Taylor Swift has been basking in the success of her wildly successful Era’s Tour and the re-release of her album Speak Now which is being streamed by fans across the world. The US Federal Reserve report was published on July 12, 2023, and the 33-year-old singer made a surprise appearance on it. Here’s why Swift was featured in the economic report.
Why is Taylor Swift featured in the US Economic report?
Swift, whose Era’s world tour spans 131 concerts over 17 states and 5 continents has led to a significant impact on the economics of the US and the Federal Reserve has taken note of it. The organization’s Beige Book is published eight times a year and includes a summary of the economic conditions. The recently released report states that Philadelphia hotel bookings saw a massive increase and spiked to the highest level since the beginning of the pandemic.
The credit for the growth goes to Swift who held three concerts and performed at the Lincoln Financial Field in May. The report reads, “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, in large part due to an influx of guests for the Taylor Swift concerts in the city.” Known as The Linc, the stadium is a 67,000-seater.
Swift’s three concerts were held on 12, 13, and 14 May as she returned to her home state of Pennsylvania. Previously, Chicago’s official tourism and marketing organization titled Choose Chicago credited Swift for an economic boost and revealed that the first weekend of June broke hotel occupancy records due to Swift’s shows which have been selling out faster than one can think of as fans from across the world try to get tickets to her concerts.
The pop star joins Beyoncé on the list of singers whose tours have boosted the entertainment industry after the pandemic led to a serious drop in viewership and audience interest as well as multiple postponements and cancellations. Swift’s re-release of her 2010 album Speak Now is also enjoying massive success as fans rush to buy vinyl records and copies. Even the re-released version has topped the charts while the streaming numbers increase every day.
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