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Applying the Theory of Swiftonomics to Liverpool’s Property Market

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    Taylor Swift’s Eras Tour Set to Boost UK Economy by Nearly £1 Billion

    In June, Taylor Swift’s Eras Tour will kick off its UK dates, starting in Edinburgh on the 7th. The popular singer has been gaining media attention recently not only for her cultural impact, but also her economic one, with research suggesting cities that play host to her Eras Tour performance dates see a significant boost.

    According to Time Magazine, the US leg of the Eras tour has grossed $2.2 billion in ticket sales, and was projected to provide a boost of around $5 billion in consumer spending. The magazine even goes as far as to say that if Taylor Swift were an economy, she’d be bigger than as many as 50 countries worldwide.

    After watching the economic reverberations of the US leg of the tour, experts started wondering about how the tour may affect the UK economy and the various industries and sectors within it.

    According to Barclays’ Swiftonomics Report, they calculated that the Eras Tour is expected to bring in almost £1 billion (£997m) to the UK’s experience economy. They expect each fan, or ‘Swiftie’, to spend £848 on tickets, travel, accommodation, outfits, and other expenses, which is more than 12 times the average cost of a UK night out (£67).

    The 15 performances across four cities will have a combined capacity of almost 1.2 million fans. The UK section of the tour consists of 8 performances at Wembley Stadium in London, 3 dates at BT Murrayfield Stadium in Edinburgh, 1 date in Principality Stadium in Cardiff, and 3 performances at Liverpool’s Anfield Stadium.

    Dr Peter Brooks, Chief Behavioural Scientist at Barclays, commented: “When it comes to cultural icons like Taylor Swift – like we saw with Elvis and Beatlemania in the 50s and 60s – supporters have such a strong connection to the artist and to the rest of the fandom that the desire to spend becomes even more powerful. For non-fans, £848 may seem like an enormous amount to splash out on a concert – but for Eras Tour ticket holders, every pound they spend is an investment in the memories they’ll create.”

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      Liverpool Goes All Out For Swifties with ‘Taylor Town’

      Scouse Swifites were ecstatic to find out that Liverpool was chosen as one of just four UK stops on the Eras Tour.

      While all the cities on the tour are doing what they can to take advantage of the boost to the local economy that Taylor can provide, Liverpool is taking it a step further. Liverpool already has a reputation as a city of music, and last year’s Eurovision extravaganza proved this further, so it’s no surprise that Liverpool is going out of its way to make Swifities at home with the creation of ‘Taylor Town’.

      Between 8th and 16th June, the city will host a series of art installations, academic conferences and craft workshops among other attractions, all themed around Taylor Swift, in order to try to maximise the potential economic boost that the pop singer can bring.

      According to The Guardian, Liverpool authorities have been taking note of the economic impact of Swift’s European tour leg on its host cities for more than a year, and noticing that “wherever she goes, an entourage of adoring fans follow”.

      The positive economic effects of Taylor Swift’s tour on areas such as hospitality and retail are obvious and undeniable, but what about other sectors? Could Taylor Swift even give a boost to Liverpool’s property industry?

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      Can Events Like the Eras Tour Affect the Local Property Market?

      Large-scale events taking place in cities such as Liverpool can have both a direct and indirect influence on the local property market.

      The most direct impact of this tour in terms of the property industry will be felt in the short-lettings sector. As Barclays stated in their report, it is likely that the average fan’s biggest single expense will be accommodation for the night at about £121 per person. With tens of thousands of Swifities descending on Liverpool in June, it’s likely that short-term accommodation owners will already be benefiting from soaring demand for their Liverpool properties.

      But the wider Liverpool property market can also feel positive effects from events such as these. Firstly, the inclusion of Liverpool as a tour stop has already brought more attention to the city, as most big name performers will nominate Manchester or Leeds as their venue of choice in the North of England. Being included in the Eras Tour speaks volumes to Liverpool’s growing reputation as a major player in the North West, a role which has been forecast to lead to increased demand and potential rises in property values as more people view the city as a desirable place to live and work. We recommend reading our ultimate guide on the best way to invest 100k in property.

      This is also likely to encourage investment in the area, through the form of schemes and regeneration projects. Although Anfield Stadium is primarily a football ground, it has been announced that they hope for more global acts such as Taylor Swift to perform at the venue as part of their future plans. In order to accommodate for this increase in major events and the footfall they bring, the area is in line for massive regeneration such as the £4m Anfield high street revamp, and improved transport links such as the proposed tram system connecting Liverpool City Centre to Anfield.

      Regeneration is a major indicator of future capital value growth in local property. As the city’s attractiveness increases, typically so does demand for both property and rental homes.

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        Will the Tour Leave a Lasting Impact on the Liverpool Economy?

        It is clear that Taylor Swift’s appearances will provide a big short-term boost to the local economy and can directly or indirectly boost various sectors in Liverpool, including property.

        But looking beyond Taylor Town, it is likely that this continual investment and regeneration encouraged by such events as the Eras Tour will attract more events, which in turn will lead to more investment and economic benefits in the future.

        Local Liverpool authorities have shown that promoting Liverpool as a destination for big events and investment is a priority through the recent formation of a new board tentatively named the Local Visitor Economy Partnership (LVEP). They aim to position the Liverpool city region as one of Europe’s major events capitals, with the goal of delivering maximum economic benefit across all sectors, stemming from Liverpool’s worldwide visitor appeal. The board plans to champion the Liverpool city region as the foremost destination to visit, invest and stage major events in through a five-year destination management plan which will be launched later in 2024.

        Further Reading: To find out more about UK property hotspots, take a look at our buy-to-let area guides covering topics such as investment property available in Peterborough and available investment property in Cambridge.

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        Author

        Jessica Ferris

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        Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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