Taylor Swift's Dublin concerts boosted economy, according to Bank of Ireland survey
The latest Bank of Ireland Spending Pulse, which analyses debit and credit card spending, has highlighted the economic impact of Taylor Swift's three-day run of concerts in Dublin last weekend
Taylor Swift’s three Dublin concerts created a huge surge in spending in the capital, according to a new survey.
The latest Bank of Ireland Spending Pulse, which analyses debit and credit card spending, has revealed the economic impact of Taylor Swift's three-day run of concerts in Dublin last weekend.
Analysing June 27-30 card spend compared with the weekend before, Bank of Ireland said that spending among 13 to 17-year-olds soared by 63 per cent, while outlay amongst 18 to 25-year-olds spiked by 25 per cent and by 30 per cent amongst the 26 to 35 cohort.
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Beauty spa spending was up 34 per cent as 'Swifties' got ready for their big night out, while spending on Spotify streams increased by 20 per cent, and record stores recorded a 19 per cent spending boost.
Meanwhile, total social spending across Dublin in pubs, restaurants and fast food rose 13 per cent compared to the previous weekend.
Toll fee spending across the country's motorway network spiked by 20 per cent as people travelled from all corners to attend the concerts, along with other events in Dublin including the Longitude Festival, Shania Twain at Malahide, the Dublin Pride Parade, the family-friendly Kaleidoscope Festival and big matches at Croke Park.
The busy weekend in Dublin saw outlay on taxis rise by 8 per cent and bus lines recording a 5 per cent increase.
Owen Clifford, Head of Retail Sector at Bank of Ireland, said the impact of 'Swiftonomics' has been seen worldwide.
"We have witnessed the impact of 'Swiftonomics' across cities worldwide, and Taylor’s Eras Tour coming to Dublin was unlikely to make her an 'Anti-Hero' amongst business owners. A capital city event becoming the focus of national attention shows the range of her appeal, and the latest card spending insights reveal that her fans embraced the occasion and splashed out accordingly.
"Spending in central Dublin areas boomed last weekend as Pride revellers and GAA fans also joined the party, with a 144 per cent rise in Dublin 3 social spending catching my eye. Overall, the weekend’s festivities provide a tangible boost to a variety of sectors, and Taylor’s fans can only hope that they won’t have to wait another six years before she writes another Irish-themed ‘Love Story’."
It comes after Scotland enjoyed a boost to the economy thanks in part to Taylor Swift's Eras tour and the kick-off of Euro 2024.
The Scottish Retail Consortium (SRC) also said footfall in shopping centres "outperformed the national average".
Overall retail footfall increased in Scotland by 0.2 per cent in June year-on-year, up from minus 5.4 per cent in May, described as "significantly higher" than the UK average decrease of 2.3 per cent year-on-year.
Shopping centre footfall rose 1.2 per cent last month year-on-year in Scotland, 3.0 percentage points better than May.
The UK's general performance was described by the SRC as "weak" between May 26 and June 29.
Retailers in Edinburgh performed better than Glasgow over the month, which was attributed to Swift's concerts at Murrayfield and the Royal Highland Show.
Footfall in Edinburgh increased 2.4 per cent year-on-year, while in Glasgow it rose by 2.2 per cent - however Belfast saw the most growth overall in the UK at 3.7 per cent.
Ewan MacDonald-Russell, deputy head of the SRC, said: "A modest 0.2 per cent uplift in Scottish shopper footfall in June was nonetheless the best of a weak set of figures across the UK.
"A welcome combination of concerts, events and the Euros offset the cool weather to encourage Scots to visit retail destinations.
"Shopping centres outperformed the national average, with a 1.2 per cent increase.
"After a difficult run, Glasgow saw its first increase in footfall this year with a 2.2 per cent increase, hopefully a sign that a stronger summer performance may be ahead after a difficult first half of 2024.
"Edinburgh narrowly pipped that performance with a 2.4 per cent increase, in part from the Royal Highland Show and Taylor Swift's concerts, continuing a solid series of figures.
"Despite this stronger performance, high streets remain in a parlous condition. As we move into the summer holidays retailers will be hoping for a sustained improvement in footfall to help offset the previous difficult months.
"They'll also be hoping that the end of the General Election will mean the new UK government can work with the Scottish Government and local authorities to prioritise economic growth."
Andy Sumpter, retail consultant at Sensormatic Solutions, said: "June's footfall saw an improvement in performance compared to last month.
"With the rain finally giving way to drier and sunnier weather, this, along with events including the start of the 2024 Euros and Taylor Swift's Eras tour, helped to deliver an ambient boost to shopper traffic, pushing Scottish footfall to its highest recovery since September 2023.
"Retailers will be hoping that major sporting events, including Wimbledon and the Paris Olympics, provide positive opportunities to entice shoppers into store."
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