The results are in: Taylor Swift’s Eras World Tour performances in Melbourne boosted the city’s economy by around $174 million.
According to data from the National Australia Bank (NAB), spending in metropolitan Melbourne during 16-18 February, when Swift put on three sold-out Eras World Tour performances at the MCG, was roughly 33 per cent higher compared to spending in the previous month.
NAB Executive for Business Metro and Specialised, Julie Rynski, said the international superstar was the “cheer captain” for businesses in Victoria’s capital.
“From sold-out hotels to bustling restaurants, the economic boost that follows is tangible,” Rynski said.
Over the weekend, an estimated $86 million was spent in Melbourne’s accommodation, hospitality and tourism sectors. The accommodation sector experienced the highest boost, with spending up by 238 per cent.
Spending in bars and pubs in the city soared by 146 per cent, with restaurants up by 99 per cent and clothing stores up by 67 per cent.
With Swift only performing in Melbourne and Sydney for the Down Under leg of the Eras World Tour, people from other parts of Australia, as well as surrounding countries like New Zealand, have travelled to see her live. Rynski said this contributed to the boosted spending rates in Melbourne.
“The tour has attracted fans from across the world,” Rynski said. “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.”
The nation’s cost of living crisis has placed enormous pressure on Australians and lowered the rate of discretionary spending by 0.6 per cent as of July last year, according to the Australian Bureau of Statistics.
“We know many Australians have pulled back on discretionary spending,” Rynski said, “but this is the perfect example of Aussies saving their hard-earned cash for the things that matter to them.”
Taylor Swift performed three shows in Melbourne over the weekend. This Friday, she will perform her first of four Eras World Tour shows in Sydney. Crowds of more than 80,000 fans are expected at Accor Stadium in Sydney Olympic Park over the four nights.
Live music in Australia
The live music sector in Australia is a core part of the nation’s economy; research shows Australia’s live music contributed roughly $5.7 billion to the economy in industry value last year.
But local artists are struggling to compete with international superstars like Taylor Swift and are not getting the same attention and economic return as them.
Last week, organisers of the regional festival Groovin the Moo announced the cancellation of their six shows across the country.
The festival was expected to be held in Newcastle, Canberra, Wayville, Bendigo, Sunshine Coast and Bunbury, starting from April. However, just two months before the first festival, the organisers announced it would no longer be going ahead due to poor ticket sales.
“We are extremely disappointed to announce that the Groovin the Moo 2024 tour has been forced to cancel,” a statement from the organisers on social media wrote.
“Ticket sales have not been sufficient to deliver a regional festival of this kind.Thank you to everybody who has supported the festival. We hope to be able to bring Groovin the Moo back to regional communities in the future.”
This year’s lineup for Groovin the Moo included The Kooks, Jet, The Jungle Giants, DMAs and several local Australian artists.
Groovin the Moo is not the first Australian festival cancelled this year: others include the Falls Festival, Dark Mofo, the Wangaratta Jazz and Blues Festival, among others.