the Eras Tour could bring up to one billion pounds in revenue for the state, which is currently facing a severe crisis.

In Italy, the Eras Tour will arrive in Milan on July 13 and 14, coinciding with Coldplay's Music of the Spheres tour. With a capacity of about 80,000 people, it is expected that the San Siro Stadium will host 160,000 fans during the two nights of the Eras Tour, 30-50% of whom will be traveling and thus looking for accommodation. According to a report by European Cities Marketing, the average duration of a visit by Swifties to see their heroine is about 2.3 nights, which could lead to total revenue of 24 million euros for Milan just in terms of accommodation. Adding in food expenses, tourist souvenirs, and public transport, the total revenue could reach over 42 million euros. According to a further analysis by Mastercard on past Eras Tour concerts, restaurant spending in the cities that hosted the star saw 68% increases on concert days, and hotels 47%. “I actually think the impact in Europe could be greater, because the tour takes place during the spring and summer months,” commented Natalia Lechmanova, chief economist at the Mastercard Economics Institute. Between the start of vacations, the Olympics, the European Football Championship, and Taylor Swift's tour, Europe is in for a very expensive summer.