Executive Summary 

• Taylor Swift and Beyoncé’s world tours have both contributed significantly to the economy and given tourism among other industries and pre-covid level boost.  
• The Barbie movie has not only grossed a record-breaking amount worldwide but reinvigorated both the movie theater and film industries as a whole.  

• This economic high is not predicted to last into Q4 however going forward the buying power of young women should not be ignored.  

Introduction 

Going into summer 2023, three women were on the precipice of shifting the nation. Taylor Swift, the music sensation, saw an unprecedented resurgence during the Covid-19 pandemic after being brutally condemned in the years prior. Swifties are now the most powerful demographic in the music industry. Beyoncé, a woman whose place in American music history has long been solidified took a risk with her latest album. Inspired by the ballroom queens of New York City, Beyoncé’s Renaissance was exactly that, a fresh sound that paid homage to the black women before her as well as honoring her fiercely loyal queer fanbase. Finally, the most highly anticipated film of the summer, Barbie. All eyes were on Greta Gerwig and Margot Robbie to do this pillar of American childhood justice. Barbie had excellent box office success, influencing fashion, music, and gender discourse in the U.S. 

The Swift Lift 

Live music took a massive hit during the pandemic, and many were concerned that it would never return to the extent that it once had. That is of course until The Eras Tour. A simple concept of Taylor Swift playing songs from all her eras over the past fifteen years. The announcement shook the nation; America saw the buying power and worth of Taylor Swift. 2.2 billion dollars from ticket sales alone but the real impact was seen in the smaller towns Swift visited. Hotels, restaurants, and travel saw a boom creating jobs and contributing an estimated five billion dollars to the United States economy. In her hometown, Swift’s tour boosted tourism in the region according to the Federal Reserve Bank of Philadelphia. In Las Vegas Taylor’s two nights brought the city back to pre-covid levels of tourism and her two shows in Denver are estimated to contribute over $140 million dollars to Colorado’s GDP.  

The Beyoncé Bump  

Similarly, Beyoncé also exposed the buying power of a forgotten demographic of Black women and the LGBTQ community. With the tour expected to surpass Taylor Swift’s, Renaissance has also contributed to the travel, hotel, and restaurant boom. Beyond the direct impact of her album and tour, the Beyoncé Bump has helped small businesses. With Beyoncé’s support and the empowerment from Renaissance, many small business owners have more business than they know what to do with. Club Renaissance attendees are ordering custom outfits and promoting small businesses on social media. The first stop of her tour, Philadelphia, saw the demand for nail technicians triple, searches for wigs rise 81%, and searches for dive bars up 160%. In Chicago, women-owned and black-owned businesses saw an incredible spike with black-owned spa searches up 12% and women-owned hotel searches up 44%. One of Beyoncé’s most anticipated shows in Atlanta was estimated to contribute over 10 million dollars to the area.  

The Barbie Boom 

Streaming services and their original content made Americans lose interest in theaters and furthermore, the movie industry itself was in a rut. Then along came an ambitious Greta Gerwig and an optimistic Margot Robbie. Barbie had been steadily losing popularity among American consumers due to the unrealistic body image she represented as well as her overall unprogressive nature. However, Barbie against all odds, triumphed this summer grossing over one billion worldwide, becoming Warner Bros.’ highest-grossing film ever, and the highest-grossing film by a female filmmaker in the United States. The comedy brought many theaters back from the dead with its charm and humor also bringing a much-needed smile temporarily back on America’s face. AMC announced that Barbie was an admissions-revenue record with opening weekend being the busiest since 2020. The film was a win for small theaters as well, with a local movie theater in Philadelphia saying the film saved them from closure.  

Conclusion 

Combined, Barbie, Beyoncé, and Taylor Swift contributed an impressive 8.5 billion dollars to the United States economy according to Morgan Stanley’s Q3 report. Many artists are following suit, bringing back extravagant world tours and even being directly inspired by Taylor’s eras concept. The American public needs happiness. Something to distract from a seemingly catastrophic world. Taylor Swift and Beyoncé aficionados have been ridiculed for years yet their buying power is unparalleled. Rather than continuing to belittle women’s interests it is in the best interest of the American economy and American public to nourish them. The advancement of women and encouragement of their hobbies means the betterment of the GDP, it is a clear economic formula.