Taylor Swift gets nod from Federal Reserve for revenue boost during Eras Tour
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PHILADELPHIA, Penn. - Taylor Swift's Eras Tour has earned her the admiration of a surprising new fan: the Federal Reserve.
The pop star's record-breaking tour has had a significant impact on the U.S. economy, prompting one Federal Reserve office to take note in its Beige Book publication. The Beige Book is published eight times a year by each Federal Reserve Bank and details how the economy is doing in different parts of the country.
The Federal Reserve Bank of Philadelphia said amid its tourism industry's slight growth, one major area had a significant increase: hotel revenue. And no, it's not a "Glitch."
They cited the influx of guests for Taylor Swift concerts in the city for the growth, calling it the strongest month for hotel revenue in Philly since the start of the COVID-19 pandemic.
The "Anti-Hero" singer took over Philadelphia's Lincoln Financial Field on May 12-14.
(Getty Images)
Swift also got a nod from Chicago's Tourism and Conventions Bureau, who said the all-time hotel record in the Windy City was broken thanks to the Eras Tour. They said over 44,000 hotel rooms were occupied each night, totaling over $39 million in total hotel revenue.
A report from STR, who provides market data on the global hotel industry, said Swift's tour added over $98 million in hotel revenue to the industry in the past three months.
"The $98 million additional revenue figure is almost equal to an entire week of room revenue in Los Angeles—one of the largest markets in the country," STR said in its report. "Another way of looking at it, the Swift tour room revenue surplus matched what the five largest U.S. markets combined to sell in a single day (2023 average)."
Overall, the Eras Tour has already grosses over $300 million with over a million tickets sold, according to Pollstar, a concert data tracking group.
Now that she's announced international dates for the tour, Swift is projected to reach the $1 billion mark.