There’s been much discussion about the economic impact of Taylor Swift’s record-breaking Eras Tour as it visits the UK.
Economists may differ on the overall impact of major tours visiting the UK. Last year, it was suggested that Beyoncé’s tour was a contributing factor towards inflation – a negative effect alongside the benefits of expenditure on hospitality in economic terms.
There are also questions about whether expenditure on concert tickets, as well as on hospitality around a show, would have been spent on various different events or socialising anyway this summer, which would ultimately have delivered a similar (if less newsworthy) economic boost.
Nevertheless, there are suggestions that Taylor Swift’s Eras Tour is delivering a specific positive impact to local economies because of the strong demand for tickets and lengthy runs in each city. In US cities, hotels reportedly saw a considerable increase in trade.
The Wembley Stadium leg of the Eras Tour in London will run for eight nights, the first on June 21. It’s estimated to be attended by 700,000 people, a significant proportion of which will be tourists from overseas who are spending money in the UK and adding to the capital’s economy,
The Mayor of London has issued the figure of £300 million as the huge amount that is forecast to be generated by Taylor Swift’s concerts in the capital.
The estimate was calculated using data from UKInbound’s Tourism Statistics for 2018, which showed that, excluding day visits, each domestic and international tourist to the UK generated about £396 to the UK economy in 2018.
Adjusted for inflation (using Consumer Price Index including Housing) this would translate to £471 in 2023. This figure was multiplied by 640,000 – a conservative estimate on the expected audience at Wembley Stadium across the gigs. In total, that would be £301m.
However, that’s a pretty speculative forecast from the Mayor of London’s office for the Taylor Swift effect in London this summer. Of course it’s easy to understand why politicians and government agencies would want to be associated with such a feelgood music phenomenon.
A more accurate economic impact analysis would require the same rigour that went into the first-year analysis of ABBA Voyage in the capital and the multiplier effect in terms of spending locally in addition to the cost of the ticket. But that can only be done after the event.
For the arrival of Swift, Wembley Park is hosting two new public artworks, including a giant mural on the Spanish Steps, which are being temporarily renamed the ‘Swiftie Steps’.
Transport for London has reimagined the Tube map in her honour with an exclusive pull-out in Friday’s Evening Standard. A Taylor trail (#LDNTaylorsVersion) launched on Friday will celebrate places across the capital that are referenced in Swift’s music, with venues displaying new vinyl stickers in their windows. The trail will be available on the Visit London website and through QR codes at participating venues from Friday.
The capital’s summer of live music also includes the Foo Fighters and Burna Boy at the London Stadium, Nicki Minaj, 21 Savage, J Hus and Doja Cat at Wireless Festival in Finsbury Park, Kylie, SZA and Stray Kids at BST Hyde Park, and Bruce Springsteen at Wembley Stadium.
I’m delighted that Taylor Swift has chosen to perform more nights in London than anywhere else in the world
Sadiq Khan
The Mayor of London, Sadiq Khan, said: “The Eras Tour has broken records and created huge excitement so I’m delighted that Taylor Swift has chosen to perform more nights in London than anywhere else in the world. Her eight performances will bring nearly 700,000 fans from across the country and beyond to Wembley Stadium, providing a huge boost to our hospitality industry and further proof that London is the greatest city in the world to watch live music.
“As Taylor prepares for Friday’s opening performance, we are proud to give her and her fans a big London welcome, with celebrations across the capital including a special Tube map, trail and murals in her honour. I encourage Swifties to not only enjoy the fantastic shows, but also make the most of everything London has to offer, and hope that even more people are encouraged to enjoy the incredible live music available in our city.”
Kate Nicholls, chief executive of UKHospitality, said: “The pull of Taylor Swift’s shows in London has been exceptional and hospitality venues across the capital are ready to provide a warm welcome to fans travelling across the UK, and from further ashore. With Swifties attending The Eras Tour set to boost the capital’s economy by £300m, I’m certain we’ll see a love story flourish between fans and the world-leading hospitality we have here in London.”
Laura Citron, CEO of Visit London, said: “We’re very proud that London is hosting more shows than any other city of Taylor Swift’s The Eras Tour, a real testament to her love for London. The tourism impact of the tour is expected to be huge: with flight bookings to London up as much as 34% compared to 2023, and hotel searches four times higher in the week leading up to her second leg in August. Music and entertainment continue to be leading motivators for visitors to London, and thanks to the quality and breadth of music events on offer here, our Visit London poll sees London rank above other international cities as the most popular city to travel to for live music.
“Beyond The Eras Tour, it’s going to be another packed summer of music as we welcome international artists like the Foo Fighters, Tom Jones, and SZA. With three quarters of visitors saying they would extend their trip after attending a music event in London, we’re excited to see Swifties from around the world make the most of summer in London.”
James Saunders, chief executive of Wembley Park, said: “In our 20-plus year history at Wembley Park, we are proud to have created a globally renowned entertainment district that hosts a variety of world-class venues, including Wembley Stadium, and to have combined it with a 365-day neighbourhood where people choose to live. We now welcome over 16 million visitors annually, and this summer alone are expecting over four million visitors from the UK and beyond with the arrival of Taylor Swift’s The Eras Tour and our packed retail and events programme around the wider estate. London is a global hub for music and I’m incredibly proud that Wembley Park plays a fundamental role in maintaining this enviable reputation.”
