If you think Taylor Swift’s impact is limited to the music charts, think again. From the local coffee shop to the boutique hotel down the street, the Taylor Swift economy, or “Swiftonomics,” is a force to be reckoned with.

Every time Taylor Swift goes on tour, she brings not just her music but also a tidal wave of economic activity that benefits businesses of all sizes. For small business owners, that means her next concert tour or album drop could be an opportunity to grow your business.

In this article, we will explore how the Fearless pop superstar is not just entertaining audiences but boosting businesses across the nation; and we provide tips for how to use Swiftonomics to benefit your business.

This article covers:

• What is the Taylor Swift economy?
• How has the Taylor Swift economy impacted SMBs?
• How to take advantage of Swiftonomics

What is the Taylor Swift Economy?

The Taylor Swift Economy is more than just album sales and concert tickets. It’s a phenomenon that has tangible effects on local economies—a force of nature that can transform entire communities and turn the slow season into a booming one for local businesses.

Take her “Era’s Tour”, for example. This musical extravaganza isn’t just breaking records; it’s breaking open wallets, too. To put it in perspective, this tour alone has pumped billions of dollars into the economy, making it one of the most lucrative tours in music history.

But it’s not just about the money; it’s about the ripple effect that Swift’s tour has on businesses in tour cities.

Key Figures

Let’s talk numbers. Ready For It?

• The Era’s Tour has generated over $5 billion for the US economy. That’s billion with a “B.”
• The average attendee spent $1,300 per show.
• Each concertgoer spends an average of $300 on extras, like merchandise, food, and drinks.
• That’s not just money in Swift’s wallet, either. Cincinatti reported a $92 million in net new local spending, including $2.6 million in hotel revenue, after hosting two Eras Tour concerts.

So, while Swift is living out her Wildest Dreams and belting out her hits on stage, businesses nearby are ringing up sales and reaping the benefits of Swiftonomics.

How Has the Taylor Swift Economy Impacted SMBs?

Let’s look at a few examples.

Restaurants near concert venues experience a surge in customers as hungry fans flock to grab a bite before or after the show. So much so that 72% of restaurants say that special events have a positive impact on their bottom line.

Hotels and AirBnB owners in tour cities also reap the rewards of Swift’s concerts, with bookings skyrocketing during tour dates. Precisely reports that “Taylor Swift concerts increased hotel visitation by up to 20% in mid-sized US cities, by bringing in thousands of out-of-town visitors.”

This surge in demand allows hoteliers and AirBnB owners to command higher room rates and maximize their revenue potential.

Even businesses that are not directly related to the music industry can benefit from the Taylor Swift Economy. Retailers, coffee shops, and souvenir shops all report increased sales during tour dates as fans indulge in shopping sprees and souvenir hunting.

Funflation

Economists have coined a term for this effect on the local economy: “Funflation.”

Essentially, fans are willing to splurge a little more on experiences like dining out or staying in a fancy hotel when they’re in town for a big event. And this is good for the bottom line of small business owners.

How to Take Advantage of Swiftonomics

Here’s how SMBs can also be Masterminds and take advantage of the Taylor Swift Economy.

1. Capitalize on the hype

Even if you’re not singing along to “Shake It Off” in the shower, you can still tap into the infectious energy surrounding Swift’s concerts to boost your business.

Roll out the red carpet for Swifties by offering special promotions or discounts made just for them. Whether it’s a free dessert with a meal or a discount on merchandise, these incentives can entice concertgoers to swing by your business premises before or after the show.

After all, who can resist a good deal, especially when it’s paired with the promise of an unforgettable night of music?

2. Partner with local venues

It’s all about teamwork when it comes to maximizing the benefits of Swiftonomics. By teaming up with local concert venues or event organizers, you can create win-win partnerships that benefit both parties.

Consider offering exclusive deals or packages for ticket holders, such as discounted meals or VIP access to your business.

Not only does this incentivize concertgoers to choose your business over competitors, but it also strengthens your ties with the local community and establishes your brand as a supporter of the arts.

Plus, by piggybacking on the hype surrounding Swift’s concerts, you can attract a steady stream of fans looking to make the most of their concert experience.

3. Get creative with marketing

Let your imagination run wild and infuse a bit of Swift magic into your marketing campaigns. Take inspiration from Swift’s music, lyrics, and persona to create engaging content that resonates with fans and Hits Different.

Whether you incorporate her catchy tunes into your advertising or host Swift-themed events at your business, there are endless opportunities to tap into Swift concerts and capture the attention of her devoted fan base.

Consider hosting a Taylor Swift trivia night, organizing a costume contest inspired by her iconic looks, or even creating a signature cocktail named after one of her hit songs. You can also promote these offerings through different social media platforms.

As you embrace the spirit of Swiftonomics and think outside the box, you can upgrade your marketing efforts and position your business as a must-visit destination for Swifties everywhere.

Taking Advantage of Taylor Swift Moments

As your business taps into the Gold Rush and excitement surrounding Swift’s tours and other funflation events, you can attract new customers and increase sales.

And if this is just the sort of opportunity you’ve been looking for to expand–maybe by opening a new location, or adding new products or services–Biz2Credit can help you with financing. Check out the options available here, or read success stories from other business owners and see how they’re using financing to advance their businesses.