#ConsumerCorner: How the Swifties could help prop up the summer of sport

The summer of sport is now upon us and retailers and pubs are gearing up for what they hope will be a busy season after the disappointment of previous major tournaments and events taking place either in the winter or during the Covid lockdowns.

But away from the sport, those hoping to win over consumers might want to look to another source of income to boost their bottom line – music concerts.

For anyone living under a rock the past few weeks, Taylor Swift has graced these shores with her Eras tour, culminating in packing out Wembley Stadium over the weekend.

Some analysts reckon this has given the economy a £1billion boost, as Swifties splash out for tickets, accommodation, transport and food.

Whether or not the figure is as high as £1 billion, there is definitely an opportunity for any consumer-facing business looking to target a captive audience.

Artists are embracing live shows over big festivals this year, so much so that some festivals have been cancelled due to struggling to secure talent.

These events can generate huge revenues for the artists – Beyonce generated $42.5m from her five nights at the Tottenham Hotspur Stadium last year – and with this brings a boost to the local economies.

In fact, in Sweden, one Beyonce tour was so successful it was said to have caused a spike in inflation due to hotels charging higher rates for fans.

The benefit to local businesses can also be greater than traditional festivals like Glastonbury – which kicks off this week – because crowds are not crammed into a sealed off field.

A recent article by BBC News spoke to businesses in the local village next to Worthy Farm and found that whilst some of the clothes shops enjoyed a boost in trade from those heading to the festival with last-minute purchases, the hotels and bars barely saw any change.

But look at Wembley Stadium’s approach road from the tube station and it is adorned with bars, restaurants and shops, able to take a slice of the spending power that comes with tens of thousands of fans streaming to and from the Swift event.

The stadium will also host Green Day, Bruce Springsteen and AC/DC later this summer.

Hotels can be the big winners when a live concert comes to town, but so too can smart retailers who cater to the right demographic for each gig. And with the number of live concerts rising, there is certainly enough opportunities for those who plan ahead.

So, whilst in the past the retail and hospitality industry may have turned to the sporting schedule as a route to improving takings, perhaps bosses may be better placed to search the gig listings first and focus on taking a slice of the Swifties’ pie instead.