The Federal Reserve this week noted that Taylor Swift's recent worldwide tour helped boost the economy in multiple cities across the country.
Swift's tour drew hundreds of thousands of fans to various cities, including Philadelphia, which had a noticeable increase in hotel revenue during May, when she performed three concerts at Lincoln Financial Field.
"Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city," the Fed said in its Beige Book.
Booking.com data shows that hotel prices in the cities where Swift toured went up by three-times the average for that time of year in multiple cities, including Minneapolis, Pittsburgh, and Kansas City.
The Common Sense Institute found that "The totality of Taylor Swifts' U.S tour could generate $4.6 billion in total consumer spending, larger than the GDP of 35 countries."