As their record-breaking tours visit Miami and elsewhere, pop superstars Taylor Swift and Beyoncé sprinkle their pixie dust over the US economy.
Taylor Swift’s Eras and Beyoncé’s Renaissance Tours have generated hundreds of millions of dollars, not only for the performers but the cities they’ve visited. Local economies boom when they come to town. Hotel bookings, vacation rentals, restaurants, car rentals, and transportation are just some of the businesses to benefit from the all-conquering queens of stage.
After Taylor Swift’s three shows in Philadelphia, the Federal Reserve Bank of Philadelphia wrote in its Beige Book that May was the “strongest month for hotel revenue” since the pandemic began, “in large due to an influx of guests for” the concerts. Swift’s recently announced Miami shows at the Hard Rock Stadium on October 18, 19, and 20 in 2024 are the only shows she plays in the state and thus will mean a bonanza for the local economy.
Billion Dollar Grossing Tours
Swift’s Eras Tour is expected to bring in $1.4 billion, and Beyoncé’s Renaissance, $2.4 billion — meaning they’re on track to be the highest-grossing concerts ever with Beyoncé’s shows in Tampa on August 16th and Miami on the 18th are sure to be sell-outs, are Swift’s.
Huge Tours Boost Tourism, Revenue and Create Jobs
According to a study by the University of Miami, the economic impact of a major concert event in Miami can range from $10 million to $50 million, depending on the event’s size, duration, and popularity. The study also found that such events can generate tax revenue for the city and the state, create jobs for local workers, and boost the image and reputation of Miami as a cultural and tourist destination. Based on these estimates, Swift’s three shows in Miami could generate between $30 million and $150 million for the city’s economy.
Swift’s Miami Shows Are Her Only Ones In Florida in 2024
Moreover, Swift’s tour could also have a long-term effect on Miami’s tourism industry, attracting new visitors who may not have considered Miami a travel destination before. Swift’s fans are known for their diversity and passion, and they may be interested in exploring other aspects of Miami’s culture and history besides the concert. For example, they may visit the Art Deco District in South Beach, the Wynwood Walls in Downtown, the Little Havana neighborhood, or the Everglades National Park. They may also discover new restaurants, bars, clubs, or shops that cater to their tastes and preferences. These experiences could inspire them to return to Miami in the future or recommend it to their friends and family.