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What does Taylor Swift have to do with inflation levels in Europe?

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Taylor Swift's tour may impact the economy and inflation in Europe this summer, writes the New York Times on Friday. The daily notes that the American singer's tour creates high demand in the services and tourism sector. Hundreds of thousands of fans spend money on flights, hotels, accommodation, concert tickets, restaurants and souvenirs.

The superstar's fans, called “swifties”, are waiting for her next concerts on her European tour, and economists are wondering how it will affect the economy.

>> Taylor Swift with concerts in Europe. “It's a really amazing show” <<

The chief economist of the European Central Bank (ECB), Philip Lane, when asked whether the Paris Olympics and the FIFA World Cup will increase persistent inflationary pressures, especially in the services sector, replied to a journalist: “It's interesting, you mentioned all these things, and he didn't mention Taylor Swift.”

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How Taylor Swift's Tour Could Affect Inflation

Swift performs in London at Wembley Stadium on Friday. It is expected that approximately 700,000 people will see her concerts in the British capital. people. IN USA Economists have already become accustomed to the fact that a star's concert tours leave an “economic footprint”, and one company estimated that a tour called “Eras Tour” would generate expenditures of about $4.6 billion in America – writes “NYT”.

Europe's central banks began to cut rates interest rates or are getting ready to take such steps, but the singer's concert tour may disrupt their plans because it creates such a large demand in the services and tourism sector that it may slow down the decline inflation and encourage banks to delay reducing the cost of money – explains the daily.

“All this will make the picture (of the economy) that central banks have a bit blurry,” said Lucas Krishan, a strategist at the London-based financial company TD Securities.

The singer performs, hotel prices rise

In May, inflation accelerated Portugalpartly because hotel room rates increased due to Swift's concerts in Lisbon on May 24 and 25.

Barclays bank predicts that the star's concert tour may pump £1 billion into the British economy. “NYT” warns that such assumptions are difficult to verify, and moreover, even a billion pounds will not significantly affect stagnation in Great Britain. However, the concerts will be important for selected cities and economic sectors. When tickets went on sale for the “Eras Tour” last summer, searches for venues on Airbnb in the cities where the concerts would take place increased by 300 percent.

The impact of the tour will be on a micro rather than a macro scale, but there is no doubt that Taylor Swift is “a great phenomenon and the regions she visits will experience a great revival,” says the daily.

Swift will perform in Poland

The “Eras Tour” began in March 2023 and consists of 153 concerts. Initially, the singer traveled through Asia, North and South America. Then it was time for Europe. Performances at the National Stadium in Warsaw are scheduled for August 1, 2, 3, 2024.

Taylor Swift is Time's Person of the Year 2023. In April, she was included on the list of billionaires published by Forbes magazine for the first time. She is the first artist to earn a billion dollars solely from her songs and performances.

Main photo source: Tinseltown/Shutterstock

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