Written by Nicole Hsieh
The little diva Taylor Swift’s concert tour has become a hot topic. Bloomberg, a well-known media outlet, commented that Taylor Swift’s concerts have evolved into a phenomenon of “Swiftonomics” in the post-epidemic era. What is Swiftonomics?
Taylor Swift’s every move is a topic of conversation. Recently, a total of 52 Taylor Swift concerts were held in 20 cities. Not only was the ticket sales website paralyzed due to ticket robberies, but it was also rated as “Taylor Swift” by the well-known media Bloomberg Many economists believe that the “Swiftonomics” effect is a representative phenomenon in observing consumer behavior in the post-epidemic era. As soon as the article was published, the media also caused a lot of analysis and comments on what exactly “Swiftonomics” is. )?
The little diva Taylor Swift was originally going to start the “Lover Fest” tour in 2020, but it was postponed due to the impact of the epidemic. She finally started “The Eras Tour” in March 2023 with a series of 52 performances, each of which is about 3 hours and 44 tracks. Many fans on the Internet praised it as the most complete immersive experience since Taylor Swift’s debut. They even said that the ever-changing lighting and stage effects in this concert almost changed the stage every time a song was changed. You even It’s hard to tell that the two songs before and after were performed at the same concert and received high reviews. After this concert went on sale at the end of 2022, the ticket sales website sold 2.4 million concert tickets on the first day, setting a record. The website was also paralyzed due to a large number of fans rushing to grab tickets. The resold scalper tickets even shouted 4 on the Internet. The extremely high price tag of 10,000 US dollars, equivalent to approximately NT$1.23 million, is shocking.
The contact lenses I saw at the concert were priced at NT$300,000
In addition, Taylor Swift has brought in a lot of money to the cities she visited during her tour. Daily Mail reported that the cost of a night in a hotel in the cities she visited has even tripled. Some Taylor Swift fans recorded videos on Tik Tok and said that in order to watch the concert, they spent a total of more than 3,000 US dollars per night, equivalent to approximately NT$92,383, on transportation, accommodation, clothing, etc. After watching the concert, fans half-jokingly offered to sell contact lenses “after watching Taylor Swift’s concert” for $10,000. Forbes estimates Taylor earned between $500 million and $1.5 billion from the concert. Why are fans willing to spend huge sums of money for Taylor Swift? Of course, Taylor’s charm is amazing, but according to the opinions of economists compiled by Bloomberg, this actually means a certain kind of consumer behavior in the post-epidemic era, which they call “Taylor Economics” (Swiftonomics).
What is rock economics?
The term “Swiftonomics” may be inspired by “Rockonomics”, which was mentioned in a speech by the late Princeton University economist Alan Krueger. concept, he also elaborated on the argument in a book published in 2019: The current situation of the rock music industry is exactly like the modern economic dilemma, including the huge gap between rich and poor, only the hottest celebrities win all the wealth and popularity, etc. And try to analyze how the middle class or the general public can survive in such an environment.
Soaring desire and demand after the epidemic
However, although the name is similar, Swiftonomics describes a post-epidemic economic status quo. According to Bloomberg, the reason why Taylor Swift fans are willing to save money and spend tens of thousands of dollars to watch a concert, and to get a concert spot at all costs, is actually a reaction to the epidemic era: in the post-epidemic era At this time in the era, although the public can expect the coming economic recession, they still inevitably have the desire to buy back the happiness they were forced to sacrifice during the epidemic at all costs. Bloomberg described: “Surge in demand, limited supply, price gouging and monopoly disputes, customers are willing to pay almost anything, this is Swiftonomics.”
Want to spend money to buy back the happiness I missed
At this time when they can take a breather under the pressure of the epidemic, people from Generation Z or Millennials have finally looked forward to the long-awaited superstars and entertainment, and they have unprecedentedly high deposits in their accounts, so they are willing to spend a lot of money at this time, Bloomberg Melissa Kearney, a professor of economics at the University of Maryland, is quoted as saying: “Pandemics have changed the way people think about what is really important to them and what brings them happiness. They want nothing more. .”
Swiftonomics has become a consumption behavior model in the post-epidemic era. No matter what, you want to buy back the happiness you missed during the epidemic, such as overseas travel itineraries and air tickets. However, subsequent consumption power and prosperity may have to Long-term observation.
[This article is provided with authorization from Tatler Taiwan. Please do not reprint without authorization!]
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Tags: Economic Phenomenon Swiftonomics Taylor Swift Concert Taylor Swift Concert Swiftonomics economic phenomenonSpending NT1 .23 million tickets wearing contact lenses NT300000 spending lot money happiness missed epidemic-