It's the Taylor Swift economy, and we're all just living in it.
Swift's fans – known as Swifties – have flocked to cities en masse for months to witness their beloved Anti-Hero's sprawling performances at some of the largest venues in the US.
The pop star concluded the first US leg of The Eras Tour in Los Angeles on Wednesday at SoFi Stadium. Her six-night residency is projected to deliver a $320 million boost to Los Angeles County's gross domestic product and $160 million in local earnings, a report from the California Centre for Jobs showed.
The economic marvel is not unique to Los Angeles: city economies across the US have been revitalised by Swift's tour and the massive amounts of spending her fans bring at each destination.
Call it, The US Economy (Taylor's Version).
Taylor Nation, literally
The Eras Tour is projected to have a $5 billion economic impact on the US, according to software company QuestionPro. That would produce a GDP larger than 50 countries.
At the centre of this hype is fans' years-long wait for Swift to return to playing live. The tour is Swift's first since 2018 after she cancelled her planned Lover Fest tour in 2021 due to the Covid pandemic.
Since then, Swift has released four new albums and re-recorded three others as “(Taylor's Version)”. Her expansive catalogue and extended time away from live music have led to mammoth performances, with 45-song set lists lasting, on average, 3 hours and 23 minutes.
“There's been such a hype because it's a concert that spoke to multiple generations of people … with different desires for music and different musical preferences,” said Mary Kelloff, a registered nurse from Denver, Colorado.
“She's just so versatile.”
Ms Kelloff was one of many fans who could not gain access to the Ticketmaster presale but still managed to purchase tickets for Pittsburgh at $350 and $800 floor-seat tickets in Denver.
“She's somebody who I've listened to throughout the last 17 years of my life. And so to me, it was totally worth it,” Ms Kelloff said.
With the pandemic over and incomes strong, Swifties are now flexing their financial muscles. The average concertgoer is spending $1,327.74 per show on costs including tickets, merchandise, outfits, travel and dining, QuestionPro reported.
Colorado itself experienced a windfall thanks to Swift and her loyal fans. Swifties contributed $140 million to the state's GDP and brought in $250 million in direct spending from the July 14-15 shows in Denver, according to the Common Sense Institute.
Downtowns bursting with life
Swifties have travelled in droves to each of the pop singer's stops from coast to coast, bringing a jolt of energy to cities still recovering from the Covid-19 pandemic.
“It is not an overstatement to say that tourism and events has been a huge benefits to communities, including Seattle, that are … still navigating some of the challenges that have been caused by the pandemic,” said Rachel Smith, president and chief executive of the Seattle Metropolitan Chamber of Commerce.
Seattle's city centre welcomed 1.15 million visitors the weekend of Swift's July 22-23 shows, the largest amount since 2018. When combined with other major events in the city, it fuelled a renewed bustle in metropolitan hubs.
Herself a Swift fan, Ms Smith described a special feeling as she walked a city centre bustling with Swifties, sports fans and other visitors.
“I'm downtown every single day and you could feel the electricity having all the people downtown,” said Ms Smith.
“It really is kind of a flywheel where the more people that we have, even if they're tourists, the more people end up coming and getting out downtown, which is just fantastic.
“So, yes, we cannot understate the importance of tourism as we recover from the pandemic.”
Figures obtained by The National showed that Seattle's hotel occupancy surpassed 94 per cent the week of Swift's shows. The average daily rates for hotel stays hit $491 on that Friday and $401 on Saturday, crushing previous records.
And Seattle was not alone in welcoming scores of visitors.
Hotel occupancy surged past pre-pandemic levels in Las Vegas while Cincinnati also saw hotels at near-full occupancy. Meanwhile, Chicago reported $39 million in revenue from hotels alone on 44,000 bookings.
So, too, in Nashville, where Swift became the first artist in the city's history to perform three headline shows at Nissan Stadium on consecutive nights.
Her May 5-7 shows were part of a major drive in traffic for the Music City. It also brought a record-breaking average daily rate for hotels in Davidson County, which received $37.34 million in total revenue that weekend, figures shared with The National showed.
“Hotel occupancy was through the roof during the Taylor Swift weekend,” said Deanna Ivey, president and chief executive Nashville Convention & Visitors Corp.
Meanwhile, the economic impact on Philadelphia was so great that the tour was credited for the city's consumer spending.
“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,” the Federal Reserve Bank of Philadelphia reported in its Beige Book of economic conditions.
On the opposite end of Swift's home state, Pittsburgh reported a 95 per cent hotel occupancy for her June 16-17 concerts, Visit Pittsburgh reported.
Of those who attended the two sold-out shows at Acrisure Stadium, 83 per cent were from outside Allegheny County.
Closing in on $1 billion
It seems it is only a matter of time that Swift's concert will generate $1 billion in gross sales.
Swift is expected to reach the $1 billion threshold sometime in early March 2024 when she performs at Singapore National Stadium. That stop is part of a three-continent trek that will bring 38 performances to 22 countries.
That $1 billion mark could just be the floor for what Swift achieves. According to what trade magazine Pollstar lists as “conservative” estimates, Swift's tour could bring in $1.4 billion in sales. And even that was reported before additional dates were announced.
By the time her concert concludes in November 2024, Swift will have performed a staggering 146 shows. And with additional dates added in the US and Canada, Swift's economic impact continues to spread.
RESULTS
6.30pm: Handicap (rated 100 ) US$175,000 1,200m
Winner: Baccarat, William Buick (jockey), Charlie Appleby (trainer)
7.05pm: Handicap (78-94) $60,000 1,800m
Winner: Baroot, Christophe Soumillon, Mike de Kock
7.40pm: Firebreak Stakes Group 3 $200,000 1,600m
Winner: Heavy Metal, Mickael Barzalona, Salem bin Ghadayer
8.15pm: Handicap (95-108) $125,000 1,200m
Winner: Yalta, Mickael Barzalona, Salem bin Ghadayer
8.50pm: Balanchine Group 2 $200,000 1,800m
Winner: Promising Run, Pat Cosgrave, Saeed bin Suroor
9.25pm: Handicap (95-105) $125,000 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
10pm: Handicap (95-105) $125,000 1,400m
Winner: Oh This Is Us, Tom Marquand, Richard Hannon
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
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
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Notable Yas events in 2017/18
October 13-14 KartZone (complimentary trials)
December 14-16 The Gulf 12 Hours Endurance race
March 5 Yas Marina Circuit Karting Enduro event
March 8-9 UAE Rotax Max Challenge
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Killing of Qassem Suleimani
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
The%20team
%3Cp%3E%0DFashion%20director%3A%20Sarah%20Maisey%0D%3Cbr%3EPhotographer%3A%20Greg%20Adamski%0D%3Cbr%3EHair%20and%20make-up%3A%20Ania%20Poniatowska%0D%3Cbr%3EModels%3A%20Nyajouk%20and%20Kristine%20at%20MMG%2C%20and%20Mitchell%0D%3Cbr%3EStylist%E2%80%99s%20assistants%3A%20Nihala%20Naval%20and%20Sneha%20Maria%20Siby%0D%3Cbr%3EVideographer%3A%20Nilanjana%20Gupta%3C%2Fp%3E%0A
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Company profile
Name: GiftBag.ae
Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3Ethree%20three%20212.7kWh%20motors%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%201%2C000bhp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E15%2C600Nm%3Cbr%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20530km%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh500%2C000%2B%20est%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Eearly%202023%3C%2Fp%3E%0A
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56