Category: Recession
Taylor Swift and ‘Barbie’ are helping the economy
When we think of economic indicators, our minds typically go to the state of the housing market, inflation or unemployment rates. Nevertheless, as of late, there have been some surprising economic drivers originating from unexpected sources. To understand this sensation, look no further than Taylor Swift’s “Eras” tour and the “Barbie” movie. The blowout success of Swift’s tour combined with the record-setting box office success of the “Barbie” movie is showing up in microeconomic aggregates. The Federal Reserve’s historic rate hikes haven’t brought on a recession yet. Right now, we’re sitting in what’s known as a “Goldilocks economy,” where it’s not too hot and not too cold. Currently, it looks like consumers are prioritizing experiences and entertainment over buying things. That’s evident when looking at Swift’s tour, which is estimated to generate $4.6 billion in consumer spending in the United States alone1. Fans of Swift are spending money on hotel rooms, merchandise and dining out at restaurants. Some fans are dolling out money for custom outfits, manicures and hairstyles. Businesses are also creating special Swift-themed items for fans to buy. Fans are even visiting local museums, which led to The Country Music Hall of Fame having the best month in its 65-year history. The museum sold 114,000 tickets the month Swift had her Nashville
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