Taylor Swift’s Eras Tour is set to make its final stop in the UK this weekend, with officials estimating that the three shows at London’s Wembley Stadium will bring in £300m for the city’s economy.
The American singer will perform a total of eight shows at the iconic venue, with the first three taking place on Friday, Saturday, and Sunday of this week. The remaining five shows will take place in August.
With all tickets for the shows sold out, nearly 640,000 fans are expected to attend and spend an average of £471 per show. Many of these fans will be traveling from around the world or other parts of the UK to see Swift perform.
London Mayor Sadiq Khan expressed his excitement for the concerts, stating that he is “delighted” that the 34-year-old has chosen to play more shows in London than any other city during her tour. He also added that the gigs will provide a “huge boost” to the city’s hospitality industry and further solidify London’s reputation as the greatest city in the world for live music.
This comes after Swift’s successful shows in Edinburgh, Liverpool, and Cardiff earlier this month. In anticipation of her arrival, officials in London have announced special plans to honor the singer’s visit. Transport for London will rename some Tube stations on a one-off map in her honor, and Mayor Khan has unveiled a mural of the star on the Spanish Steps outside Wembley Stadium.
The GLA’s estimated economic impact of £300m is based on research by tourism body UKInbound. However, a previous study by Barclays predicted an even bigger impact of almost £1bn across Swift’s 15 UK shows. Despite these optimistic projections, some experts have raised doubts about the actual net benefit of the tour. Economist George Moran from Japanese bank Nomura believes that some fans may be cutting back on other spending in order to attend the shows.
Nonetheless, it is clear that fans are willing to spend big on accommodation, food, and merchandise during the UK leg of the tour. With tickets alone costing up to £200, the multi-billion pound tour is also expected to be a major earner for Swift, who has an estimated net worth of over $1.1bn (£0.9bn) according to Forbes. However, the star has faced criticism for her lavish spending, including her frequent use of private jets.
The impact of concert tours on local economies is becoming increasingly significant, with officials in Sweden even claiming that two shows by Beyonce in Stockholm may have caused a rise in inflation last year.
In other business news, Sainsbury’s has recently sold its banking arm to NatWest, and UK inflation has dropped to the Bank of England’s 2% target. However, the economic boost from Taylor Swift’s Eras Tour is expected to have a lasting impact on London’s economy and solidify the city’s reputation as a top destination for live music.