Updated February 7th, 2024 at 11:26 IST
Taylor Swift Inflation: Know how Taylor Swift is changing Gen-Z and millennial spending patterns
The fans have adjusted their spending elsewhere to afford the tour tickets and associated expenses, with billions more spent on transport and accommodation.
Taylor Swift Inflation: Finances are the last concern for Swifties when it comes to seeing Tay Tay 'shaking it off' in a live concert. They have time and again paid a fortune worth of money for her tickets, be it an Eras Tour concert or her 'Taylor's version' albums.
The 'spending pattern' of Gen-Z and millennial Swifties, where they are saving up and putting aside other expenditures to afford a big purchase, specifically when it comes to Taylor Swift, is termed 'Taylor Swift Inflation' or, as Swifties call it, Tay Tay inflation. The fans have adjusted their spending elsewhere to afford the tour tickets and associated expenses, with billions more spent by fans on transport and accommodation.
This was highlighted by the Reserve Bank of Australia Governor Michele Bullock on Tuesday, leaving the cash rate on hold at a 12-year high of 4.35 per cent. She suggested that Swifties who want to see their idol in concert simply save up and forego other luxuries in order to afford it, just like her children did growing up.
"I know all about Taylor Swift inflation as well. People are deciding what's really important to them and what's not as important to them, and clearly, for a lot of people, Taylor Swift is very important,” Bullock said, after the RBA had earlier held rates steady. Swift begins the first of seven Australian dates in Melbourne on February 17, on a tour where top-priced tickets cost A$1,250 ($814), and many fans are expected to travel long distances to attend, including from overseas.
Michael Johnson, CEO of Accommodation Australia, the trade body representing the hotel industry, said “phenomenal” demand from Swift’s tour had resulted in very high hotel occupancy rates in Sydney and Melbourne, the two cities Swift is playing in, and would likely benefit other hospitality sectors.
Published February 6th, 2024 at 19:22 IST