Taylor Swift’s Eras Tour is coming to Toronto next month and officials say the six-night residency could bring $282 million in economic impact to the city.
Destination Toronto, the city’s non-profit tourism authority, said $152 million of that money will come in the form of direct spending, with the lion’s share – 93 per cent– being spent by out-of-towners on things like hotels, dining, shopping, and local transportation.
The organization said the direct and indirect tax impacts of the concerts on November 14, 15, 16, 21, 22, and 23 at Rogers Centre are also expected to generate nearly $40 million in tax revenue across all three levels of government.
“These economic impact numbers show that Taylor Swift and the Eras Tour will have an enormously positive and significant economic impact on Toronto and our local economy,” Mayor Olivia Chow said in a statement accompanying the news release issued Tuesday. “Toronto is excited to welcome another major event this November that will contribute millions of dollars in direct spending and support local businesses and jobs.”
The sold-out concerts come at an opportune time in the city, Destination Toronto said, adding that business travel is starting to wind down for the year and the holiday travel season has not yet picked up.
In fact, as of Sept. 29, the tourism group said hotel bookings for the Eras Tour dates in the downtown area are up 83 per cent and up 36 per cent across the city, year-over-year.
It’s estimated that 240,000 Taylor Swift fans will flock to the six dates next month.
Destination Toronto noted that the cost of a concert ticket and airfare were not included in their economic estimates, as those revenues are not felt by the local economy.