It’s a ‘Love Story’: Taylor Swift’s Eras Tour to provide nearly £1bn boost to UK economy
New data from Barclays reveals that Taylor Swift’s highly anticipated Eras Tour is predicted to provide a £997m boost to the UK economy, with Swifties forking out £848 on average to see their idol at one of the 15 UK tour dates.
The Swiftonomics report shows that spending by The Lucky Ones attending a tour date is expected to be more than 12 times the average cost of a UK night out (£67), more than twice the amount spent attending UK-based weddings (£398), and even higher than the cost of a UK-based stag or hen do (£779).
Brits never go out of Style
After tickets, fans will spend the most on accommodation (£121), with other notable costs including travel (£111) and clothing for the big event (£56), with almost a fifth (18%) buying a new outfit especially for the concert.
Meanwhile, £79 is expected to be spent on official merchandise at the tour stops in London, Liverpool, Edinburgh and Cardiff, as well as £59 on a pre-concert meal, boosting sales at restaurants near the tour’s venues.
Adding up the total spending for Brits on the UK leg alone – that’s 1.2 million tickets over 15 nights and four stadiums at capacity, with merchandise, outfits, food, accommodation, travel and more – the Eras Tour is expected to bring in almost £1 billion (£997m) to the UK’s experience economy.
Fans splash out on Bejeweled VIP tickets
The average amount spent on an Eras Tour ticket is £206, yet for 14% of fans, including those who purchased VIP ticket packages with premium seating and exclusive merchandise, the total exceeds £400.
The new figures come after Barclays Consumer Spend data revealed a surge in consumer spending during the pre-release window for the Eras Tour last July – with entertainment jumping 15.8% compared to July 2022. Across the whole of 2023, the entertainment sector (up 7.5%) was also boosted by the release of ticket sales for major events including the Eurovision Song Contest and Beyoncé’s ‘Renaissance’ tour, with spending on live shows and concerts up 8.6% year-on-year overall.
So Long, London – UK Swifties prepared to travel far and wide
One in four (26%) Fearless fans say they had to or will have to travel to a different city in order to attend the Eras Tour, while one in five (19%) intend to see Swift perform in mainland Europe instead of the UK – possibly due to ticket availability, cheaper travel and accommodation costs, or simply so that they can combine the concert with holiday or city break.
Long Live the pre-show excitement
As eager fans wait to attend the live show, 28% have watched or plan to watch the film of the Eras Tour, while nearly one in 10 (8%) is either planning to host or attend a Taylor Swift-themed party before or after her show. In addition, 7% have even bought Taylor Swift-themed decorations to dress up their house in style.
Swifties have been swotting up by listening to timeless classics as well as learning the lyrics to more recent hits. One in five (21%) has bought the album ‘Midnights’, and one in six (15%) pre-ordered the latest album ‘Tortured Poets Department’ prior to its release. A further one in six (14%) is so invested in Swift’s Love Story that they have even started listening to Travis Kelce’s podcast ‘New Heights’, and the same proportion (14%) admit to having streamed American Football games because Taylor was in the crowd.
Tom Corbett, head of group sponsorship for Barclays, said: “Taylor Swift’s Eras Tour is the UK’s Wildest Dreams come true – capturing the nation’s attention and bringing a substantial boost to our experience economy, with retail, hospitality and leisure sectors all Ready For It.
“Fans are increasingly going all-out on experiences that resonate on a personal level, turning every concert into a potential holiday, every ticket into a cherished memory, and every event into an opportunity to splash out on new outfits, food and merchandise. The UK’s Love Story with entertainment doesn’t just involve Taylor Swift, it’s all memorable experiences.”
Dr Peter Brooks, chief behavioural scientist at Barclays, said: “Whoever came up with the phrase “money can’t buy happiness” clearly wasn’t a Swiftie. There’s growing evidence that spending on experiences boosts happiness and well-being more so than purchasing physical items, especially if that experience is shared with friends and loved ones.
“When it comes to cultural icons like Taylor Swift – like we saw with Elvis and Beatlemania in the 50s and 60s – supporters have such a strong connection to the artist and to the rest of the fandom that the desire to spend becomes even more powerful. For non-fans, £848 may seem like an enormous amount to splash out on a concert – but for Eras Tour ticketholders, every pound they spend is an investment in the memories they’ll create.”
Barclays has a long history in the Entertainment sector. Earlier this month, Barclaycard – part of the Barclays Group – announced that it had renewed its partnership with Global to sponsor the biggest live events in Global’s portfolio for five more years. This includes continuing as headline partner of Capital’s Summertime Ball with Barclaycard and Capital’s Jingle Bell Ball with Barclaycard, two of the biggest multi-artist events in the UK. Barclaycard and Barclays Premier customers also have access to a range of perks and benefits at selected festivals and events, including 10% off presale tickets and 10% off food and drink. Find out more at barclaycard.co.uk/entertainment
