Taylor Swift ‘Eras Tour’ economic impact on Toronto in first 3 days
Taylor Swift Concert Tour Boosting Toronto’s Economy
Toronto is currently in the midst of the Taylor Swift era, and the city is already reaping the benefits of the American popstar’s presence, with a significant boost to its economy thanks to her fans.
Initial estimates from Destination Toronto predicted that Swift’s six-show run would generate a staggering $282 million for the local economy, with $152 million of that being direct spending.
Moneris, a Canadian payment services provider, reported a substantial 57% increase in spending in the city across all categories within the first three days of the Toronto leg of ‘The Eras Tour.’
Sean McCormick, vice-president of business development and data services at Moneris, emphasized the impact of Swift’s tour on Toronto, stating, “Toronto is one of the biggest media markets in North America, so it takes something truly special to stand out, and this concert tour is exactly that.”
The data from Moneris revealed that international spending more than doubled during the initial days of the tour, experiencing a 126% increase. Out-of-town Swifties were particularly drawn to cinema spending, which skyrocketed by 505%, and theatrical productions, which saw a 174% rise.
Fans embracing the Eras Tour experience by dressing up in outfits representing Swift’s various eras contributed to a 32% increase in clothing store sales and a 78% boost in accessory stores.
Popular craft supply chain Michaels has seen a surge in demand for beads, providing over five million for the “Taylgate” party in downtown Toronto. The company reported a 300% increase in sales in its beads and jewelry categories leading up to Swift’s concerts.
Walmart Canada also noted a significant uptick in sales of bracelet-making kits, up by 250% compared to the previous year, with a majority of buyers coming from Ontario, B.C., and Alberta.
Moneris data indicated that Swifties preferred snacking over dining out, with a 61% increase in snack shop spending compared to a mere 2% increase in restaurant spending. McCormick suggested that restaurants highlight takeout options and value items for concert-goers on the move.
Taylor Swift is set to perform three more shows in Toronto, with the fourth concert scheduled at Rogers Centre on Thursday night.
With files from The Canadian Press
