Taylor Swift’s Eras Tour isn’t just leaving a mark on her faithful “Swifties.” The pop sensation and her highly anticipated tour are adding millions of dollars to the Los Angeles economy.
A new report The California Center for Jobs and the Economy estimates that Taylormania is generating $160 million in local revenue for Los Angeles.
However, in total Swift’s six sold-out nights at Inglewood’s 70,240-capacity SoFi Stadium represent a $320 million increase in GDP for the county through direct, indirect and induced impacts.
The money that the concerts will generate will go to state and local governments through taxes, the Los Angeles tourism industry, local businesses and residents. According to the report, an estimated 3,300 new jobs were created.
OTA Insights, a hospitality industry research firm, reported that Los Angeles hotels experienced a surge in bookings around the dates of the tour in the city.
A recent survey revealed that concertgoers were spending around $1,300 per concert, with a total economic impact of $5 billion to be generated by the end of the Eras tour.
“If Taylor Swift were an economy, it would be bigger than 50 countries,” said Dan Fleetwood, president of QuestionPro Research and Insights, which conducted the national survey.
Swift will perform at SoFi Stadium through Wednesday, August 9 before heading to Mexico City and Europe.
