Swiftonomics have kicked in locally as Taylor Swift’s second leg of her Eras Tour was set to kick off in Toronto Thursday with the first of her final three shows at Rogers Centre running Nov. 21-23.
Moneris, Canada’s leading payment services provider, reports that during Swift’s first three shows at Rogers Centre from Nov.14-16, spending in downtown Toronto was up by 57% week-over-week across all categories.
The company also reports international spending more than doubled (+126%), with tourists particularly drawn to movies and theatrical productions, which saw increases of 505% and 174% respectively.
There was also a 32% rise in clothing store sales and a 78% boost in accessory stores while restaurant spending remained stable (+2%) but snack shops saw notable increases (+61%), suggesting concertgoers favoured quicker dining options.
“We’re three shows in and it looks like Toronto’s getting good karma,” said Sean McCormick, Moneris VP of Business Development and Data Services, in a statement
“Based on Moneris’ data, total spend in downtown Toronto is up over 50% week-over-week. And that’s a significant increase. Toronto is one of the biggest media markets in North America, so it takes something truly special to stand out, and this concert tour is exactly that. We’re all enchanted by the concert, but tourists especially. Foreign spend in downtown Toronto during the first three shows more than doubled week-over-week.”
The figures are based on week-over-week spending volume in downtown Toronto and week-over-week compares to the same day the week prior.
Moneris spending reports measure spending in Canada across a range of categories by analyzing credit and debit card transaction data.
The figures cited are derived from aggregated transaction data being processed by Moneris in the applicable categories.