Taylor Swift may have just become the self-professed chairman of the Tortured Poets Department, but she’s also clearly in charge of the U.S. economy.
A so-called Swift Lift has benefited restaurants and hotels across the United States, with eateries in the 20 cities that Swift has already visited gaining an extra $100 million in sales, according to a new report from Mastercard. The payments company examined businesses in the immediate vicinity of stadiums (within 2.5 miles) up to the surrounding 10-mile radius, giving us a look at how local economies fared.
More from Robb Report
“In every U.S. city throughout the tour, the boost in restaurant sales was clear and consistent,” Michelle Meyer, the chief economist and head of the Mastercard Economics Institute, told Robb Report in an email. “If there was ever any doubt about the power of the consumer to drive economic growth, The Swift Lift shows they were able to shake it off.”
Overall, spending at restaurants within 2.5 miles of the stadiums increased 68 percent per day, while the more general area saw a bump of 7 percent. Santa Clara, California, experienced the largest jump in the immediate vicinity, with an extra 172 percent in restaurant sales. Kansas City, Missouri (even before Swift went public with her relationship with Travis Kelce), and Glendale, Arizona, saw the next largest bumps, with 171 percent and 169 percent, respectively.
When looking more generally at the same ZIP code as the concert venue, restaurant sales skyrocketed a whopping 205 percent. And during Swift’s shows, 27 percent of the entire city’s restaurant spending happened within 10 miles of the stadiums. On a typical Saturday, just 6.5 percent of restaurant spending happens there.
While restaurants received a good deal of help from Swift—who herself loves to dine out with friends—hotels and accommodations also experienced the Swift Lift. In the immediate vicinity of venues, spending at hotels and the like increased 47 percent, while the larger area saw a 32 percent bump. That was led by Foxborough, Massachusetts, where accommodation sales jumped 101 percent. After that, more modest yet still notable increases were seen in places like Cincinnati, Ohio (64 percent), and Pittsburgh, Pennsylvania (54 percent).
Swift’s impact on the U.S. economy has been well noted, with even the Federal Reserve weighing in on how much she’s helped boost sales across the country. And now, with the Eras Tour having just resumed in Asia and soon going to Europe, the pop star is likely to have international economic influence. She’s already changed the musical landscape, so why not go ahead and change the financial one too?
Best of Robb Report