Europe Diera Tour from May to August... Cities Buzzing Everywhere
Hotel Prices Over 100% Higher Than Usual
"Swift Is an Economic Power, a Bigger Force Than the Olympics"
American pop star Taylor Swift's European tour, which began last month, is drawing attention for its potential impact on the European economy. More Americans are choosing to travel to Europe to see Swift's concerts than to attend the Paris Olympics scheduled for July and August this year. Additionally, fans across Europe are flocking to venues to watch her performances, causing hotel prices in some cities to surge by over 100%.
According to Bloomberg and other sources, Swift is conducting her 'The Eras Tour' across Europe from June 9 to August 20. A total of 51 shows will be held in 18 cities. Swift's The Eras Tour is enjoying worldwide popularity. Last year, her U.S.-centered tour became the first in industry history to generate $1 billion (approximately 1.4 trillion KRW) in revenue.
Hotel prices have already skyrocketed in European cities where Swift's concerts have been announced. The so-called 'Swiftonomics'?a blend of 'Swift' and 'economics' referring to the massive economic impact wherever Swift goes?is also exerting influence in Europe. EuroNews forecasts that hotel prices in cities hosting Swift's concerts will rise by an average of 44%. In particular, cities such as Liverpool in the UK, Warsaw in Poland, and Stockholm in Sweden are expected to see hotel prices increase by more than 100% during The Eras Tour period.
In the UK, The Eras Tour will take place from June 21 to 23. Investment bank Barclays reported last month that over one million Swift fans are expected to attend the UK concerts. Fans are anticipated to spend an average of ?848 (approximately 1.5 million KRW) on travel, accommodation, and other expenses, generating a total economic impact of ?997 million for the UK.
In anticipation, the UK hotel industry is offering packages tailored for The Eras Tour fans. The Four Seasons Hotel London has introduced packages including accommodation, spa services, and restaurant meals. Guests at this hotel can rent portable chargers to ensure their phone batteries last throughout the concert and enjoy exclusive beverages. Other hotels across Europe are also preparing special services for Swift fans, striving to attract their business.
The scene of Taylor Swift's concert held on the 24th of last month in Lisbon, Portugal [Image source=EPA Yonhap News]
Sean Fitzpatrick, CEO of Lighthouse, a Europe-based travel platform, stated, "Swift is not just a music icon. She is an 'economic force.'" He added, "Data shows that Swift's presence significantly boosts local service sectors such as hotels and short-term rentals, demonstrating an astonishing trend."
The news of Swift's European concerts has also led to a surge of traveling fans from the U.S. Reports that tickets for Swift's European shows are thousands of dollars cheaper than in the U.S. have caused a sharp increase in American fans traveling abroad to attend. According to CNN and Bloomberg, United Airlines reported a 25% increase in weekend flights to Lisbon, Portugal, on June 18-19 compared to the same period last year due to The Eras Tour. Reservations for flights to Milan in July increased by 45%, and flights to Munich rose by 40%.
Many American fans also attended the concert held in France last month. While 2 million overseas visitors are expected to attend the Paris Olympics in July and August, some forecasts suggest that five times as many Americans will visit Europe for Swift's concerts. Many of these visitors are considered high-spending guests who stay in luxury hotels and enjoy shopping.
Swift previously stirred local economies during her U.S.-centered tour last year. The Federal Reserve's Beige Book released in July last year even mentioned her name. The Federal Reserve Bank of Philadelphia analyzed, "Despite a slowdown in overall tourism recovery, Philadelphia's hotel revenues in May reached record highs since the pandemic, thanks to the influx of tourists attending Taylor Swift concerts." The report explained that the surge in tourists due to Swift's concerts increased hotel demand and boosted the local economy.
Bloomberg reported, "Swift is shining brighter than the Olympics held in Paris. She is the driving force generating greater demand from visitors with higher spending power than the Paris Olympics."
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