Taylor Swift’s much-anticipated six-show stop in Toronto as part of her Eras Tour brought more than just music to the city. Over a ten-day period, spending in downtown Toronto surged by an impressive 45% week-over-week, according to data from Moneris, the Canadian commerce provider. The concerts, which concluded on November 23, provided a significant boost for retailers, restaurants, and other businesses, illustrating the power of large-scale events to drive local economies.
Retailers Strike Gold with Taylor Swift-Inspired Shopping
Retailers in downtown Toronto saw the biggest gains during the ten-day period, with clothing stores reporting a 49% increase in spending and accessory and specialty stores seeing a staggering 102% surge. Fans flocked to stores to shop for concert outfits inspired by Taylor Swift’s iconic “eras” or to purchase memorabilia.
“Tourists extending their stay may have added shopping to their itinerary as spending at accessory stores more than doubled, and clothing stores were up over 80 per cent,” said Sean McCormick, Vice President of Business Development and Data Services at Moneris. “This highlights how the spillover effect of such events can benefit businesses beyond the concert venue.”
Downtown malls and standalone boutiques became hotspots for Swifties, while international visitors contributed significantly to these figures. Foreign spending during the period rose by 48%, with U.S. travellers driving 83% of this increase.
Restaurants See a Moderate Boost from Extended Stays
Toronto’s restaurant scene also benefited from the influx of concertgoers, though the growth was more measured than in retail. During the first three concerts, spending at restaurants increased by only 2% week-over-week, reflecting capacity constraints at peak times. However, when the entire ten-day period was considered, restaurant spending rose by 12%, with foreign spending at eateries up by 57%.
“When we look at the tour’s full ten-day run, restaurants saw a more notable 12 per cent increase, with a 57 per cent increase in foreign spend,” McCormick noted. “The concert’s real impact for restaurants wasn’t making the busier days busier, but rather helping fill seats during off-peak days.”
Notably, bakeries saw a 54% growth in spending, suggesting that quick bites were a popular choice for concertgoers seeking convenience before or after the shows.
Entertainment and Hospitality Get a Lift
While Taylor Swift dominated the headlines, her fans also engaged with other forms of entertainment in the city. Spending at cinemas increased by 30%, and theatrical productions saw a 130% boost as visitors sought additional activities during their stay.
Toronto’s hotels reaped the rewards of the increased foot traffic, with overall spending up 16% and foreign spending on accommodations climbing by 45%. The impact of international tourists was evident across the board, underscoring the importance of catering to their needs.
A Broader Economic Impact
The data demonstrates how large-scale events like the Eras Tour can have far-reaching effects on a city’s economy. For businesses, the concerts underscored the importance of being prepared for an influx of tourists. Offering payment solutions like Moneris’ Dynamic Currency Conversion, which allows customers to pay in their home currency, is one way retailers can better accommodate international visitors.
“Across key categories, foreign spend has contributed significantly to increases in overall spend,” McCormick explained. “Being set up to accommodate different currencies can give businesses an advantage by being able to better serve tourists.”
Lessons for the Future
As Toronto moves forward from this high-profile event, the data offers valuable insights for local businesses. The Eras Tour highlighted how sustained activity, spread over several days, can provide opportunities to capitalize on periods of slower foot traffic.
For retailers, restaurants, and other businesses, the takeaway is clear: events that draw tourists are not just about the main attraction but also about the additional experiences visitors seek during their stay.
As Taylor Swift bids Toronto farewell and moves on to her final Eras Tour stop in Vancouver, she leaves behind memories of unforgettable performances and an economic boost that will resonate with local businesses for weeks to come.
