A Swift recovery! Music lovers shake off the cost of living blues as Taylor Swift’s Eras Tour boosts card spending
Music lovers appear to have shaken off their cost-of-living woes as new data reveals Taylor Swift concert tickets boosted card spend last month.
Dedicated fans spent hours queuing online to see the 33-year-old songstress as she kicks off her long-awaited ‘Eras Tour’ next summer.
And despite some tickets setting ‘Swifties’ back as much as £600 each, the impact on spend was significant in the UK, according to new figures from Barclays.
It found overall card spend grew four per cent year-on-year in July, with spend in the entertainment industry growing as much as 15.8 per cent.
Ticket sales for the upcoming tour of rock band the Foo Fighters was also a major boost for the industry, Barclays said, as consumers flocked to snap up seats.
And although tickets have been difficult to land – with thousands currently sitting on the Eras tour waiting list – this didn’t dampen spirits.
One in ten consumers revealed they are cutting back on other expenses to afford tickets to concerts and movies, according to Barclays, with a similar proportion saying they treated themselves to tickets in July even though they couldn’t really afford it.
Dedicated fans spent hours queuing online to see the 33-year-old songstress as she kicks off her long-awaited ‘Era’s Tour’ next summer
Ticket sales for the upcoming tour of rock band the Foo Fighters was also a major boost for the industry, Barclays said, as consumers flocked to snap up seats (Pictured Foo Fighters front man Dave Grohl)
Alice Enders, economist at Enders Analysis, said: ‘The live music sector has long been a marvel for all to see, both here and around the world, because it provides an experience, both in terms of the music, socially and just being there for your favourite artist.’
‘It is also currently still benefiting from the post-pandemic bounce-back of demand, like travel. Glastonbury was another huge bounce for UK entertainment spend,’ she said.
But it’s not just Swift and Dave Grohl that are having a knock-on effect on the economy.
US superstar Beyonce made headlines earlier this year when the ‘Crazy in Love’ super star was blamed for driving up inflation.
Official figures found surging admission prices for live events was among the factors behind the higher-than-expected inflation recorded in May, when the rate hit 8.7 per cent.
The ONS index for recreational and cultural goods and services, which includes ticket prices, was up by 6.8 per cent – its highest rate since August 1991.
Beyonce held five UK concerts as part of her Renaissance World Tour in May – and when she arrived in Cardiff, hotel rooms were being advertised for up to £1,000 a night.
Meanwhile in Sweden, the Beyonce Effect was blamed for higher-than-expected inflation, with one economist suggesting fans had pushed up the demand for hotel rooms and restaurants so much that it affected the headline figure.
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