Taylor Swift concerts to generate $282M economic boost for Toronto: report
CBC
Pop icon Taylor Swift's massively popular Eras Tour is expected to generate $282 million in economic impact for Toronto when she plays six concerts next month, according a non-profit that represents the city's tourism sector.
Destination Toronto estimates there will be more than $152 million in direct spending during the period when Swift takes the stage to perform at the Rogers Centre on Nov. 14, 15, 16, 21, 22, and 23. Out of town visitors are expected to spend the vast majority of that — $141 million — on local businesses, including hotels, restaurants, shops, entertainment and Swift-themed events.
Governments are expected to take in around $40 million in tax revenue, according to the agency.
The estimates, which don't include concert ticket prices or airfare, assume that each of the 240,000 fans expected attends one concert. They include money spent on local hotels, dining, shopping, entertainment, transportation and event tickets.
"There's a lot of reasons to be excited about about Taylor Swift coming to town — 282 million reasons," Destination Toronto CEO Andrew Weir said at an unrelated event Tuesday. "That's ... new spending coming into our city. Money that didn't start the day in Toronto, but it ends the day in Toronto and then continues to recirculate paying wages, taxes."
Since kicking off in Arizona in March 2023, the 149-show tour has become the highest-grossing concert tour of all time and the first to take in more than $1 billion, according to live music trade publication Pollstar. A film of the concert shown in movie theatres was also wildly successful.
Cities hosting concerts have seen economic benefits follow, driven by Swift's loyal fan base, colloquially known as "Swifties." One estimate from research company QuestionPro suggested her tour could generate $4.6 billion for the U.S. economy alone.
Around 240,000 fans are expected to attend the Toronto concerts, with around 60,000 of those expected to attend Toronto's Version: Taylgate '24, a pre-concert event being held at the Metro Toronto Convention Centre, Destination Toronto said.
Other local events popping up around the concert include Taylor Swift Fan Night at the Bata Shoe Museum, a Taylor Swift Brunch at Patois, fundraiser TDOT SWIFT 4 CATS at the El Mocambo, and ERAS! ERAS! ERAS! Presented by Choir! Choir! Choir! at Longboat Hall, among others.
Mark Harrison, founder of the MH3 Collective and a CBC business columnist, said Toronto hasn't seen such a big impact from a music event since SARSstock. The outdoor benefit concert held at Downsview Park in 2003 was aimed at reviving Toronto's economy after tourism stalled due to the outbreak of the respiratory disease SARS. It was headlined by the Rolling Stones and almost 500,000 people attended.
"This is bigger than that and it's something we've never seen before," Harrison told Metro Morning Tuesday.
"I don't want to call her a celebrity. She is truly an economic engine to herself."
The tour will provide a boost to the city's visitor economy at a time of year when business travel is winding down and holiday travel has yet to pick up, Destination Toronto says
As of Sept. 29, there were 83 per cent more hotel bookings for the dates of the concert compared to the same dates last year, it said.
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