Seven Taylor Swift concerts held across Melbourne and Sydney have proven to be a major boon for the Australian economy, injecting more than $300 million into various sectors.
According to recent data provided by the National Australian Bank (NAB), spending in Sydney’s central business district (CBD) experienced a significant uptick between Feb. 23-26, amounting to an estimated $135 million—a 20% increase compared to the previous month.
The surge in spending directly impacted Sydney’s accommodation, hospitality, and tourism industries, with an estimated $33 million flowing into these sectors alone during the four-day period. Meanwhile, Melbourne saw a financial boost of over $174 million over the weekend of Feb. 16-18. NAB reported a 33% increase in spending compared to the prior week, following a windfall of over $86 million seen in these sectors.
The fervor surrounding Taylor Swift’s performances played a substantial role in this economic surge, captivating audiences and stimulating local businesses.
Swift’s seven-night tour stop drew in over 320,000 ticket holders and numerous enthusiasts who congregated in “Taylor-gater” gatherings. The concert was held at Sydney’s Olympic Park.
“While Taylor declared Melbourne the love of her life after her three nights at the MCG, Sydney certainly made her think twice over the weekend by taking Tay Tay fever to the next level,” said Julie Rynski (pictured), NAB’s executive for business metro and specialised. She noted the profound impact of Swift’s concerts on both Melbourne and Sydney’s economies.
“The cultural and economic impact of her seven sold-out Melbourne and Sydney shows will last long in the collective memory, while businesses across both capital cities can be very thankful for the ‘Taylor effect’,” said Rynski.
The surge in spending was evident across various sectors in Sydney, with general merchandise stores experiencing a staggering 117% increase overall, followed by a 72% rise in accommodation bookings and a 49% boost in bars and pubs patronage.
“There’s no doubt businesses and consumers have had a difficult last 12 months or so, but despite this, it’s clear people are continuing to carefully evaluate and prioritise their spending on the things or experiences they truly value,” Rynski said.
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