By Sabrina Lynch
- Beyonce’s Renaissance tour has helped revive consumer spending for the holidays with African-Americans consumers expected to spend 15% more on seasonal gifts
- Beyonce and Taylor Swift’s tours pumped some $5.6B into the U.S. economy
The beehive’s craving for post-pandemic experiences, live performances, travel and hotly anticipated movie premiere of Beyonce’s Renaissance tour have helped revive consumer spending for the holidays. Black audiences seemingly do not consider inflation a red flag when it comes to festive celebrations this year, happily stretching their holiday budget by $48.30 more than last year. Looks like African-Americans truly are planning to take the ‘Plastic off the Sofa’, for real.
Why This Matters: Never underestimate the power of Queen B and her uplifting economic prowess. The average American is planning to splurge an average of $875 on gifts, decorations, food and more. Black and Hispanic audiences are such a major player in holiday spending, retailers know they’re a prime target to grow their money bags.
Expenditures from multicultural communities ended the summer on a retail high, driving a 0.7% rise in sales during September, marking six months of continual growth. Barbenheimer’s box office success, shout out to Issa Rae’s epic turn as President Barbie, proved there is a huge appetite among consumers for IRL experiences, and higher costs are far from being a turnoff.
Beyonce’s tour, along with Taylor Swift, represented 66% of all sales for the top 10 artists on tour. There’s no denying the cultural power of the Barbie/Taylor/Beyonce trifecta. Swift and Beyonce’s tours pumped some $5.6 billion into the U.S. economy. Queen B also generated huge demand for hotel accommodations and restaurant services, increasing prices by 3.3%.
What’s Next: Higher prices across the board means consumers will need to dig a little deeper for seasonal gifts and experiences they love. However no one is shouting ‘bah humbug!” to the idea of forking out extra money due to the stability of the job market, with wages climbing 4.2% since 2022.
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