Ep. 80 - Exploring the Impact of 'Swiftflation'
Did you ever think Taylor Swift’s blockbuster tour would impact the dynamics of monetary policy and economics? In the wake of the Personal Consumption Index (PCE) dropping the other day, the Federal Reserve encourages consumers to slow down their spending. Yet influences like Taylor Swift’s US tour continue to have an incredible economic impact on the cities she visits. From ticket prices soaring ten times face value due to bots buying up tickets to hotel rev par metrics and Moody Analytics showing that major cities dwarf other US markets, it's clear that Taylor Swift has created an impressive economic boom. In this episode, we'll explore the concept of "Swiftflation," how fans prioritize entertainment over a recession, and how her tour has caused other countries to court her for a piece of the pie.
Tune in to find out how Taylor Swift is impacting local economies, maybe even yours!
[00:01 - 03:20] Exploring the impact of "Swiftflation:” Taylor Swift's economic influence on cities across the US
[03:21 - 08:48] Taylor Swift's ERAS Tour is set to become the biggest in history, potentially generating $4.6B in consumer spending
[08:49 - 11:58] Taylor Swift's tour boosts local economies with increased spending and transportation demand
[11:59 - 14:28] Is it about the fans? Taylor Swift's tour brings economic impact in time for the upcoming Fed meeting
Quotes:
"This is like, you're Michael Jackson. I mean, this is the tour. This is that person. They are changing the lives of cities and the people that live in those cities." - Quinton Harris
"Consumers are prioritizing entertainment over an imminent recession… but it's happening at such a robust level right now that it's like the perfect storm for the Swift Tour because customers are gladly going into debt, gladly liquidating savings to get a ticket to this show." - Quinton Harris
"The reality is, it still takes the consumer to spend that money. It's not like they're getting a gift or a grant from the city. It's the consumer spending that money." - Quinton Harris
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