Toronto is expected to see an economic boost to the tune of nearly $300 million thanks to Taylor Swift’s upcoming Eras Tour, which will be making a stop in Canada’s largest city for a six-show run later this month.
A family look at a Taylor Swift merchandise kiosk at Wembley Stadium in London, Wednesday, Aug. 14, 2024, ahead of a series of Taylor Swift concerts starting Thursday.
“You spend $100 at a restaurant, the restaurant then goes and re-spends that same money on labour, on ingredients, on a graphic design firm to redesign their menus, all those sorts of things. So that’s the what we call indirect and induced benefits of the spending.”“ really a very, very significant infusion because that’s new money in our city. It didn’t start the day in our economy, but it ends the day in our economy and it’s how we grow our economy by bringing new money in from outside.
“That creates a huge opportunity for the city because not only do we have all that visitation coming in in the moment, but it’s also a big reputational lift because people see that Toronto is… such an important stop on her tour.”Businesses hoping to get in the action should find ways to “attach” themselves to the Taylor Swift story, Weir told CP24.
He said the concert comes at a time when Toronto’s tourism sector is still working to recover from the COVID-19 pandemic. Sara Anghel, president and CEO of the Greater Toronto Hotel Association, said the industry is ready for the surge in customers. “As any business, you’ve got to seize on these moments of demand… that’s just the way any sector works. The hotel industry is no different in that way.”
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