'TSwift Lift' to bring an estimated $320 million to LA County
It's the final day of The Eras Tour and it seems Los Angeles County is feeling the "TSwift Lift" that accompanies it.
The phenomenon dubbed the "TSwift Lift," attributes an increase in a region's gross domestic product to Taylor Swift's concerts, which has taken the county by storm for most of the past six days.
According to California's Center for Jobs and the Economy, Taylor Swift's series of six concerts resulted in a $320 million increase to L.A. County's GDP and added 3,300 jobs as well as $160 million in earnings for businesses and the city. For perspective, Super Bowl 56 was forecasted to have an economic impact of $230 to $477 million to the county.
"Economic activity that's badly needed in Los Angeles," said financial expert Ron Lapsley. "As they try to continue to recover from the pandemic."
Lapsley is the president of the California Business Roundtable, which runs the Center for Jobs and the Economy. He added that the Eras Tour has brought in millions of dollars in tax revenue for the city and state.
"They're staying in Los Angeles. They're probably going to Universal Studios, certainly spending money in restaurants in addition to hotel rooms," Lapsley said. "They're making a vacation out of this as well."
According to the report, one survey showed that the average concertgoers spent over $1,300 on hotel travel as well as food and drink.
After a whirlwind and massive windfall for local businesses, the city of Inglewood expects to know the full economic impact in October when the quarterly sales tax numbers post.
