Taylor Swift Performs in Cincinnati, Ohio on June 30, 2023, During Her Epic Eras Tour
Taylor Swift’s electrifying “Eras” tour is not just mesmerizing fans but also creating a gold rush for the hotel industry. According to data from investment firm Bernstein, hotels in cities across the U.S. are experiencing a surge in revenue thanks to the attention-grabbing tour. And as the tour gears up to go global, the impact of what analysts are calling “Swiftonomics” is expected to reverberate around the world.
Bernstein’s data reveals that average revenue per room in U.S. states during the months of Swift’s visits was more than 4 percentage points higher than the national benchmark. These states saw an average revenue per room increase of about 7% compared to the same period the year before. (To calculate revenue generated per room, total hotel revenue is divided by the number of available rooms, regardless of occupancy.)
While higher room prices contributed significantly to the revenue boost, there was also an improvement in the number of bookings. In some cases, the impact was quite dramatic. For instance, during the concert nights in Nashville, hotel occupancy soared by more than 30% and room rates shot up by over 50%. The revenue per room more than doubled during the weekend Swift performed in town.
Besides benefiting U.S. hotels during a boom in international tourism by Americans, Swift’s tour is also expected to provide a similar boost to hotels in other countries. With the international leg of the tour set to captivate audiences worldwide, the Swift effect is poised to make its presence felt globally.
On the flip side, Bernstein’s analysis found that Beyoncé’s “Renaissance” tour had a relatively muted impact on hotels, although still noteworthy.
The economic impact of these tours, along with other popular culture events this summer, has been a topic of discussion on Wall Street and even caught the attention of the Federal Reserve. The high hotel bookings during Swift’s stop in Philadelphia were specifically mentioned in the July beige book, which summarizes economic activity. Fed officials noted that despite the overall slowdown in tourism recovery, May witnessed the strongest month for hotel revenue in Philadelphia since the start of the pandemic, largely attributable to the influx of guests for the Taylor Swift concerts.
In fact, Philadelphia experienced an 11% increase in hotel occupancy during Swift’s tour nights, with revenue per available room soaring by an impressive 59% on average.
In a recent announcement, Swift revealed that a filmed version of her tour would be premiering in theaters in October, further adding to the excitement and anticipation surrounding her incredible journey.
Get ready to be swept away by Taylor Swift’s unforgettable performance in Cincinnati on June 30, 2023, during her spectacular Eras tour! The magic awaits!
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