Europe worried about Taylor Swift

The closer The Era Tours in Europe get, the more economic experts from EU countries pay attention to Taylor Swift. Or more precisely, they are interested in the impact of Swiftonomics on the region.

According to Business Insider, in 2023, the Eras Tour and musical film solidified Taylor Swift ‘s position in the US, especially after pumping billions of dollars into the US economy. Now, Swift is bringing that power to at least 18 cities in Europe on a blockbuster tour.

Officials and businesses in European countries saw Swift’s impact weeks before she arrived. Hotels in Italy were nearly full in July, when Taylor Swift performed there.

Taylor Swift during a performance on The Eras Tour.

Ben Julius, founder of a travel agency in Italy, said hotel prices in Milan increased by 45% during Swift’s time in the city.

“Concertgoers only stay for about two nights, but the demand for shows combined with tourism creates a ripple effect. This leads to higher travel and accommodation costs,” Ben Julius told Business Insider.

European economists are watching inflation rates in the services sector, looking at the impact of Taylor Swift on the European economy.

Officials at the European Central Bank cut interest rates last month after inflation slowed. But economists worry that Swift’s performance in a major European city could spark a new wave of price increases.

Earlier, Barclays consumer spending research found that Swift’s tour was expected to boost the British economy by £997 million ($1.26 billion). Central bank governors told the New York Times that even small changes in from Swift’s tour could influence their economic decisions.

Meanwhile, TD Securities strategist Lucas Krishan said he expects services inflation to pick up in August as Swift returns to London, UK.

That makes sense, as her London tour (August 15-20) coincides with the European statistics agency’s price release. If the shows too much of a rise, the Bank of England could theoretically pause its September rate cut.

However, economist George Moran told the Times that Swift was unlikely to influence the Bank of England’s decision.

“Taylor Swift is unlikely to influence central bank decisions or government policy. The sustainable development of a country does not depend on a single star’s concert,” said Moran, who works for Nomura.

George Moran also added that Taylor Swift’s impact on the European economy is more local than macro, meaning the singer only contributes to “filling” hotels and catering services for a certain period of time.

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