US Economy Gets A Major Boost, All Thanks To Taylor Swift; Here’s How

Grammy award winning pop star Taylor Swift, who is on her Era’s world tour spanning 131 concerts over 17 states and 5 continents, has gained the attention of the Federal Reserve and was even mentioned in its report which came out this week.

The US Federal Reserve recently rolled out a report named Beige Book or Summary of Commentary on Current Economic Conditions. The report stated that hotel bookings in Philadelphia had risen to their highest level since the beginning of the pandemic and attributed this growth to Swift’s concerts.

“Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city,” the report said.

Swift had performed three concerts at the Lincoln Financial Field, which is a 67,000-seater American Football stadium in Philadelphia popularly known as The Linc, on May 12, 13, and 14 this year.

However, this is not the first time Swift has been mentioned by the US government body as a reason for economic boost. Last month, Choose Chicago, which is Chicago's official tourism and marketing organisation, also said that the hotel occupancy in the first weekend of June broke all the records due to Swift’s sold out shows.

“Chicago set its new all-time record for total hotel rooms occupied! Thanks to three nights of Taylor Swift, the ASCO Annual Meeting, the James Beard Awards and more. This isn’t just post-pandemic–we had more rooms filled than ever in Chicago’s history!,” Choose Chiacago wrote in a tweet.

Swift has joined the list of singers, which includes pop star Beyonce, who have led revive the live entertainment industry after years of pandemic-related cancellations and postponements.

"I have never seen as many artists out at the same time, in the same space," Stacy Merida, a professor at American University who studies the business of music, was quoted as saying by AFP.