If the 21st century belongs to women, then 2023 may stand out as the year in which girls unleashed their economic power.
This year, women's spending became a major force, impacting the economies of cities and entire countries. In May, Beyoncé singlehandedly raised inflation in Sweden as adoring fans from around the world gathered to kick off her Renaissance World Tour, driving up prices for things like hotel rooms and restaurant meals.
Michael Glahn, chief economist at Danske Bank, said this led to higher inflation in Sweden in May. “As a single event it's absolutely amazing. I've never seen this before,” Grahn told the Financial Times.
The Girls' spending also made history at the box office. Hordes of young women dressed in pink flocked to theaters to see Barbie, making the film the highest-grossing film of the year in the United States and around the world. The film set a box office record for Warner Bros., surpassing the Harry Potter films as the studio's biggest theatrical hit ever.
It turns out that when girls open their wallets, the economy gets a boost. Even the Federal Reserve took notice of their economic strength.
Taylor Swift's friendship bracelet trend boosts sales at Michaels stores
Taking full advantage of their experience, the women started all kinds of businesses, not just hot dog stands and hotels in and around the venue.
When Beyoncé asked her fans to wear silver outfits to her show, “We'll be surrounded by glittering human disco balls every night,” leading to a crazy rush for shiny costumes and funny things. It gave me a spur of the moment. Sales for small businesses selling silver, chrome, and sequins on Etsy skyrocketed.
A paint company sold out of a hot pink shade after running out of it on the set of the movie Barbieland. And in honor of Taylor Swift's lyric, “So let's make a friendship bracelet,” fans made handmade bracelets for Ella's tour and posted photos on social media. Michaels sales of beads and jewelry in his store increased by 300% in the days leading up to the concert, in tour destinations, and in Pennsylvania where he performed in Philadelphia and Pittsburgh, he increased by 500%. experienced an increase.
“This is evidence of women's purchasing power,” said Ed Tiryakian, a professor of finance and business economics at Duke University.
In a year driven by spending by women, the Taylor Swift phenomenon topped the trend. Her Eras tour surpassed her $1 billion in revenue for the first time in history before reaching halfway through her 151 performances worldwide. The tour will continue until 2024, with most performances announced overseas, with the exception of a few dates in the United States.
“If every Taylor Swift concert was like the Super Bowl, by the end of the 151 concerts, the total economic impact would be about $75 billion,” Tillakian said.
Girls can spend their time
Her fans are called Swifties, and they are known for spending a lot of money. Her show in Glendale, Arizona, brought in more revenue for the city's businesses than the 2023 Super Bowl, which was held at the same stadium.
The U.S. Travel Association said her impact on the local economy was “unprecedented” due to fans' insatiable demand and willingness to travel to her concerts. The group says Swifties spend an average of $1,300 per person in the local economy on travel, hotel stays, meals, and even merchandise and clothing.
That influence extends beyond her own show. When Swift started dating Kansas City Chiefs football player Travis Kelce, his games suddenly started seeing a huge increase in viewership. Notably, when Swift showed up to the game, that percentage jumped 53% among teenage girls ages 12 to 17.
The Kansas City Star reported that ticket resale platform StubHub “nearly tripled ticket sales and ticket searches for all Chiefs home games for the remainder of the season.”
Scholars have noticed. Universities from Harvard to the University of Texas offer courses on Swift. UC Berkeley has an entrepreneurship class in its business school, and the University of Delaware has an economics course based on her career.
World leaders begged Taylor Swift to perform in their countries
World leaders are eager to join the Swift economy.
“I know you are welcome everywhere in Canada…I look forward to seeing you soon,” Canadian Prime Minister Justin Trudeau said in a social media post.
Chilean President Gabriel Borich, a self-proclaimed Swiftie, shared in a YouTube video that he reached out to Swift. “I wrote her a letter a while ago. Let's see if she responds so she can join us on a Latin American tour someday.”
One Australian politician even took it to a new level and lamented Swift's appearance. “Please, please, please, please, if you have to, take a knee and come to Queensland,” MP and former House Speaker Andrew Wallace said.
It's time to reevaluate economic powers
Beyoncé's tour has focused on celebrating the Black and LGBTQ+ communities. This encouraged participants to shop at Black-owned businesses and feel “like Beyoncé.”
Her Renaissance World Tour has led some to reassess the economic power of her large black female fan base. They and other fans spent huge amounts of money not only on tickets but also on flights and hotels to see Queen Bey perform.
According to the New York Times, Beyoncé's tour brings in an estimated $4.5 billion to the U.S. economy, about the same amount as the 2008 Olympics brought to Beijing.
This economic power will only continue to grow.
This spending is driven by the fact that more women are working and their lives are better. This year, the percentage of women working in the U.S. hit a record high.
Moreover, young women in urban areas are also doing well. A Pew Research Center analysis of Census Bureau data shows that women under 30 earn more than men in 22 major metropolitan areas, even though women earn less than men nationally. It is said that they earn about the same amount of money.
Not only are far more women than men enrolled in college, but they are also more likely to graduate. Among young adults between the ages of 25 and 34, women significantly outnumber men with college degrees.
Is there anything else I should do?
Of course, women still face prejudice and are marginalized and ignored in many areas. They are twice as likely to be mistaken for someone younger than her or have comments made about their emotional state, and these can have large and lasting effects.
Women haven't broken much of the glass ceiling yet. Only 10% of America's top 500 companies have female CEOs. Women of color continue to be underrepresented in the upper echelons of powerful organizations.
But as the data shows, they are making great progress. And when possible, women are choosing to spend money on once-in-a-lifetime experiences, like a Beyoncé or Swift concert, or the chance to watch a girls' movie with their best friends, daughters, or grandchildren. .
Many people make large purchases such as houses, and single women accounted for 19% of all home buyers this year. This is noteworthy considering that until the 1970s, a man was required as a co-signer.
While there are still gaps to overcome, for now girls can enjoy the knowledge that the power of their wallets is shaking up economies around the world. [Copyright 2023 NPR]
