Federal Reserve says Taylor Swift's Eras Tour responsible for rise in hotel revenue

The Federal Reserve credits Taylor Swift's Eras Tour for affecting the United States economy.

According to the Philadelphia Federal Reserve office, Swift is personally responsible for the spike in tourism, which has boosted their hotel revenues for the first time since the coronavirus pandemic began.

"Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city," city officials wrote in the Federal Reserve's Beige Book, released on July 12.

The Beige Book is released eight times a year, summarizing how the economy is doing in varius cities throughout the U.S. The summary is published prior to the Federal Reserve committee meeting.

This is not the first time Swift has been credited for positively impacting the economy. Cincinnati officials shared earlier this month that the Eras Tour dates in their city helped gross $2.6 million in downtown hotels and the surrounding Hamilton County hotels grossed more than $5.3 million, NBC News reported.

Julie Calvert, president and CEO of the tourism group Visit Cincy, shared a statement with the outlet speaking on the impact that Swift has.

"Taylor Swift is a force to be reckoned with," Calvert said. "The economic impact Swift creates is staggering, as fans travel from far and wide to attend her concerts, filling hotels, restaurants, and local attractions. Swift’s influence on tourism is a testament to her ability to captivate audiences and drive economic growth."

Last month, Choose Chicago took to Twitter to share that Swift was involved in breaking the city's record for occupied hotel rooms.

Chicago set its new all-time record for total hotel rooms occupied!" the tweet began. "Thanks to three nights of Taylor Swift, the ASCO Annual Meeting, the James Beard Awards and more. This isn’t just post-pandemic–we had more rooms filled than ever in Chicago’s history!"

According to Pollstar, a concert data tracking group, Swift's Eras Tour has already grossed over $300 million with over one million tickets sold. Swift has added international tour dates to her Eras Tour, which the group projects she will reach the $1 billion mark.

Soource:Foxnews