Jewelry Stocks Surge on Superstar's Engagement News
14 Million Likes on Engagement Post Within One Hour
After news broke of pop star Taylor Swift's (35) engagement, jewelry company stocks surged, drawing significant attention. Swift's concerts are known to generate major economic ripple effects in every city she visits, giving rise to the term "Taylornomics."
Taylor Swift and football player Travis Kelce announced their engagement through social media (SNS). Taylor Swift Instagram
On August 26 (local time), U.S. business media outlet CNBC reported that shares of jewelry company Signet Jewelers rose by more than 3% immediately after Swift announced her engagement via social media.
Swift and NFL player Travis Kelce (35) shared the news of their engagement on this day, after two years of dating. Both posted photos on their respective Instagram accounts, including images of Kelce proposing to Swift on one knee and the couple holding hands with the engagement ring on display.
The engagement ring revealed by Swift drew particular attention. Online, fans were abuzz trying to identify the type of ring. When it was revealed that the ring was a product of the American jewelry company Signet Jewelers, the company's stock price soared.
The rise in Signet Jewelers' stock price is attributed to expectations that Swift's fans will drive demand for the "special ring." According to industry experts, the ring is a so-called "cushion cut" diamond ring, reportedly priced at $550,000 (approximately 700 million won).
Swift's economic and social influence is so immense that it has led to the creation of new terms like "Swiftflation." The term refers to the phenomenon where her tour concerts attract swarms of tourists, boosting spending at shopping malls, restaurants, and hotels and stimulating the local economy.
The impact of Swift's concerts on local economies was even mentioned in the Federal Reserve's Beige Book economic report in 2023. Last year, Swift's tour ticket revenue reached a staggering $1 billion (about 1.5 trillion won), marking the highest level ever recorded in pop culture history.
Swift's Instagram post announcing her engagement also sparked an explosive response, setting new records online. According to Fox Business, Meta, the parent company of Instagram, reported that the joint post by Swift and Kelce surpassed 1 million reposts in less than six hours, breaking user engagement records. Meta stated that the post is one of the most shared in Instagram's history. Within just one hour of the engagement announcement, the post received over 14 million likes.
The "Taylor Swift effect" has also been evident in the NFL. After Swift attended a Kansas City Chiefs game, the team Kelce plays for, sales of Kelce's jersey soared and NFL viewership spiked. The NFL officially congratulated the couple on their engagement through its official account on the same day.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
