Report: Taylor Swift concerts a $140M boost to Colorado economy
(The Center Square) – Taylor Swift's two upcoming Denver concerts will add an estimated $140 million in gross domestic product to the state's economy, a new report says.
Swift’s sold out shows at the 76,000-seat Empower Field July 14-15 are projected to generate $201.7 million in direct consumer spending, according to the Common Sense Institute's report, which summarized existing analyses, estimates and studies measuring the economic impact of Swift’s concerts throughout the U.S.
“Following the conclusion of the concert, local data and analysis will become more readily available shedding light on the fully realized economic impacts of the event,” the report stated. “However, based on already available reporting, the impact of Taylor Swift’s upcoming Denver stop will be historic.”
The report estimates Swift’s Denver shows will generate $38 million in ticket sales. In comparison, Red Rock Amphitheater, outside of Denver, sold 1.5 million tickets to events and reported total sales of $60 million in all of 2022, according to Outsider.
CSI used an average ticket price of $250 to determine the revenue estimate. The report noted a verified secondary market ticketing platform listed the highest-priced ticket for the July 14 show at $12,157 and $8,270 for the July 15 show. The lowest-priced ticket was $990 for the first show and $1,064 for the second. Tickets originally ranged from $49 to $499.
The organization estimates a significant amount of the money won’t enter the state's economy as Swift, her promoters, managers and others will collect and spend outside the state. The report said some of the money “will be in the form of displaced spending, essentially, if it had not been spent at the Eras concerts, it would have been spent elsewhere in Denver.”
Research by QuestionPro found those attending Swift’s concerts in Detroit spent approximately $1,300 per show, and if that level of spending continued throughout Swift’s tour, it would generate an estimated $5 billion in economic impact, or “more than the gross domestic product of 50 countries.”
During Swift’s three shows in Chicago, the city’s marketing organization told Forbes the hotel occupancy rate was 96.8 percent, an all-time high record. City tourism organizations where Swift performed also reported significant consumer spending.