Taylor Swift kicked off the Australian leg of her popular show on Friday Tour of the ages. The seven concerts will give the country's economy a temporary boost.
Swift performed a concert in Melbourne on Friday evening, where she will perform two more concerts in the coming days. This will be followed by four shows in Sydney. Mayor Sally Capp told Australian media that the tour alone could generate about 727 million euros in the first city.
Economists say the impact on the Australian economy is temporary. This is partly because the amount of Australians saving is at its lowest level since the end of 2007 and consumers are hesitant due to concerns about the rising costs of living.
Concerts lead to increased spending on tickets, transportation and overnight stays in hotels, but this is likely to come at the expense of other sectors in the country, says James McIntyre, an economist at the news agency. Bloomberg. According to him, because people spend money on concerts, they will not have money left for other things.
“People decide what is really important to them,” central bank Governor Michelle Bullock said in a press conference earlier this month. She then discussed, among other things, the so-called “Taylor Swift inflation,” which causes, for example, air travel prices and hotel reservations to rise. “And Taylor Swift is obviously very important to a lot of people.”
On July 4, 5 and 6, Swift will perform three concerts at Johan Cruyff Square in Amsterdam.
