ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Taylor Swift's Shows Expected To Bring $48 million to Cincinnati

Even those who won't be attending the concerts will likely benefit from the increased spending and job creation associated with the event.
PUBLISHED JUN 23, 2023
Image Source: GettyImages/Kevin Winter
Image Source: GettyImages/Kevin Winter

Taylor Swift is all set to perform in Cincinnati at the end of June bringing entertainment and big economic push to the region. There is a lot of excitement among local businesses as her concerts are expected to add as much as $48 million to the revenue. Even those who won't be attending the concerts will likely benefit from the increased spending and job creation associated with the event, according to FOX 19.

Huge concerts are real money generators. The recent Renaissance World Tour by Beyoncé pushed up prices of hotels and other services in Sweden. In fact it is being said that Beyonce single-handedly increased inflation in Sweden. Fans, mostly from the US flew to the Scandinavian country as the ticket prices were cheaper in comparison to the US leg of the tour.

The Visit Cincy and the Cincinnati Regional Chamber's Center for Research and Data are optimistic that the city can expect a substantial economic boost as a result of these performances. Over 130,000 enthusiastic concert attendees are expected to flock Downtown Cincinnati for the shows at Paycor Stadium over the June 30 weekend.

Alongside Swift's concerts, the presence of the Reds and FC Cincinnati sports teams will contribute to an estimated total economic impact of $92 million for that weekend. Visit Cincy reports that $48 million of this amount can be directly attributed to Swift's concerts, according to Fox 19. Without the concerts, the region would typically generate around $44 million on a June 30 weekend with other activities happening in town.

Image Source: GettyImages/Kevin Winter
Image Source: GettyImages/Kevin Winter

The substantial economic impact stems from various sources of expenditure. Visitors will spend money on hotel rooms, concert tickets, transportation costs, and food and beverages throughout the concert weekend. It is projected that regionwide hotel occupancy will reach an impressive 95%, reflecting the high demand generated by the influx of concertgoers.

The Taylor Swift concerts have the potential to support or create 724 jobs in the region directly, and an additional 178 jobs indirectly. This means that not only will the local economy benefit from increased revenue, but job opportunities will also be generated, providing employment to many individuals. The influx of visitors and concert attendees is expected to generate tax revenue amounting to approximately $3.8 million, including $1.6 million captured locally. These funds can be utilized to support local infrastructure, services, and other community initiatives.

Image Source: GettyImages/Kevin Winter
Image Source: GettyImages/Kevin Winter

While Downtown Cincinnati will experience the most significant impact, different businesses in the region can expect to see increased revenue. The Cincinnati Regional Chamber emphasizes that the event demonstrates the region's ability to attract and accommodate large-scale events effectively.

Brendon Cull, President and CEO of the Cincinnati Regional Chamber, notes that the city is uniquely positioned as the center of a densely populated larger region, with approximately 20 million people residing within 200 miles. The simultaneous occurrence of the concerts, Reds homestand, and an FC Cincinnati game will showcase Cincinnati as a world-class city capable of hosting multiple major events simultaneously.

Image Source: GettyImages/Kevin Winter
Image Source: GettyImages/Kevin Winter

To put the magnitude of this economic impact into perspective, the estimated economic impact of BLINK 2022, another major event in Cincinnati, was $122 million. The Taylor Swift concerts, with a projected impact of $48 million, will undoubtedly contribute significantly to the region's economic vitality.

Looking ahead, hosting high-profile events like these not only boosts the economy but also promotes the city's reputation as a desirable destination for entertainment and cultural experiences. Cincinnati has proven its ability to attract large audiences, and provide the necessary infrastructure and resources to accommodate such events successfully.

MORE ON MARKET REALIST
With a tiny margin of four steps, the player won prizes worth $8,000 after a tense game.
10 hours ago
The recall was issued amid reports of multiple deaths and over a dozen illnesses across 13 states.
14 hours ago
The player celebrated her way to the stage and then got more than one reason to celebrate.
16 hours ago
The investment turned out to fruitful as 'Simple Sugars' went on to make millions.
1 day ago
The long time host of the show expressed his love for the cast members of the show.
1 day ago
Fans took to Reddit to blast both the Bonus Round puzzle and Seacrest's mistake.
2 days ago
In the end, the founders of Turbo Trusser couldn't 'chicken out' of a deal with Chef Wonderful.
2 days ago
The entrepreneurs impressed all sharks with their chocolate flavored birthday treats.
3 days ago
The pristine collection of 'Magic Trading Cards' blew away the expert too.
3 days ago
The player's team members and Harvey kept laughing uncontrollably.
3 days ago
The autographed 1919 Cincinnati Reds Championship baseball turned out be a great investment.
3 days ago
The two cunning Sharks worked out a creative deal for the innovative product.
4 days ago
The guest was surprised that the person gifted her such a precious item.
4 days ago
The founders of "Slick Barrier" chose to put the Sharks in harms way to demonstrate their product.
5 days ago
The item that was rejected by the guest's family turned out to be worth tens of thousands of dollars.
5 days ago
Even host Drew Carey noted such a win hadn't happened since he took over the show in 2007.
5 days ago
The guest who paid $7,000 for the collection was delighted to get a hefty return.
6 days ago
The 30-year retired veteran literally "aced" the card game to win a brand new Kia car.
6 days ago
The guest was beyond delighted to find out that her grandmother's gift was worth thousands.
6 days ago
The item was a sculpture made by Noah Purifoy Watts using nothing but debris.
7 days ago