A Taylor Swift event is always bound to make some kind of economic impact, and her newest album, The Life of a Showgirl, is already weighing in.
Thousands of fans decided the midnight (New York time) release Friday was reason enough to miss work.
For the pop star’s most passionate followers, there were various ways to spend the day reveling in the 12-track album — at officially sanctioned “release parties” at AMC movie theaters, branded pop-up stores with photo-ops or homegrown parties where fans could gather to listen and celebrate among other Swifties.
News channel 9 News Australia reported from a Swift listening party where fans, decked out in sequins and boas, obscured their faces because they were “meant to be at work.” One woman told the camera she took a half-day to come out and celebrate.
Swift’s star power affects multiple economic levers. While absenteeism may hurt employers, consumer spending may be up. Select Target Corp. stores around the country stayed open past midnight, selling a special edition vinyl record in pink and pale yellow and other exclusive items the retailer suggested would make “truly special” holiday gifts. And with the particularly glamorous theme of Showgirl, fans are already drooling over the fashion moments of the latest album art.
Swift’s Eras tour of 2023-2024 generated total consumer spending in the US of $5 billion over six months, of which $2 billion was retail sales, according to analysts at Nomura Securities.
“I do think there’s money being spent in the economy this weekend specifically related to this album release and the official release party movie,” said Misty Heggeness, associate professor in the school of public affairs and administration at the University of Kansas and author of the forthcoming book Swiftynomics: How Women Mastermind and Redefine Our Economy. “We can assume there are small businesses, restaurants, bars and other places that will see an increase in revenue because people are out to celebrate in a group the release.”
