Page 28 - Issue 56

ELITE VOL.1, Issue 56, june 2023
ELITE
VOL.1, Issue 56, june 2023

has been slowing down and fell to the Swift's three-night stop at Lincoln
lowest level since March 2021, months of FinanciaField as a boost to the local economy.
price jumps have generally pushed Despite the slowing recovery in tourism in the
consumers to be more careful in their region overall, one contact highlighted that
spending. Entertainment and other "fun" May was the strongest month for hotel

expenditures are usually the first to take a revenue in Philadelphia since the onset of the
hit during rough economic periods. An pandemic, in large part due to an influx of
earlier survey by CNBC found that more guests for the Taylor Swift concerts in the
than 92% of Americans cut back spending in city." Analysis from Moody's shows Swift's
some form amid inflation while 58% of those impact wasn't just a one-off in Philadelphia,
did so in their entertainment budgets. The either. Moody's had seen an increase in
success of "Barbie" and other movies also revenue per available room in every city Swift
has wider implications for the rest of the has stopped in that the firm tracks through its
economy. their snowballing popularity helps report's publication July 21. Eras is set to
with sales of not only the tickets themselves become the highest-grossing musical tour in
but also everything from toys, clothing, and history, boosting the economy of the cities in
other themed merchandise. The success of which Swift alights. More than just a series of
one fuel spending in the other. In addition, concerts, it’s become, like Barbie, a major
in the latest release of the Fed's Beige Book, cultural event, with fans also showing up in
the Philadelphia Fed highlighted Taylor carefully curated outfits and then making
TikToks of their ecstatic tears.

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