The economics of Taylor Swift

21 June 2024 - American pop star Taylor Swift brought her wildly successful Eras Tour to the UK in June. The Eras Tour, which happens to be the highest-grossing tour of all time, has been featured in Edinburgh, Liverpool, Cardiff, and London so far. Over 88,400 people attended the three-hour concert in London, with tickets ranging from GBP 50 to GBP 164. Earlier this year, the 'TSwift Lift' (or the economic boost from the Eras Tour) caused a diplomatic rift in Southeast Asia when Singapore was the only country from the region to be included on the tour. Officials from Chile, Canada, Hungary, and Taiwan requested that the tour stop in their respective countries. The tour was also credited for remedying some of the effects of the Covid-19 recession in the US, which boosted the GDP by 4.3 billion dollars.

Like the other tour stops, London was not immune to 'Swiftmania.' The tour is projected to inject GBP 253 million into London's economy. The excitement was palpable as fans braved a heatwave to queue up on the eve of the concert, all in the hopes of securing front-row seats. 

PRIVATE JETS FOR TAYLOR SWIFT

Swift, a newly minted billionaire, has recently come under fire for excessively using private jets for short-distance flights, which will undoubtedly worsen climate change. Fans, journalists, and environmental activists have denounced Swift's flight history. They have used this discourse as a springboard to discuss the unfair burden placed on regular citizens to reduce their carbon footprint while simultaneously being unable to escape the effects of climate change in the same way the wealthy have managed. 

On 21 June, Swift became the target of a Just Oil protest, as activists vandalised her private jet with spray paint at Stansted Airport in London. That same day, other headlines in the UK discussed soaring temperatures, soaring prices, and the upcoming 4 July election- during which the cost of living crisis and climate change have become important talking points. As the heatwave ravaged the country, an already overburdened NHS saw an increase in patients suffering the effects of rising temperatures. 

WHAT TAYLOR SWIFT EARNS IN COMPARISON TO ORDINARY WORKERS

According to WageIndicator's VIP salary database, Swift earns GBP 72 million annually. On the other hand, nurses in the UK earn an average of GBP 28,760 per year, while environmental or climate scientists in the UK earn GBP 27,000 a year on average. The cost of living crisis in the UK, which has persisted since 2021, has driven many nurses and healthcare professionals who are underpaid and overworked out of the industry. In November 2022, NHS nurses and other medical personnel went on strike. A recent study found that six out of ten NHS nurses relied on credit to make ends meet. The cost of living crisis has been and will continue to be affected by climate change as high energy costs, increased insurance, and health expenses, reduced agricultural output, and fluctuating house prices place an additional financial strain on households, further complicating economic stability and quality of life in the UK.

SOCIO-ECONOMIC AND ENVIRONMENTAL DISCOURSE

Swift's Eras Tour has not only captivated audiences with its spectacular performances but has also catalysed socio-economic and environmental discourse. The tour's impact extends far beyond music, as it has also highlighted the disparities in wealth and climate change responsibilities. Click here for more celebrity and VIP salaries.