When the history books are written, 2023 will be remembered as the year of Taylor Swift.
No, my 11-year-old daughter has not taken over my computer — though she did contribute to this op-ed.
Swift's "Eras Tour," which began earlier this year, has played for 66 sold-out audiences across the United States and grossed more than $1 billion. On secondary markets, fans are paying thousands of dollars for even the worst seats in the house. Her very presence in a new city creates a mini-economic boom.
According to one estimate from QuestionPro Research, Swifties spend approximately $93 million per show on everything from tickets to travel, lodging, food, and merchandise. By the end of the tour that will amount to a $5.7 billion jolt to the US economy. "If Taylor Swift were an economy," claims Dan Fleetwood, President of QuestionPro Research, "she'd be bigger than 50 countries." Illinois's Governor J.B. Pritzker credited Swift with reviving the state's tourism business, and the tour's economic impact on that industry was so profound that it was mentioned in a report issued by the Federal Reserve.
This is a preview of Michael A. Cohen's latest article. Read the full column here.
