'Walking Corporation' I-ne... When This Pop Star Rises, Hotel Revenue Increases by 7%

Bernstein Report Highlights '(Taylor) Swiftnomics'
Impact Expected Beyond the US

The average hotel revenue in the U.S. states where pop star Taylor Swift's concerts were held increased by about 7% compared to the same period last year.

According to CNBC, a U.S. economic media outlet, on the 8th (local time), investment firm Bernstein released a report revealing this. The 7% increase rate is more than 4 percentage points higher than the average revenue per available room increase across all U.S. states during the same period.

Swift is currently conducting her world tour, "The Eras Tour."

Taylor Swift is performing last month at SoFi Stadium in Inglewood, California, USA.
[Photo by AFP/ Yonhap News]

This concert, touring over 20 cities in the U.S. since March this year, has attracted over 3 million attendees so far and generated ticket revenue exceeding 1 trillion won.

Bernstein analyst Richard Clarke coined this economic effect as "Swiftnomics," combining Taylor Swift's name and economics.

He explained that the increase in hotel revenue was mainly driven by rising hotel accommodation prices during Swift's visits, and that the number of room bookings also increased in many areas. On the day of the Seattle concert in Washington state last July, a seismometer at a nearby observatory even detected vibrations equivalent to a magnitude 2.3 earthquake.

In particular, in Nashville, Tennessee, hotel room occupancy rates rose by more than 30% on the day of Swift's concert, and room rates surged by over 50%. During the weekend Swift stayed, the revenue per available room in the area more than doubled compared to usual.

Bernstein also provided specific figures regarding the Philadelphia Federal Reserve Bank's Beige Book report from July, which noted that the travel and tourism industry in Philadelphia showed strong performance due to Swift's concert held in May.

At that time, the hotel room occupancy rate in the area increased by 11%, and revenue per available room rose by an average of 59%.

Clarke predicted that Swiftnomics would spread worldwide. He analyzed that as Swift conducts tours in countries outside the U.S. in the future, her fans will make significant local expenditures.

Taylor Swift performing on the "Eras Tour" stage
Photo by AFP/ Yonhap News

Earlier, the concert film of Swift's "The Eras Tour" set a record for the highest first-day box office revenue for a concert film.

According to AMC, the largest movie theater chain in the U.S., on the 1st (local time), the concert film "Taylor Swift: The Eras Tour," scheduled to be released in North America on the 13th of next month, earned $26 million (approximately 34.3 billion won) on its first day of ticket sales.

This surpassed the previous record for the highest single-day ticket sales held by "Spider-Man: No Way Home" (2021), which earned $16.9 million (approximately 22.3 billion won), with all tickets sold out at about 250 IMAX theaters.