Although the singer is taking Europe by storm, 'Swiftonomics' is not actually real – once the excitement wears off, one may need a magnifying glass to spot the economic benefit
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It is hoped Swift, along with the Olympics Games in France and the Euro 2024 soccer championship in Germany will provide a shot in the arm for a continent that has just skirted recession for most of the past two years and badly lagged the United States.She may be a megastar revolutionizing the music industry, but once the excitement wears off, you will need a magnifying glass to spot the economic benefit.
“This extra turnover is a great weekend boost for Stockholm and in particular, its tourism sector,” says Carl Bergkvist, the Chief Economist at the Stockholm Chamber of Commerce.Hotels and restaurants made a killing and even cowboy hat sales surged 155%, the Chamber estimates. “There is copious research in the run-up to big events outlining the economic benefits but after the fact you need a magnifying glass to find these so-called benefits in the numbers,” Brzeski said.They are boon for restaurants, beer sales and sellers of “merch” but do not durably affect consumption patterns.
Danske Bank’s tongue-in-cheek “draft beer index” showed massive surges when Denmark played its previous European Championship – topping out at a 106% rise in pub and restaurant receipts for a game against England compared to the usual take.
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