Goodness knows how much Taylor Swift pocketed from her recent concerts in Melbourne – one of which represented her biggest-ever crowd (a mere 96,000 people).
But it’s no secret that travel, tourism and local businesses benefited too… like the economy of Melbourne’s inner suburbs, which NAB reveals earned an estimated $174 million in extra revenue on account of Taylor Swift’s tour. And this was across just three days – from 16-18 February.
According to NAB merchant terminal data for metro Melbourne, there was a 33 per cent rise in spend compared to the month before (5-7 January, which was during the school holidays).
Predictably, the tourism, accommodation and hospitality sectors profited… earning a handy $86 million or so. But a further $88 million (more than half) was spent in other sectors, like general retail.
Australia’s largest business bank reports that businesses around the MCG precinct, the venue of the concerts, were the big winners, with earnings at accommodation providers up 238 per cent (month-on month), bars and pubs up 146 per cent, restaurants up 99 per cent and even clothing stores up 67 per cent.
NAB Executive for Business Metro and Specialised Julie Rynski said Taylor Swift’s impact couldn’t be overstated.
“Taylor was certainly the cheer captain for businesses across the city. From sold-out hotels to bustling restaurants, the economic boost that follows is tangible,” Rynski said.
“The tour has attracted fans from across the world. And it’s not just about the event itself, but the entire experience – dining before a show, shopping for merchandise and exploring the city’s vibrant nightlife.
“We know many Australians have pulled back on discretionary spending, but this is the perfect example of Aussies saving their hard-earned cash for the things that matter to them.”
In a statement, Visit Victoria CEO Brendan McClements said, “Melbourne hotels were booked solidly over the concert nights, at 88 per cent, 87 per cent and 71 per cent respectively, according to STR [Tourism Research]”.
“Data from Tourism Research shows that Australia Melbourne is the top domestic overnight destination for trips involving theatre, concerts and performing arts – and the city’s accommodation sector is benefiting from this demand.”
Sydney businesses, over to you…
With the Taylor Swift juggernaut (even that word seems inadequate) Down Under, many travellers were forced to get creative to shake off Eras Tour airfares.
Last week, Brisbane Airport reported the massive impact the tour has had on air travel ex-BNE, while Flight Centre New Zealand reported a massive surge in flights to Melbourne and Sydney.
The so-called ‘Swift Lift’ in demand has seen major airlines schedule 64 extra passenger flights while some committed concert-goers have even chartered corporate jets to the sold-out Taylor Swift shows in Melbourne and Sydney.
Hundreds of thousands of Aussie interstate concertgoers were also advised to protect their once-in-a-lifetime experience with domestic travel insurance.
