The Philadelphia Federal Reserve is crediting pop star Taylor Swift's Eras Tour for a rise in hotel bookings for the first time since the coronavirus pandemic began.
FOX Business host Charles Payne evaluates the financial impact of the singer-songwriter's tour on 'Making Money.'According to the Philadelphia Federal Reserve office, Swift is personally responsible for the spike in tourism, which has boosted their hotel revenues for the first time since the coronavirus pandemic began.
"Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city," city officials wrote in the Federal Reserve's Beige Book, released on July 12.
Taylor Swift's Eras Tour was cited by the Federal Reserve for impacting tourism revenue in Philadelphia. The Beige Book is released eight times a year, summarizing how the economy is doing in varius cities throughout the U.S. The summary is published prior to the Federal Reserve committee meeting.
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