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What Taylor Swift Reveals About the US Economy
Posted
December 1, 2022
Views
2,060
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43
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9
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2.52%
December 1, 2022
2,060
43
9
2.52%
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1:30Now PlayingSkyrocketing demand, limited supply, price gouging and monopoly accusations. And a customer willing to pay almost anything.
Welcome to Swiftonomics.
Taylor Swift’s upcoming US tour of 52 concerts has all the ingredients of a post-Covid demand shock. Some resellers reportedly asked $40,000 or more for concert tickets following last week’s run on official sales, which left millions empty-handed and ready to pay whatever it takes to score a seat.
Swifties, as the popstar’s fans are known, aren’t necessarily your average American, but they capture the current moment in the post-Covid economy. Even as recession looms, many consumers are willing to splurge on what they missed at the height of the pandemic — whether it’s travel or live entertainment.
Swift’s fans represent an extreme version of that turbocharged consumer: millions of mostly Millennials and Gen Zs who waited at least four years to see the superstar live again and emerged from the pandemic with historically high rates of savings.
“Concerts are seen as an affordable luxury in times of crisis,” said Lisa Yang, a Goldman Sachs Group Inc. analyst who publishes the bank’s annual “Music in the Air” report on the global industry.
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