A breakdown of the incredible boost for the nation has been revealed
Taylor Swift and Scotland’s Euros heroes are set to spark a ‘gold rush’ – with a whopping £200m boost to the economy.
But the same number of music fans will be descending on Murrayfield this weekend for three successive sell-out concerts by American superstar Swift.
Recent data from Barclays revealed in their ‘Swiftonomics’ report showed that Taylor-lovers heading to the Edinburgh stadium are set to spend 12 times the average of UK night out.
Meaning they will be splashing a total of £848 on tickets, travel, accommodation, outfits, and other expenses.
Across the three nights of gigs, around 220,000 fans are set to pack out Murrayfield, bringing the economic boost to Scotland from Swifties alone to more than £185 million.
They’ll splash out on hotels, restaurants, pubs, and taxis that will make up for any economic drain caused by the German departures.
Meanwhile, pubs and bars are still set to do millions in roaring trade throughout the Euros, with non-traveling Tartan Army supporters packing out boozers for the big games.
Rich Robinson, Head of Hospitality & Leisure at Barclays, said: Scotland’s summer of sport and entertainment is great news for pubs and bars across the country.
In particular, venues near Murrayfield Stadium will be packed later this week, thanks to three performances of Taylor Swift’s Eras Tour attracting over 200,000 Swifties, of whom roughly four in five say they’ll spend money on drinks either before or after the concert.
Later this month, venues across the country will receive another uplift during Scotland’s group stage matches at the Euros.
Pub landlords will certainly be hoping that the squad can make it through to the last 16 and beyond, as each additional win will bring a boost to their bottom line.
Businesses across the hospitality and leisure sector will be looking to capitalize on these types of sporting and cultural events because consumers consistently show that they’re willing to spend more on unique and memorable experiences.
Boozers and shopkeepers are counting on the big hitters to avoid another tills bashing this summer.
And it comes off the back of retail sales dropping 0.5 percent in May compared to last year, which was boosted by the King’s coronation.
Ewan MacDonald Russell, Deputy Head of the Scottish Retail Consortium, said: Looking ahead, retailers will hope the upcoming run of major events, including the Olympics, European Men’s Football Championships, and a series of high-profile concerts, will kick off a brighter period of trading.
Retailers know all too well how cruel summer can be so will hope they can shake it off and be ready for it to be a potential gold rush to get out of the woods in the coming months.
A spokesperson for the Scottish Beer & Pub Association said: Many in Edinburgh and across Scotland are optimistic about the next few months though.
The Euros, followed by the Olympics and a hopefully good tourist season should hopefully lead to a bumper summer.
And a VisitScotland spokesperson added: Taylor Swift’s forthcoming shows in Edinburgh have created a real buzz in the capital but could have an impact far beyond the city boundaries.
Couple that with Euro 2024 starting next week, including organized fan zones across the country, and it could be a fantastic start to the summer season for tourism in Scotland.
Scotland meanwhile begins their Euros campaign in Munich next Friday, June 14, when they take on hosts Germany in the Allianz Arena.
Further matches against Switzerland in Cologne on June 19 and against Hungary in Stuttgart on June 23 could spark further spending by consumers here.
