Recently the Federal Reserve Bank of Philadelphia said Taylor Swift's tour boosted the economy. And even though Beyoncé's Renaissance Tour is projected to make $2.1 billion in comparison to Taylor’s $1.6 billion, I haven’t seen the same energy from the Fed so I’m bringing it. Ironically, Beyoncé's first US tour stop was Philly <insert side eye here>, but I’ll update this if they come out with similar data for her.
But. Beyoncé's tour has boosted economies both locally and globally, and her nonprofit BeyGOOD has also contributed to local businesses throughout her tour here in the US.
Tour revenues and ticket sales
According to recent reports, Beyoncé's Renaissance Tour has already shattered previous records for tour revenues and ticket sales. Billboard reported that the estimated revenue from the world tour was $67.5 million, with 461,000 tickets sold. And this was despite Ticketmaster glitches and technical issues that typically deter buyers! Sixty percent of 60% of consumers abandon their purchases when websites have a poor user experience, and yet Beyoncé:
Sold out five of her shows
Achieved the biggest stadium attendance at three of her shows
Achieved the biggest turnout of all time at Orange Vélodrome in Marseille, France (can confirm, I was there!)
Wikipedia isn’t a source I normally cite, but the table above summarizes some of the records she broke during her European tour nicely, and we can probably expect to see more of the same in the US because according to AfroTech, she’s already sold one million tickets Stateside. And her fans are expected to spend $4.5 billion on everything from tickets to travel, according to QuestionPro.
Also, unlike any other tour in recent history, the demand for Renaissance Tour tickets didn’t just surge in traditional markets like the United States and Europe, but also in Asia, Africa and South America. They don’t play about Beyoncé. Flying into the tour cities (for some, these are cities they've never been to before) from across the globe, which further proves what an economic force Beyoncé is, and not just here in the US, around the world!
Local business and tourism boom
As Beyoncé takes center stage in each city, the local economies receive a significant boost. The influx of fans from around the world injects money into hotels, restaurants, transportation services, retail businesses and even waste management. According to data-benchmarking company STR, the tour had a significant impact on hotels and even increased occupancy rates in the European cities:
79.8% / 65.3%
In the United Kingdom, Cardiff experienced the highest occupancy rate of the year at 95.7% and an average daily rate of GBP 200.15. And Warsaw saw its highest occupancy recorded at 74.7%.
Beyonce in Stockholm
Content Creator and TV Writer Jacquelyn Revere at The Friends Arena in Stockholm, Sweden for The Renaissance Tour
Stockholm was Beyoncé’s first world tour stop, so it makes sense that one of the most highly-anticipated concerts of our time increased the city’s hotel occupancy rate to 94.6% on the night of the show. I asked Jacquelyn Revere, a Content Creator and TV Writer, about the Stockholm show because she traveled all the way to Sweden to see Bey.
“It was less expensive to see Beyoncé in another country, with better seats, and I had never been to Sweden so I decided that it would be a great experience. It was also around Mother’s Day and I lost my mother last year, so I wanted to make sure to find joy around that time,” she shared. Jacquelyn spent about $2,200 in total, but getting to share in this cultural moment had an impact beyond a dollar value.
“I learned that I love having late night conversations with people in hotel bars that I otherwise would never have. I love vintage shopping in other countries, and I love venturing out and exploring new cities, specially If they are walkable,” she said.
Beyoncé in Paris
I traveled to Paris to meet up with friends on my way to Korea to visit my son. When planning this, it was part of a world tour I did for myself, so it doesn’t make sense to include my flights or my total spend. But my Renaissance Tour ticket was a quarter of the cost of what it would be here in the US for the same seats! I was in Z9 (see chart below), we were seated in the second row seated right behind Club Renaissance.
And while I was in town, I went to Disneyland, had dinner at the Eiffel Tower and did a bunch of other touristy things outside of attending the concert. Everywhere we went, we encountered Beyoncé fans from different corners of the world. A lot of the concert-goers I spoke to did the same thing, they took extra time off to really enjoy the cities they visited, which means we’d have to dig a little deeper if we tried to calculate the true economic impact of the Renaissance Tour. But the streets were bustling with energy, and it seemed like every hotel and restaurant was buzzing with activity.
I also had a lot of interesting conversations with Parisians and one thing that stood out to me was the influx of jobs that the tour brought to the city. It wasn't just about Beyoncé's incredible show; it was about the local people who were employed as event staff, security personnel and support staff. It was heartening to see how one Black Woman had such a positive impact on the community. I always say when you support a Black Woman, you support a whole community and in this a grand example of that.
Witnessing the impact that Beyoncé has across borders added an extra layer of excitement to my visit. And it affirmed that Black Women's talents, creativity and ability to connect with diverse audiences have positioned us as major players in the global economy.
We shape trends, drive significant financial gains and have an impact that extends far beyond individual success because it positively affects our communities and inspires future generations to achieve remarkable feats in their own right.
The Beyoncé Bump
Yelp is calling the significant positive impact that Beyoncé has on local economies “The Beyoncé' Bump.” Their data shows that leading up to the first Renaissance US tour stop in Philadelphia, there were notable increases in searches for hotels (up 21%), shopping (up 10%), and beauty services (up 9%) compared to the previous year's weekly average.
The concert also led to a 30% increase in diners who were seated at restaurants via Yelp on the date of the show.
Beyoncé's influence extends to supporting diverse businesses, with Black-owned businesses experiencing a 14% increase in consumer interest for beauty and a 4% increase for food businesses. Similarly, women-owned and LGBTQ-owned businesses saw increased consumer interest, with LGBTQ-owned businesses eclipsing the rest by jumping 194%.
Beauty services, such as nail technicians, hair stylists and hair extensions saw significant spikes in searches. Transportation services like town cars and limousines experienced increased demand, and late-night food and nightlife businesses also saw search increases.
The Beyoncé Bump definitely connected more people with local businesses in the Philadelphia area. I'll update this post if the Federal Reserve Bank of Philadelphia reports on this in their Beige Book the way they did for Swift because it'll be interesting to see their numbers in comparison to Yelp's.
Also, according to investing community Seeking Alpha, the Renaissance Tour is expected to drive serious revenue for some hotel REITs, especially in the US.
Job creation and employment opportunities
Beyoncé's Renaissance Tour has also been a catalyst for job creation. Concert tours of this magnitude require an army of skilled professionals, ranging from stage crew and security personnel, to local vendors providing various services before, during and after the show.
In Charlotte, NC the International Alliance of Theatrical Stage Employees local union posted job openings for stage technicians on Facebook and they were all filled within 24 hours. The city is expected to create hundreds of jobs to serve the hundreds of thousands of BeyHive members who’ll be coming to Uptown Charlotte in August for the tour.
Economist Mara Klaunig told NPR that Cincinnati had been expecting 900 jobs to be created as a result of Beyoncé's stop there. Beyoncé is not stopping in Cincinnati, but considering this number and the tour's international scope, the estimated number of jobs that have been created worldwide is probably in the tens of thousands. And the boost in employment opportunities is likely a welcome reprieve, especially for workers in regions that have faced economic challenges over the last few months.
Social and charitable contributions
Alongside her performances, Beyoncé has been highlighting local businesses throughout the tour. She’s organized luncheons through her nonprofit BeyGOOD and the events are an extension of her Black Parade Route, which she established during the pandemic as a way to highlight and support Black-owned businesses in the US and abroad. The luncheons will provide networking opportunities and $100,000 in grants for each city, with a commitment to support one thousand small businesses and allocate $1,000,000.
I was proud to see that some of the businesses being featured in the Black Parade Route are members of Buy From A Black Woman. The founder of DMC Original Art, Danielle Chery (pictured above), shared her experience with me. “The application process was remarkably simple. Beyoncé's team inquired about the obstacles my business encounters and how the grant money would be utilized to address these challenges. I also made sure to mention my affiliation with Buy From A Black Woman and my pursuit of an MBE certification while submitting my application,” she said.
Danielle was able to get her MBE certification through our Black Woman Accelerator Program, so I was very happy to hear this. Especially after hearing more about how being selected for the parade really helped her business.
“It was an extraordinary and unique experience. Meeting Ivy McGregor, the Executive Director of the BeyGood Foundation, provided an opportunity to convey the mission of my company. I also had the opportunity to connect with both the foundation's team and other attendees. Overall, being present in influential circles and having a seat at the table continues to motivate me to passionately share the work I do whenever possible. And it provided significant exposure for my business and served as an empowering validation that my efforts in promoting my business are being acknowledged by prestigious organizations like BeyGood.” ~ Danielle Chery
The Black Parade Route Small Business luncheon cities include London, Chicago, New York, Charlotte, Atlanta, Los Angeles, Houston, and New Orleans. The Renaissance Scholars College cities include Paris, Philadelphia, Detroit and Washington, D.C. The foundation's work is rooted in the belief that education, employment pathways and entrepreneurship support can drive sustainable outcomes and promote economic equity.
Beyoncé is an economic powerhouse
Beyoncé's Renaissance Tour is not only an unparalleled musical spectacle, but also a global economic catalyst. From boosting local businesses and stimulating tourism, to creating employment opportunities and making a positive impact through charitable initiatives, this tour exemplifies the potential of Black Women to transcend boundaries and uplift societies worldwide. And we don’t even have all the data yet, but it’s already obvious that the Renaissance Tour will leave a remarkable legacy for years to come.
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