Barbie, Beyonce, and Taylor Swift Fuel Global Economy in A #SpendingGirlSummer
In the first few months of 2023, economic uncertainty loomed as the world braced for a potential recession. However, Tubular Labs reports that three powerful women emerged as economic saviors, igniting a global spending spree and providing a much-needed boost to local economies. Barbie, Beyonce, and Taylor Swift, collectively known as the holy trinity of female empowerment, led the charge in what became known as #SpendingGirlSummer. Here is the story as analyzed by Tubular Labs social video and consumer insights.
Taylor Swift's Eras Tour
Taylor Swift's announcement of her world tour, The Eras Tour, in November 2022 sparked an economic wave. QuestionPro estimated that the tour could generate approximately $4.6 billion in US consumer spending, a figure on par with the 2009 Beijing Olympics. Swifties, as her fans are known, spent an average of $1,300 per concert, encompassing expenses like hotels, travel, fashion, beauty, food, and more.
Swift's influence extended to travel, with fans traveling over 300 miles on average to attend her concerts, double the distance of her 2018 Reputation tour. Cities like Cincinnati and Philadelphia experienced a surge in tourism during her performances, contributing to record hotel occupancy rates.
E-commerce also thrived, as fans adorned themselves in Taylor Swift-inspired outfits. The popularity of beaded bracelets skyrocketed after Swift's mention in one of her songs, leading to a 71% increase in Amazon searches for bead kits.
Beyonce's Renaissance Tour
Beyonce's Renaissance tour became a historic success, grossing $461 million and still ongoing. Fans spent an average of $1,800 per concert and traveled significantly farther compared to her previous tours. Cities like Santa Clara even honored Beyonce for her economic impact by naming her "Mayor for the Day."
E-commerce also saw a boost, with Beyonce fans spending $500 more on average for concert-related shopping. Searches for clothing brands like MangoPop and Allegra K surged, indicating fans were dressing up to see the Queen Bey.
Barbie The Movie
The release of Barbie The Movie was a phenomenon. With over 165 promotional partners, Barbie's marketing frenzy revitalized numerous businesses. AMC theaters reported its best week ever, and the movie became the biggest domestic release of 2023, grossing $1.3 billion globally.
E-commerce saw an increase in beauty and makeup products, with Fenty Beauty's Barbie-inspired lipstick becoming a hit. Social insights revealed a significant crossover between Fenty's audience and shoppers interested in Mattel products.
For communicators, the success of Barbie, Beyonce, and Taylor Swift's endeavors signifies the power of female influencers in driving economic recovery. This #SpendingGirlSummer not only saved businesses but also showcased the potential of strategic partnerships and creative marketing efforts.
Understanding the influence these icons wielded across various sectors – from travel and hospitality to e-commerce – provides valuable insights for public relations professionals. Collaboration opportunities with influential figures can result in significant economic benefits and increased brand exposure. Additionally, monitoring and adapting to evolving consumer trends, as seen with the surge in beaded bracelet sales, can be a crucial strategy for staying ahead in a competitive market.
As these powerhouse women continue their ventures, communicators should pay close attention to their strategies and consider how similar partnerships and marketing campaigns can bolster their own brands and industries. The success of Barbie, Beyonce, and Taylor Swift serves as a testament to the enduring impact of female empowerment in shaping the global economy.
