Question of the Day: What was the estimated dollar amount of the economic impact generated by Taylor Swift's concert in Santa Clara, CA?
Where the biggest superstars in the world go, spending follows...
Answer: A whopping $33.5 million
- What are some different ways you can think of that this concert would have generated economic impact?
- How might this injection of money into the local economy affect things like local businesses, job opportunities, and infrastructure development?
- Are there any potential drawbacks or negative effects associated with hosting large-scale events like Taylor Swift's concert?
Behind the numbers (KRON4):
"Swiftie or not, pop star Taylor Swift is undeniably a money magnet — and new financial figures show a massive boost for Silicon Valley’s economy from the artist’s two-day stop at Levi’s Stadium. Dan Rascher, president of Sports Economics, LLC, who analyzes the business of sporting events and concerts, told San Jose Spotlight that 60,000 swifties packed the stadium July 28 and 29 for Swift’s Eras Tour.
Rascher said 70 percent of attendees were out-of-towners, higher than the average 50-65 percent visitors Levi’s Stadium typically sees. Traveling swifties spent $19 million on lodging, food and entertainment in Santa Clara County through the pop star’s tour stop, he said, who’d already coughed up sometimes thousands of dollars for tickets.
'That leads to a total economic impact of around $33.5 million,” Rascher told San Jose Spotlight. “That money gets respent in town over time, and that usually takes a few months.'"
Uber drivers probably had their hands full that night. Try this Uber driver simulation in the NGPF Arcade to see how you'd do in the driver's seat.
Want to learn more about the rationale behind our financial decision making? Check out NGPF's Behavioral Economics unit.