According to Mayor Sally Capp, just for the show in the city of Melbourne, Era Tours helped the Australian economy increase by 790 million USD (about 19.4 trillion VND).
According to Ms. Sally Capp, mayor of Melbourne, with 7 shows across Australia’s two largest cities from February 16-26, Taylor will bring huge economic profits.
Just for the three shows in Melbourne alone, the tour generated an economic value of 1.2 billion AUD (about 790 million USD) for the economy, Straits Times cited Mayor Sally Capp.
Kerrie Mather, CEO of venue sponsor Venues NSW, said the four sell-out concerts at Sydney’s Accor Stadium would be “the biggest series of events we’ve ever had” since the city hosted the Olympic Games in 2000.
About 35 per cent of the 320,000 Sydney fans watching the Taylor Swift show will be from interstate or overseas, she added.
Michael Johnson, managing director of Accommodation Australia, believes that large-scale concerts like the Eras Tour are a huge boost for hotels.
Fans are not afraid to spend several thousand dollars to watch Taylor Swift’s show.
“Hotel occupancy rates in Melbourne are 20% higher than a year ago, the rate in Sydney is 10% higher,” Michael Johnson said.
Demand for shows also causes flight and accommodation costs to skyrocket. Michele Bullock, Governor of the Reserve Bank of Australia, addressed the topic of “Taylor Swift inflation” during a recent meeting.
“People are deciding what’s really important to them, and obviously, in this moment, it’s Taylor Swift,” Bullock said.
According to Bloomberg Economics, the Eras Tours show in Australia saw a spending boom on tickets, travel and hotels. But on the contrary, experts say that people have to “pay the price” for this spending.
“Society still has many people in debt, under great pressure from high interest rates, the savings rate in Australia is at its lowest level in 16 years. Spending related to concerts could overwhelm the sector different, especially watching music like this is extremely expensive,” economic expert James McIntyre analyzed.
