A combination of Barbie and Oppenheimer movies and Taylor Swift’s ‘The Eras’ and Beyoncé’s ‘Renaissance’ tours have helped boost the US economy this summer. In fact, it is expected to add $8,500 million (7,832 million euros) to the country’s growth in the quarter, according to Morgan Stanley calculations. However, digital portal Yahoo! According to finance, whatever goes up comes down, and the end of these events could hurt the US economy. According to CNN Business, Swift’s tour alone is expected to generate $2 billion in North American ticket sales.
“The reverse of these events, That, combined with the end of student loan moratorium, equates to a 1.4% decline. in real (personal consumption expenditure) in the fourth quarter of the year,” explains Sarah Wolff, economist at Morgan Stanley.
In July, the chairman of the Federal Reserve, Jerome Powell, highlighted the positive impact these singers’ tours had on the American economy. Indeed, she spoke about the “Swift Effect” in Philadelphia following the success of her two concerts in May. speculation suggests that the singer Can raise a total of $ 4.6 billion (4,238.5 million euros) with his first world tour in five years and would earn another $1,000 million (922 million euros) for the set of concerts. Later, Bank of America also pointed to potential weekly consumer spending during the opening weekend of the Barbie and Oppenheimer films, which together launched joint marketing that further fueled their success.
According to Common Sense Institute estimates, each Taylor Swift concert generates 140 million dollars (129 million euros) in the city where it operates. And fans spend more than $200 million (185 million euros) in direct consumption. But his tour has already ended in America. And movie ticket sales have declined ever since as time went on and people stopped seeing them. On the other hand, Beyoncé has one month left on her tour. On the other hand, with this scenario, Morgan Stanley warns that these “significant and extraordinary” events that have brightened the US economy will also create a rebound effect in the remaining three months to the end of 2023.
Economists say the absence of ‘Barbie’ at the box office could slow down consumption in the fall and winter. Indeed, some indicators are already showing signs of weakness in the labor market, a clear spending engine for domestic economies. Job opportunities are shrinking, and some surveys of American households indicate greater caution about spending. The cooling in the labor market came as second quarter economic growth was downgraded to 2.1% from 2.4% on Wednesday.
“The data coming in for the third quarter shows an economy that continues to expand, but with some signs of moderation,” says Shannon Seery, economist at Wells Fargo. “We keep hoping The economy will gradually slow down during the second half of the year”,
Ana Jimenez-Zarco, professor of economics and business at the Universitat Oberta de Catalunya (UOC), says that cultural and material consumption is becoming increasingly important “among the younger generations”, but points out that This type of spending is “the first thing people spend if the economy is in a recession or recession.”, He argues, “The effect of inflation is also noticeable and we adapt the holiday to our economic situation.”
Taylor Swift’s Cash
American singer-songwriter Taylor Swift charges $13 million per performance (12 million Euros) on ‘The Eras’ tour, according to Pollstar magazine. It is estimated that the artist will make a bill of 1,300 million dollars (1,200 million euros) during her world tour, making her the highest-grossing singer in history. Tickets cost an average of $215 (€198) in the US for a 44-song show and over 3 hours of concerts and multiple look changes.
How much do Spanish artists charge for each concert? This year it is known that the Vigo City Council has requested budgets from various artists and has the most cash. Canary Quevedo with 520,300 euros, thanks to the data disseminated by the contracting platform of the Government of Spain. According to various event promoters, Rosalia asked for approximately 500,000 euros, as requested by her contract office of the Valladolid City Council in 2019, while C. Tangana asked for approximately 320,000 euros and Alejandro Sanz for approximately 260,000 euros.