Taylor Swift’s Eras Tour has well and truly been the talk of the town, but how much has the superstar’s fandom impacted retail? Retail Week explores Swiftonomics’ big retail hits.
Consumers are forecast to spend nearly £1bn attending Swift’s tour this summer, according to Barclays. So, despite Keir Starmer’s entry to Downing Street, the cost-of-living crisis and a big summer of sport, Taylor Swift’s Eras Tour is likely to be the biggest retail event of the summer.
With almost 1.2 million Swifties flocking to Edinburgh, Cardiff, Liverpool and London to watch the stadium tour in the UK, which kicked off on June 7 and wraps up on August 20, the economic influence of Taylor Swift (or ’Swiftonomics’, as some have dubbed it) has been a hot topic.
On track to be the highest-grossing global concert tour of all time and with Barclays predicting fans spend around £848 on travel, outfits and other expenses, there’s no doubt that Swift’s visits to the UK are having an impact.
But just how much of an impact has she actually had, what can be expected from the five Wembley Stadium tour dates yet to commence and what can retailers learn from the phenomenon?
The Taylor Swift effect
Despite it being the wettest June in years and a dull start to the summer season, there’s hope for retailers when Taylor Swift is in town.
According to data by MRI Software shared with Retail Week, Cardiff and London have seen the biggest impact in terms of footfall to date. During the week commencing June 16, when Swift played one night in Cardiff followed by three in London, footfall was up by 11.4% and 16.3% week on week, respectively.
In Scotland, the impact was also significant. During her three concert dates at Murrayfield Stadium in Edinburgh, the city’s lifestyle district – St James Quarter – saw a 12.5% lift in footfall, with retail sales also up 9.8% year on year.
MRI Software head of marketing Jenni Matthews says the ‘Taylor Swift effect’ is far from a fad, given the singer has already generated hundreds of millions of pounds for the UK economy.
“The Taylor Swift effect was especially noticeable in Wales’ high streets. This is likely to have been spurred on by Swifties descending on London and Wales as the Eras tour arrived in these areas, and by people possibly extending their stays beyond the tour dates,” she said.
“A strong week for UK’s high streets meant that footfall was 1% higher than 2023 levels but declined in retail parks by 1.1% and 2.8% in shopping centres. This week alone highlights the positive impact of such events on towns and cities in terms of driving visitors and providing a significant economic boost.
“The Eras Tour is believed to have contributed £300m to the London economy alone.”
A fashion moment
It’s been a damp season for retailers far and wide, but fashion has taken a bigger hit than most. Despite shoppers holding back on spending on their summer wardrobes, this hasn’t stopped the Swifties from stepping out in style.
New data from the first set of UK tour dates shows that friendship bracelets, cowboy boots, sequin skirts and dresses became the de facto uniform for concert goers, with search data platform Metis recording a 65% surge in searches for friendship bracelets as well as 33% and 65% increases in searches for boots and sequin skirts, respectively.
A favourite among Swifties has, of course, been global fashion retailer Primark, with its city stores based in the tour’s locations seeing an uplift in sales in the ever-popular clothing, footwear and accessories categories.
A Primark spokesperson told Retail Week that a variety of colours of cowboy boots have been a hit and accessories including belts, sunglasses and scrunchies flew off the shelves, as well as more practical concert essentials such as power banks and cables.
Sales of Primark’s Kansas City Chiefs license products, including football jerseys, have also surged, which the retailer said “pays homage” to Swift’s American footballer boyfriend Travis Kelce.
Another retailer that has enjoyed a significant Taylor Swift boost is Argos. A spokesperson for the retailer said searches for friendship bracelet kits were up 375% from May to June, demonstrating that not only have customers been buying clothing and accessories but also making their own.
Insight from Similarweb echoes this, with ‘Eras Tour outfits’ searches favouring DIY and customisation options as well as the big brands. Similarweb’s data reveals that customisation platform Printerval UK captured 7% of the traffic from searches in June, the second highest behind Boohoo and ahead of the likes of Amazon, Asos and Shein.
So, with fashion evidently being a core element of the Eras Tour and for those attending, it has given the sector a much appreciated boost.
Are you ready for it?
Despite the hundreds of millions of pounds generated already, there are five more UK dates to go. This can be seen as an opportunity for retailers across the board as there’s time left to jump on the bandwagon and get a final squeeze out of the Taylor Swift phenomenon.
Alongside an immediate uptick in footfall and sales, are there more long-term lessons that the retail sector as a whole can learn from Swift’s 2024 world tour?
Kantar fashion client manager Scarlet McNicol says retailers must monitor general trends and be aware of the buzz around certain events, but also ensure they tailor their offer to the right customers, making it easy for them buy into.
“The buzz around the Eras Tour has shown Taylor Swift’s ability to set trends, boost brands’ popularity and support the retail sector,” she said.
“There’s a real opportunity for brands to benefit from Swifties’ desire to emulate her iconic looks. But first retailers need to understand their audience – consumers aged 25 to 34 are the key drivers of the Taylor Swift effect, and so they’re the most important ones to reach.
“In terms of boosting sales and capitalising on the Swift phenomenon, it’s all about good retail curating: making it really easy for shoppers to find and buy her styles, whether in store or online.
“Brands should harness their social media platforms to share outfit inspiration and fashion tips for fans, using clever hashtags to drive engagement and build a sense of community.”
No comments yet