What will be the economic impact of Taylor Swift in Portugal?
The singer Taylor Swift passed through Lisbon with her Tour on the past days 24th and 25th of May, with two completely sold out shows. The fever was real and not only among the Portuguese: the artist attracted many foreigners to the country to attend her concert. Understand the economic impact it could have on Portugal.
How can Taylor Swift's concerts impact Portugal economically?
The economic impact of Taylor Swift's World Tour has been significant. In the United States of America (USA), according to a publication by Notícias ao Minuto, Mastercard predicts a strong economic impact with a 68% increase in restaurant spending and a 47% increase in accommodation. (Source: Notícias ao Minuto)
Regarding the impact on local restaurants and hotels, as well as small retail, the economic level was significantly felt in the USA. But will the same happen in Portugal?
The singer passed through Lisbon with her concert "The Eras Tour" on May 24 and 25, at the Luz Stadium, and the Portuguese audience left their mark on the singer. "I left my heart in Lisbon," Taylor stated on her Instagram social network. But not only the Portuguese were present at these shows, many foreigners came to Portugal to see the singer, which increases the forecast of the economic impact.
According to the news, Mastercard considers that the impact will be strong. With its Experience Economy study, the company analyzed spending on experiences in 24 European countries, where in Portugal, 79% expressed a strong desire to attend a world-class concert, compared to 63% in the rest of Europe.
"In Portugal, 75% of those surveyed consider watching a performance by a renowned international musician to be a very attractive program and 47% would not trade it for any other experience. The fact is that 53% of Portuguese people feel that listening to their favorite music is the best thing in the world and, for 43%, seeing their favorite singer live would be the best moment of their life. 56% even believes that being in the front row of a concert by their favorite band/artist is a 'priceless' moment, impossible to quantify," the news article reads.
In addition, 79% of Portuguese people consider that listening to live music is a moment of absolute happiness, with 53% agreeing that nothing compares to watching their favorite band live in concert.
As read on Notícias ao Minuto, Natalia Lechmanova, Chief Economist Europe, Middle East & Africa, Mastercard Economics Institute, explained that "everyone agrees that Taylor Swift is a cultural force, but not everyone knows the economic force she represents, especially in terms of the economic impact she has on the places where she performs. Just last year, during her 'Eras Tour' in the United States, all restaurants within a 4 km radius of Taylor's concerts saw a 68% increase in revenue, while hotel revenues increased by 47% in the same area. Therefore, we expect an even greater economic impact on the European tour this summer. The robust transportation networks in Europe will make it easier for fans to access the concert venues, so the benefits may be even more widespread, far beyond the areas surrounding the stadiums".
What indicates that "just like in the USA, it is likely that smaller cities will have a greater impact than large centers. Since the European leg of the tour takes place in the summer, it also presents a perfect opportunity for consumers to combine the concert with a holiday, which will obviously further boost the economy of European cities".
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