Even before Taylor Swift set foot on stage for her highly anticipated “Eras” mega-tour, she had already broken records.
Nearly 2.4 million tickets were purchased on the first day of presale alone – the most tickets sold in a single day.
Now experts expect the 52-night, 20-city megatour to rank among the biggest hits of all time, with Forbes estimating the singer could fetch between $500 million and $1.5 billion.
This has led to a phenomenon called ‘Swiftonomics’ because of its contagious effect on local economies as fans spend thousands of pounds on hotels, travel, food and drink and costumes in preparation for the event.
The so-called “Swifties” paid up to $42,000 in resale tickets, $200 in costumes sold through Etsy, and countless dollars traveling across the country for shows.
Experts believe Swift’s 52-night, 20-city ‘Eras’ megatower will rank among the highest-grossing ever
And local outlets reported that many hotels raised their prices in time for the influx of spectators descending on their towns.
In Nashville, the La Quinta Inn & Suites was charging $1,150 for one night the first Friday Swift arrived in town.
In Foxborough, Massachusetts, the price of a room at the Renaissance Hotel tripled over the weekend. Swift played at the city’s Gilette Stadium. Fees have increased from $250 per night to $750, depending on WBZ.
A slew of local restaurants and bars are also cashing in on the trend: In Arizona, a bar called The Lola offered a two-ticket pre-party featuring Eras-themed cocktails and food – for a $20 entry fee.
In Philadelphia, a “Tay-Gate” party on the Xfinity Live site was selling tickets for $50.
On TikTok, fans described paying up to $4,000 in total for one night
Meanwhile, in Tampa Bay, local newspaper The Tampa Bay Times reported that parking fees at the concert venue where Swift performed ballooned to $53 for the event.
Official Eras Tour merchandise includes $75 hoodies, $65 crewnecks, and $45 t-shirts.
But many fans turned to Etsy for costumes to wear to the event instead.
A search for “Taylor Swift Eras Tour” on the crafts site reveals nearly 40,000 results, including outfits designed on costumes Swift has worn in the past.
Some sell for up to $200.
Swift’s tour cashout amount is so high that one fan even jokingly tried to sell her used contact lenses for $10,000 – claiming they were “contacts who saw the tour of Taylor Swift’s Era”.
Economists say the tour’s popularity has been partly sparked by the pandemic which has given fans a new appreciation for concerts and live experiences. Fans are pictured at Swift’s show in Atlanta
Experts have coined the term “Swiftonomics” to describe the contagious effect the Eras Tour has had on local economies, such as
The term “Swiftonomics” is a reinvention of the concept “Rockonomics” which was coined in the early 2000s and has been used to refer to the booming rock music economy.
On TikTok, fans described paying over $4,000 in total for one night.
In a video posted by financial influencer Tyler Wright, three spectators explain that they spent $385 on their tickets, or $128 each.
On top of that, they spent $1,000 on flights, $1,200 on hotels, $700 on drinks and food, and $500 on outfits.
In another clip, a user called Jilly explained that she spent $3,000 on a front-row ticket before complaining that she had to listen to a nearby fan scream for the entire concert.
A search for “Taylor Swift Eras Tour” on crafts site Etsy reveals nearly 40,000 results, including outfits designed on costumes Swift has worn in the past.
Fans are happy to spend hundreds of dollars on costumes based on Swift’s previous outfits
Economists say the tour’s popularity has been partly sparked by the pandemic which has given fans a new appreciation for concerts and live experiences.
When tickets first went on sale last November, economics professor Melissa Kearney of the University of Maryland said Bloomberg: “The pandemic in general has changed the way people think about what is really important to them and what brings them joy.”
Other outlets have reported the extreme length of time fans will go to save for a ticket.
In November, 27-year-old super fan Lindsey Morris said News Feed that she had a separate savings account dedicated to saving for Taylor Swift tickets.
The term “Swiftonomics” is a reinvention of the concept “Rockonomics” which was coined in the early 2000s and has been used to refer to the booming rock music economy.
She had been depositing into the account for three years – since missing Swift’s last tour, Reputation.
The hysteria around Swift’s tour first erupted in November when tickets went on sale through Ticketmaster and the site instantly crashed.
The chaos led to an out-of-control resale market that saw concert passes sell for tens of thousands of dollars.
Resale site StuHub offered tickets to a show in Florida ranging from $500 to $42,000 each.
By comparison, initial tickets initially cost between $73 and $666.
Some 320 fans then filed a lawsuit against the ticketing giant and its parent company, Live Nation, for “intentionally” charging “exorbitant fees” and selling the “tickets to resellers”.
