Taylor Swift's Eras Tour had a significant economic impact on British Columbia, boosting Vancouver's economy by $157 million. While the tour's overall global impact is estimated at $80 billion, some economists caution against overstating the link between concerts and economic growth.
The economics of Taylor Swift gave B.C. a significant financial jolt toward the end of 2024, But it was concern about affordability and the long-term direction of the province that dominated the financial corner of the news cycle throughout the year. When Swift took her bows following her third and final show at B.C. Place on Dec. 8, she did not just wrap up her Eras tour that had started on March 17, 2023.
She also completed the first music tour ever to gross more than $US2 billion — doubling the previous record held by Coldplay, according to the New York Times. More than 10.1 million fans attended 149 concerts across the world, with each having sold out and fetching what the Times called'eye-popping prices' for secondary tickets. The overall economic impact of the Eras Tour is said to have boosted Vancouver's economy by $157 million. That is peanuts, however, compared to global figures. One estimate released seven months into the tour pegged its potential economic impact at $80 billion. Some commentators crediting Swift with rescuing entire economies from slipping into recession. Other, more scientific accounts have offered less hyperbolic assessments. TD Economics said in a report published Dec. 10 that Swift's November stop in Ontario boosted spending in that province's service sector relative to that sector's performance compared to the same period last year, but generally questions the premise of Swiftnomics. 'If economic growth were that simple, provinces could line up concerts year-round and watch GDP soar,' it reads. While Swift's stop in Vancouver undeniably boosted the business of Vancouver hotels, restaurants, bars and beauty shops, its biggest value lies perhaps in the fact that it glammed up an otherwise greyish economic picture for B.C. and the rest of Canada. With one final month of figures left, B.C. exits 2024 with the second-lowest unemployment rate in Canada at 5.7 per cent, below the national rate of
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