Surging demand, limited supply, price gouging and monopoly accusations. And a customer willing to pay almost anything.
Welcome to Swiftonomics.
Taylor Swift’s coming 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 took to score a seat.
Swifties, as the pop star’s fans are known, aren’t necessarily your average Americans 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 analyst who publishes the bank’s annual 'Music in the Air' report on the global industry.
Right now, Swift’s 'The Eras Tour' tickets are available only on the secondary market and they’re anything but cheap. About 2.4 million were sold last week before Ticketmaster suspended the official pre-sale. The ticketing company’s site crashed under the pressure of 14 million people trying to get seats.
Among them was Melissa Kearney, an economics professor at the University of Maryland who is now experiencing first-hand the basic laws of supply and demand. The mother of two Swifties, aged 12 and 15, is determined to spend whatever it takes after failing to score tickets.
“There’s nothing more than this that they want in the world,” said Ms Kearney, who directs the Aspen Economic Strategy Group. “The pandemic, in general, changed the way people think about what’s really important to them and what brings them joy.”
Gustavo Coutinho, who’s never seen Swift play live, came up with a $2,000 budget after 10 months of savings. The 25-year-old consultant in Boston ended up spending about $1,500 to attend two concerts. “I would pay $3,000 if I had to,” he said.
Moving on from 'Rockonomics'
In the early 2000s, the late economist Alan Krueger came up with the concept of “Rockonomics” to explain the economy through the lens of the music industry. Mr Krueger often used Swift, who released her debut album in 2006 at the age of 16, as an example of someone who played with strategies that boosted concert and product sales, calling her “an economic genius”.
His pupils agree. “She’s almost becoming a whole category,” said Carolyn Sloane, who teaches a Rockonomics class at the University of California at Riverside. “People don’t really see a great substitute for going to a Taylor Swift show. They really want to see her live and I say that as a fan myself.”
Other artists, including Bruce Springsteen, have proved fans are ready to pay sky-high prices for mega post-Covid live events — recession be damned.
Meanwhile, Swiftonomics is a crash course on another concept: monopoly. Politicians and attorneys general seized on the moment to renew their criticism of Ticketmaster, a dominant player in the live music industry.
Even before last week, Ticketmaster and parent company Live Nation Entertainment were at the centre of an antitrust investigation by the Department of Justice over whether the platform is abusing its power, according to people familiar with the probe.
Live Nation said Ticketmaster was a leader because of the quality of its platform, not any anticompetitive business practices. And Ticketmaster apologised to Swift fans, saying it would work on its system going forward. Swift herself said it was “excruciating” to watch mistakes happen.
Ultimately, the singer is the mastermind behind the supply. She has chosen to play at high-capacity stadiums and has added new concerts. Still, there’s frenzy around her tours. “Very often you have the sense that scarcity increases demand,” said Pascal Courty, an economist at the University of Victoria in Canada, who researches resale markets for tickets.
One of the biggest questions in the broader economy is whether consumers will continue to spend as interest rates and joblessness increase.
Swiftonomics probably won’t help answer. It’s its own economic microcosm and fans just shake it off.
“I hesitate to read too much into people’s willingness to pay exorbitant amounts for Taylor Swift tickets in terms of what that says about the health of the US economy,” said Ms Kearney, the Swiftie-parent economist. “I’m more inclined to read into it that for the diehard Taylor Swift fans — of which there are many — the demand for tickets is nearly inelastic.”
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Boulder shooting victims
• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65
Story%20behind%20the%20UAE%20flag
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The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
Book%20Details
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More on animal trafficking
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
On Instagram: @WithHopeUAE
Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”
UAE-based players
Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim
Rose Hill Warriors: Faraz Sheikh, Ashok Kumar, Thabreez Ali, Janaka Chathuranga, Muzammil Afridi, Ameer Hamza
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The bio
Favourite vegetable: Broccoli
Favourite food: Seafood
Favourite thing to cook: Duck l'orange
Favourite book: Give and Take by Adam Grant, one of his professors at University of Pennsylvania
Favourite place to travel: Home in Kuwait.
Favourite place in the UAE: Al Qudra lakes
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
SPECS
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
