Taylor Swift may ‘put pressure’ on inflation in the UK: Here’s why
Taylor Swift has recently put pressure on inflation in the UK because of her costly ticket prices.
The Telegraph reported that the singer’s Eras Tour will be held at Wembley Stadium in August.
The famous faces such as Prince William and his two children, Prince George and Princess Charlotte, flocked to the gigs where around 640,000 tickets were reportedly sold.
The Taylor’s arena tour could have had a heavy influence on UK inflation in June, and the Bank of England had faced a dilemma this summer.
A senior economist spoke to The Telegraph, “Services inflation – which looks only at service-related categories such as hospitality, culture and housing – could drop to 5.6 per cent from 5.7 per cent in May as it continues its ‘slow descent’ toward target levels.”
In June, Barclays carried out the research where they found out that Taylor’s fans will each spend nearly £850 attending one of her 15 concerts in the UK this summer.
The Bank of England revealed that “services inflation and rising wages are said to be the two main factors impacting wider inflation”.
Industry experts said that they would have their eyes on the new labour market data, which was released on July 11, to see “how fast averages wages are rising in the UK, especially after the national minimum wage rose in April”.
Meanwhile, Swifties are expected to increase the London economy alone by £300million as the capital hosts more Eras Tour shows than any other city in the world.
