Australian Retail Sales Skyrocket Thanks to Taylor Swift
The Eras Tour spending contributed to a modest growth of 0.3 percent in retail sales.
According to the Australian Bureau of Statistics (ABS), Australian retail turnover saw an increase due to Taylor Swift’s Eras Tour concerts in Sydney and Melbourne.
In February, retail sales grew by 0.3 percent, with a slight increase of 0.1 percent when excluding the impact of Taylor Swift.
Ben Dorber, ABS Head of Statistics, attributed the growth in retail spending to the seven sold-out Taylor Swift concerts in Melbourne and Sydney.
Approximately 600,000 attendees at these events resulted in higher spending on clothing, merchandise, accessories, and dining out.
Mr. Dorber noted that after the temporary impact of the Taylor Swift concerts, underlying growth in retail turnover remained stagnant.
Clothing, footwear, and personal accessory retail sales saw a rise of 4.1 percent, while department store spending increased by 2.3 percent in February, according to the ABS.
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Mr. Dorber highlighted feedback from retailers in the fashion industry who mentioned that Taylor Swift outfits had a positive impact on sales.
He stated, “Fashion and accessory retailers informed us that the introduction of Taylor Swift-inspired outfits and related do-it-yourself accessories contributed to the increase in turnover in February.”
In addition, spending at cafes, restaurants, and takeaway establishments rose by 0.5 percent in February, following a 1.4 percent increase in January.
Mr. Dorber commented, “Another increase in turnover for catering services, cafes, restaurants, and takeaway businesses indicates that consumers are still willing to spend at large social events, as demonstrated by the significant crowds at tennis and cricket events last month.”
The 0.3 percent growth in retail sales in February followed a 1.1 percent increase in January and a 2.1 percent decline in December.
Furthermore, the Consumer Price Index showed a 3.4 percent increase in inflation for February, with an average rate of 3.9 percent for the month.
Economists Madeline Dunk and Catherine Birch from ANZ stated that this aligns with their forecast of a 0.5 percent increase in headline inflation for the first quarter.
They mentioned that the RBA will find comfort in the current inflation trends as they prepare to discuss interest rates in May.
Taylor Swift’s Dad Will Not Face Any Further Police Action
Meanwhile, there will be no police action taken against Taylor Swift’s Dad, Scott Swift, following an alleged incident with an Australian photographer.
After a concert in Sydney on Feb. 27, Ms. Swift and her team went on a yacht trip on Sydney Harbour where they encountered the photographer.
A spokesperson for New South Wales police confirmed that no further action would be taken after investigating the incident at Neutral Bay Wharf.
