By Claire Obae
- Beyoncé and Taylor Swift’s tour are providing a boost to the economy as hotels and restaurants registered a 3.3% increase in prices
- Women are responsible for 85% of all consumer spending in the United States
Fans traveled from state to state and even country to country to see Queen Bey perform. This was a record 46% further than the Formation tour. But Beyoncé is not the only woman making money moves. She and Taylor Swift are two of the most powerful women in music in terms of album sales, ticket sales, and social media following. Tour-generated revenue includes ticket sales, merchandise sales, and other revenue streams. We all know that tourism is the world’s largest employer and biggest industry that’s expected to reach $16.9 trillion by 2030, and the Eras tour along with the Renaissance tour just proved that.
Why This Matters: With the Renaissance tour coming to a close, its economic impact has been a marvel. The tour has been a boon for hotels and restaurants in the cities she visits. Hotels and restaurants registered a 3.3% increase in prices, but it’s also been great for businesses like Airbnb, Lyft, and Uber, who saw an increase in bookings during the concert dates. Local economies have reaped the ancillary benefits, according to the Federal Reserve in July’s Beige Book, which noted Swift’s tour for boosting the Philadelphia area’s hotel industry.
Beyonce’s tour is part of a wider trend of women leading the way at work. Women are increasingly taking on leadership roles in companies and economies worldwide – and they are driving economic growth as they do so. Additionally, women are responsible for 85% of all consumer spending in the United States, so it’s easy to see how consumer spending was a no-brainer in this case.
Situational Awareness: The Renaissance tour will go down as one of the most influential and important eras in history. There’s more to it, as her success represents something much bigger for women who are driving economic growth. Hopefully, this will be a stepping stone to stimulating other economies globally.
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