Global superstar Taylor Swift has a far-reaching influence beyond the music industry. Throughout her career, Swift has influenced various industries and markets with her music, concert tours, endorsements, and business ventures. She continues to innovate and expand her brand, establishing herself as a major player in the economy.
Kentaro Murayama, PennWest California Assistant Professor of Economics, broke down the specifics of the pop star’s economic impact.
“Swift’s social and cultural impacts are phenomenal,” Murayama said. “We can agree on that easily, given the success of The Eras Tour worldwide. When it comes to the impact on the economies or global economy, I must say it is not significant.”
According to QuestionPro, a data collection software company, direct spending from her concerts in Pittsburgh, PA boosted the local economy by $46 million in June 2023.
“If you look at a small economy such as Singapore, you can see a significant impact on the economy. If you look at a large economy like the U.S., it is less significant,” Murayama explained.
It is no surprise that Swift has had a huge impact on everything from viewership to sales since she started appearing in NFL stadiums around the country as a spectator, not a performer. Sales of Travis Kelce’s jersey soared 400% after Swift’s first appearance at a game. Many speculated that her appearance served as the announcement of their budding romance.
“With Swift’s presence, the viewership among women increased significantly. This year’s Super Bowl had a more than 20% increase in advertisements towards women than last year,” Murayama said. “Also, The New York Times reported that Swift increased an interest among the younger generation, Gen Z, who reportedly are less interested in professional sports.”
Swift’s revitalization of the travel industry, effects on local economies, and cultural influences have grabbed the attention of professors in higher education around the world. Murayama even discussed the topic in his PennWest classrooms.
“She is a fascinating subject to me and I believe many of my students have an interest in her performance, business, and lifestyle.” Murayama said.
Many professors are developing workshops and full course curriculums on the subject.
Paul Krugman, a New York Times columnist, Nobel Prize winner, and Professor of Economics at the University Center of the City University (CUNY) Graduate Center, began working on a “Swiftonomics” course curriculum last summer. According to reports by Inside Higher Ed, in addition to Swift’s impact on supply and demand regarding ticket prices, the course also discusses monopolies since Ticketmaster sold Swift’s concert tickets exclusively. The professor designed the course to be relatable to college students, even if they are not fans of the pop star.
Taylor Swift’s The Eras Tour, which began in 2023 and continues through 2024, has greatly benefitted local economies. Many institutions of higher education see the tour and her larger-than-life influence as an ideal case study for college students. As Swift’s tour continues its international leg, Swiftonomics is proving itself to be a powerful force around the globe.
