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Beyoncé told us that girls run the world. This summer, she and Taylor Swift seemed to prove it.
Both Beyoncé’s “Renaissance” and Ms. Swift’s “Eras” tours have become cultural phenomena that have swept across social media and are poised to shatter real-world records. “Eras” could top $1 billion in sales, making it the first concert in history to cross that mark. Some estimates suggest that Beyoncé’s world tour could gross even more than that by the time it wraps in October.
It is the latest — and some economists think final — iteration of the “revenge spending” trend that took hold after the pandemic, in which people shifted their spending away from goods and toward experiences. Taylor Swift and Beyoncé fans have been shelling out on everything from secondhand tickets that cost more than a flight to Europe to fancy fingernails to match the singers’ wardrobe.
While event spending overall is still just recovering to pre pandemic levels, the marquee concerts this summer are spurring a lot of consumption.
The survey company QuestionPro estimates that Ms. Swift’s concert could generate some $4.6 billion in economic activity in North America alone, taking into account both stadium capacity and people’s reported spending plans on things like tickets, merchandise and travel. That would be roughly on par with the revenues the Beijing Olympics generated in 2008, after adjusting for inflation. Beyoncé’s shows are expected to spur $4.5 billion in spending, based on a separate QuestionPro survey.
Cosmeticians, Cruises and Cocktails
It isn’t just tickets that have motivated people to open their wallets. They are staying in hotel rooms, buying elaborate outfits, spending on flashy manicures, and attending sideline parties that are generating business and boosting spending in host cities.
Shade Hotel, in Manhattan Beach, Calif., held a Taylor Swift pre-party where guests sported costumes, wore Swift-themed temporary tattoos, and sipped on a signature “Lavender Haze” cocktail, a reference to one of the most popular songs on her latest album. Both the hotel and its neighbors reported surging demand that pushed up room rates and sold out many properties.
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https://www.nytimes.com
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