Economists Predict Beyoncé, Taylor Swift, & “Barbenheimer” To Add Billions to Economy
Economists are forecasting massive third-quarter growth in the concert and movie sectors attributed to Taylor Swift, Beyoncé, and “Barbenheimer” (Barbie and Oppenheimer) movies, which combined, are set to boost U.S. growth by US$8.5 billion.
The trifecta between Bey, Tay and “Barbenheimer” occurring at the same time has brought about a “once-in-a-blue moon” surge in their prospective sectors, according to Bloomberg Economics.
Additionally, about 50 more American artists are scheduled to tour, which could increase the gross domestic product by another US$5.4 billion.
Once released internationally, Oppenheimer and Barbie are predicted to pull another $3.1 billion from exports, international ticket sales, and consumer spending.
Economists Anna Wong and Eliza Winger said when combined for the July to September period, the total would increase annualised real personal consumption spending and GDP by 0.7 and 0.5 percentage points.
The new projections show that not only has the economy strengthened, but with inflation decreasing and the labour market steadying, worry over an impending recession seems to be evaporating, with many economists taking back that one would even happen this year.
Despite the economic improvement, some claim that this unprecedented timing of tours and concerts will not continue to improve the market forever, and the economy is still susceptible to consumer spending slowing after these events are over, as well as the building housing market pressure coming from rising mortgage rates and low supply.
“A large chunk of that strength comes from temporary factors,” wrote Bloomberg.
“These factors create a mirage of resilient consumption, when in fact it’s running out of steam.”
According to the Bloomberg team, the numbers may be inflated because the economists submitted that did not account for ticket sales for Barbie and Oppenheimer through Wednesday, nor did they add in potential net-export costs of the four Mexico City concerts Swift is performing soon.
In Australia, Dr Angel Zhong, a finance academic at RMIT, said that his conservative estimation was the land down under could see roughly A$320 million in GDP when considering the average Swiftie will spend roughly A$900 to go to the show. He did not share numbers concerning “Barbenheimer” which will have an additional impact, boosting the Aussie market.