August slipped away into a moment in time, according to Taylor Swift, but not before she gave the U.S. hotel industry a huge boost this summer with her “Eras” tour.
The average revenue per room in cities where her tour landed increased more than 4 percent over the national average, and increased more than 7 percent when compared with year-over-year revenue, CNBC reported, citing Bernstein data.
The additional money came from not only higher-priced rooms when Swift was in town, but also to increased bookings on the nights she was performing. Occupancy rose 30 percent and room prices spiked 50 percent in Nashville on the weekend T-Swizzle performed, the outlet said.
It isn’t just analysts who are noting the swift impact on local economies. The Federal Reserve has also taken notice.
“Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic,” Fed officials wrote in July, according to CNBC, “in large part due to an influx of guests for the Taylor Swift concerts in the city.”
A Bernstein analyst said occupancy increased 11 percent in the City of Brotherly Love and revenue per room was up nearly 60 percent on the nights Swift performed.
The economic impact of the “Eras” could be felt globally as well, the outlet reported.
Bernstein even has a name for the singer’s impact: “Swiftonomics.”
The country-pop supernova also has amassed significant real estate holdings.
Indeed, the 33-year-old, 12-time Grammy winner has a U.S. residential real estate portfolio worth more than $150 million, the Wall Street Journal reported.
Her (known) holdings span as far north as Rhode Island, as far west as Beverly Hills and as south as Nashville, Tennessee, where she originally found fame at the age of 14.
— Ted Glanzer