Australia is bracing for an unprecedented economic surge ahead of Taylor Swift's Eras Tour, which will kick off here in Melbourne on February 16.
The tour, which promises to be a colossal event in the country's entertainment calendar, is expected to have significant economic repercussions, dubbed 'Swiftonomics'.
Local economy to benefit
Venues New South Wales (NSW) projects that Swift's tour will gross an astonishing A$135.6 million in Australia, with its CEO Kerrie Mather expressing confidence in the tour's potential to be a substantial economic contributor to New South Wales, estimating the total spend to exceed the tour’s total take, grossing another A$136 million.
Mather and others have highlighted the influx of visitors and the resultant boost to local businesses such as hotels, restaurants and bars.
Frontier Touring, responsible for bringing the star to Australia, anticipates around 60,000 interstate and 6,000 international visitors across the four Sydney concerts.
The Sydney leg, featuring four back-to-back concerts at Accor (EPA:ACCP) Stadium, is expected to attract 80,000 people per night, totalling around 300,000 attendees.
The impact of Swift's presence is far-reaching. Gannett, the United States' largest newspaper chain, has hired a journalist dedicated to covering Swift-related news.
The pop star's influence has also been felt in merchandising, with significant spikes in sales of NFL merchandise linked to her appearances at games.
Swift's economic influence extends globally. The Washington Post estimates that by the end of her Eras Tour, she could have contributed US$5.7 billion (around A$8.3 billion) to the US economy.
What Taylor says goes
She also holds significant political sway over her fan base, with her pronouncements on voting and culture in the US creating sufficient momentum to change outcomes at scale.
In Melbourne, Swift's concerts at the Melbourne Cricket Ground are expected to be among the largest of her career, with three sold-out shows.
The Social Change Enabling Impact Platform at RMIT University, led by Professor Lisa Given, is organising a free fanposium event in Melbourne to explore Swift's impact on music and pop culture.
As Australia gears up for the Taylor Swift phenomenon, the anticipation is not only for the musical experience but also for the substantial economic benefits that accompany such a major event.