Taylor Swift's Eras tour landed in Europe this week and could be more than just a cultural phenomenon, potentially shaking up local economies—driven in part by thousands of American fans flying in.Cities across Swift’s tour itinerary are experiencing a spike in short-term rental prices and hotel accommodation rates, even ahead of her arrival,
In Paris, this week’s average room rates for luxury hotels shot up 36% from the same period last year, coinciding with the Grammy winner’s four-day stint, said Jack Ezon, founder of luxury travel agency Stockholm, Swift’s next tour stop after Paris, anticipates her three concerts to inject more than $43.5 million into the city,The notable increase in Sweden's local GDP may be driven by an expected audience of 150,000 to 200,000—which is substantial relative to Stockholm's population, Michael Grahn, chief economist at Danske Bank, told Forbes.
Compared to last year's U.S. tour, Swift's European leg will bring “even greater economic impact” this summer, with robust transportation networks facilitating access to venues and enhancing economic benefits across Europe, suggested Natalia Lechmanova, chief economist at Mastercard Economics Institute.
“Similarly to the US, smaller cities like Liverpool or Lyon are likely to see a greater impact than major hubs like London or Paris,” Lechmanova added.We’re launching text message alerts so you'll always know the biggest stories shaping the day’s headlines.