Taylor Swift has reached the tail end of her Eras Tour run in Toronto, but during the first stint, consumer spending in Toronto was up by over 50 per cent, according to a recent report.
Canadian payment provider Moneris says that during the first week of shows from Nov.14-16 spending in downtown Toronto was up by 57 per cent week-over-week, across every metric.
“This increase is no small feat, Toronto is one of the biggest media and entertainment markets in North America, meaning it takes a lot to stand out,” the report said.
Toronto has international visitors to thank for the spike in spending, with tourists splashing the cash at movie theatres and theatrical productions, which saw increases of 505 per cent and 174 per cent respectively.
In fact, this growth phenomenon has been informally coined as “Swiftnomics.”
“Because her concert-goers are spending significantly, despite broader economic slowdowns. Most attendees will stay overnight in Toronto—some with friends or family, but many in paid accommodations, both near the concert venue and throughout the city. This influx of visitors not only boosts the hospitality sector but also benefits other local businesses across the city,” according to Destination Toronto.
Beyond the concerts, additional fan events and activities further stimulate spending, Destination Toronto, explained, which then creates a demand for purchasing clothes and accessories.
With fans looking to put the final touches on their concert outfits, the retail industry saw a spike in expenditure, with a 32 per cent rise in clothing store sales and a 78 per cent boost at accessory stores, Moneris found.
Meanwhile, restaurants saw less of an increase, sitting stable at two per cent, however, snack shops saw notable increases according to Moneris, with a 61 per cent uptick in sales, suggesting concertgoers prefer a quick bite on the go.
Overall, foreign spend was up 126 per cent, with visitors contributing to a 33 per cent increase in hotel expenditure and 40 per cent in fast food restaurants.
Swift is set to perform two more shows at the Rogers Centre on Nov. 22 and 23, before her closing out the Eras Tour in Vancouver.
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