In a tour lasting nearly 19 months, American pop star Taylor Swift has spent 12 months so far, not only captivating her fans across continents during this time but also influencing economic figures, prompting major governmental and independent institutions to reassess their calculations and closely monitor what Swift is doing to the global economy. This event raises questions about the impact of art and artists on the global economy and whether there is an Arab artist who can generate even a small fraction of Swift's economic influence.
The famous American started her concert tour, which lasts a year and seven months, from March 2023, and it will continue until December 2024, covering 146 concerts in stadiums, all of which were sold out in advance. The tour spans North and South America, Europe, Australia, Asia, and Canada—five continents in total. Swift's tour has led to increased consumption of food, hotel occupancy, dining, and travel to attend her shows, making hotel bookings the highest they've been since the COVID-19 pandemic.
Nomura Global Economic Research described the economic implications of Taylor Swift's shows as worthy of attention, noting that between the first and third quarters of 2023, her performances alone contributed to a 0.03% increase in nominal retail sales in the United States and a 0.02% boost in real GDP. In Japan, Swift's concerts accounted for 0.5% of nominal consumption growth, according to calculations from the Japanese bank. Cities that Swift visited experienced a 2.1 percentage point rise in inflation for accommodations during the month of her visit.
Swift's tour revenue is expected to reach one billion dollars, while she has already grossed over $190 million since the tour began, becoming the first artist to amass billionaire status "from music alone." The U.S. Federal Reserve referred to this phenomenon as the "Taylor Swift factor," with the bank's president stating, "We are witnessing a shift in spending from goods to services that we were talking about a year ago, with people traveling more, dining out, and attending art events."
Economists generally agree that both sports and art significantly impact national economies and consumer practices. However, this influence is usually cumulative and not easily observable. Yet, the intensity of Swift's tour, along with her vast fanbase, has led to noticeable changes in global and international figures.
In the Arab world, including Iraq, it is evident that the economic sector is affected by the sports sector. For instance, during the Gulf Cup 25 in Basra, everyone is aware of the crowds and consumption of food, hotel usage, and transportation by Gulf fans, as well as Iraqi crowds gathering from all provinces. The same goes for the World Cup in Qatar and the Asian Cup. However, questions arise regarding whether there is a similar impact from the art sector or any Arab artist at least on a regional level, if not globally.
There is a lack of data on the concerts held by major renowned artists and the scale of revenue or consumption and economic activity in the cities or countries where they perform. When discussing the potential influence of an Arab artist, names like Kazem El Saher and Amr Diab come to mind, as well as the popularity of Tamer Hosni. All these names have a certain impact and size upon the surrounding areas where they perform in terms of hotel reservations, restaurants, and transportation spending; however, this influence is not tangible or noticeable in terms of significant shifts in economic figures.
