Taylor Swift to kick off final three Toronto shows as Eras Tour heads toward finale

But it’s also attracted a considerable number of fraudsters looking to capitalize on the demand by asking people to send bank e-transfers for fake tickets.

The Eras Tour has touched down in five continents and will have clocked nearly 150 performances by the time it’s over.

The concerts have left a big impression on the streets of downtown where fans gathered dressed in Swift-themed outfits to celebrate the singer.

Moneris said Thursday that during the first three shows from Nov. 14 to 16, spending in downtown Toronto increased 57 per cent week-over-week across all categories.

The payment services provider said international spending more than doubled as tourists flocked to the city, particularly drawn to movies and theatrical productions.

It added that Swift’s influence appeared to extend to retail, with a 32 per cent increase in clothing store sales and a 78 per cent spike in purchases at accessory stores as fans put finishing touches on their concert outfits.

However, Moneris found that restaurant spending remained stable, although snack shops saw a 61 per cent bump.

CIBC chief economist Avery Shenfeld questioned the overall impact of Swifties on economic activity, saying there’s “less than meets the eye” when it comes to earlier predictions that the concerts could bring hundreds of millions of dollars in tourist spending.

Shenfeld wrote in a note to clients this week that much of the fan revenue pouring into Toronto and Vancouver likely comes from Canadians from other parts of the country — visitors who may curtail spending when they return to their communities.

“The money that Emma and Claire saved up for flights to Toronto or Vancouver, tickets, meals and concert merch will eat into what they have left for other discretionary spending back home,” he said.

“Toronto’s gain might be Fredericton’s loss.”

He also suggested gross spending on hotels has been overstated because the rooms wouldn’t have all sat empty. He also said it’s unlikely that T-shirts and other Swift memorabilia getting a sales boost were manufactured in the country.

“Generating economic growth requires activities that create jobs that last more than a few days, which create ongoing income that can add to spending on a sustained basis,” he added.

“One-off events might, if large enough, create a blip, but one that gets reversed when the event is over, and the event-goers’ depleted savings or credit card bills need attention.”

This report by The Canadian Press was first published Nov. 21, 2024.

David Friend, The Canadian Press

by Canadian Press

Taylor Swift to kick off final three Toronto shows as Eras Tour heads toward finale

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