Federal Reserve credits Taylor Swift's 'Eras Tour' for rise in hotel revenue

Taylor Swift performs onstage during the Taylor Swift | The Eras Tour at Lincoln Financial Field on May 12, 2023 in Philadelphia, Pennsylvania. (Lisa Lake/TAS23/Getty Images for TAS Rights Management)

Taylor Swift’s Eras Tour has not only been a success since it kicked off in March but apparently, it’s provided an economic boost for one city.

The Philadelphia Federal Reserve Office says the 12-time Grammy-winning singer is responsible for a tourism boost in the city.

Officials wrote in the Federal Reserve Beige Book released Wednesday that May was the strongest month for hotel revenue with guest bookings in the area since the pandemic began. 

The Beige Book summarizes economic conditions at 12 Federal Reserve districts and is released eight times a year. The publication also identifies trends in the economy that may not be apparent in available economic data.   

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Business Insider reported Swift performed three concerts at Lincoln Financial Field on May 12, 13, and 14, and returned to Pennsylvania in mid-June to perform in Pittsburgh.

The Acrisure Stadium posted on its Twitter account that 73,117 were in attendance at her concert in Pittsburgh on June 17. 

Data from Booking.com cited by Business Insider reveals that hotel prices more than tripled in anticipation of the tour in some cities, including Pittsburgh; Minneapolis; and Kansas City, Missouri.

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Last month, the Chicago tourism bureau Choose Chicago shared on Twitter the financial impact Swift’s tour made on the city.

Citing Pollstar, a concert data tracking group, FOX Business reported that the Eras Tour has already grossed more than $300 million with over one million tickets sold. Swift has added international tour dates to her Eras Tour, which the group projects she will reach the $1 billion mark.

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The 52-show Eras Tour will conclude on Aug. 9 in Inglewood, California. The tour sold a record-breaking 2.4 million tickets on its first day of sales, the most for any artist in a single day.

This story was reported from Washington, D.C.