Taylornomics: Did a 34-Year-old Singer-songwriter Save the U.S from a Recession?

Earlier this year the Wall Street Journal coined the phrase “Taylornomics” in response to Taylor Swift's impact on the U.S economy.

In March, the American singer-songwriter embarked on her global Eras Tour. It has become the highest grossing concert tour of all time which includes 53 sell out shows in 20 U.S cities before it reaches the shores of Europe and Asia. 

Swift has topped Spotify’s download charts, has colossal sales of multiple albums and a hit film that grossed higher first day sales in cinemas than the latest Spiderman.

The spending power of Swifties, the name given to describe her devoted fan base, helped boost the post pandemic U.S economy to such an extent that analysts are asking if she saved the U.S from a recession.

The ripple effects of her tour on travel, hotels, shopping, merchandise and meals out when attending her concerts have given an estimated US$4.5 billion boost to the economy. The multiplier was described as the TSwift Lift, not to mention The Washington Post estimates that the tour will provide personal earnings to the tune of US$4 billion.

Not only does Swift donate generously to food banks and charities in each city she tours, but has also reportedly dished out bonuses of US$94,000 to each of the 50 truck drivers who have helped transport her stage set from coast to coast.

Businesses are booming wherever she performs which influenced Time Magazine to name her person of the year.

At a time when countries around the world are reviewing stimulus packages to revive economies, they might want to consider the power of Taylornomics in plotting their next moves.

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