The Summer Olympics in Paris may be a major event, but it's facing stiff competition from an unexpected source: Taylor Swift.
The singer's 'Eras Tour' is proving to be a bigger draw for American tourists.
Bloomberg reports Swift's four Paris concerts are attracting five times more Americans than the iconic sporting event.
Embark Beyond, a luxury travel company, confirms this trend. Jack Ezon, the company's co-founder, expressed his surprise, saying, "I never would have anticipated it... she's even overshadowing the Olympics."
Ezon's company has arranged over 200 trips to Paris for concertgoers. Many of these clients are mother-daughter pairs who are also indulging in shopping sprees. The influx of tourists is boosting luxury hotels, and about 20% of visitors are extending their European vacations after the concerts.
Interestingly, Bloomberg reports decreased demand for the Olympics, leading to falling hotel prices and vacation rental discounts.
The reason for Swift's overseas popularity boils down to European ticket resale laws. These regulations prevent exorbitant ticket prices, making it more affordable for Americans to travel abroad to see the pop star perform.
Last year, Bloomberg estimated Taylor Swift's concerts generated a whopping $4.3 billion contribution to the U.S. gross domestic product. It seems her economic impact is now going global.
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