Taylor Swift's Eras tour boosts downtown Toronto spending: report
The numbers are in!
Taylor Swift brought her record-breaking Eras Tour to Toronto this month with six shows, attracting Swifties from across Ontario, Canada, and the world.
Payment services provider Moneris has released a post-concert report assessing the economic impact the superstar had on Toronto.
During the 10 days surrounding Swift's visit, the report says spending in downtown Toronto increased by 45 per cent week-over-week. It showed that although other events like Raptors and Leafs games, and the "Wicked" movie's opening weekend also attracted spenders, Taylor Swift's six concerts marked the busiest days, with the highest activity on the day of her fourth show, November 21.
The report documented several top spending trends, including a 49 per cent increase at clothing stores, and a jump of 102 per cent for accessory/specialty stores. International spending also rose by nearly half (48 per cent), with travelers from the United States accounting for 83 per cent. However, restaurants saw less of an increase in spending, jumping just 12 per cent.
"A big part of the economic impact is the spillover effect, where those in town spend on more than just the show itself,” Sean McCormick, Vice President of Business Development and Data Services at Moneris, said in a news release on Thursday.
"Moneris’ data shows a significant week-over-week increase in international spend across a variety of categories. Tourists extending their stay may have added shopping to their itinerary as spending at accessory stores more than doubled, and clothing stores were up over 80 per cent."
King and her group's friendship bracelet-making supplies for the 'Eras Tour,' which she says cost them each at least $50. (Steffani King)
City of Toronto officials had previously estimated that the concerts would bring approximately 500,000 visitors to the city.
The report's figures are based on week-over-week spending volume in downtown Toronto and credit and debit card transaction data.
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