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Taylor Swift has seen a massive response to her Eras Tour as the first U.S. leg of the tour comes to a close. From being presented with the key to the city of Tampa, FL, to being named honorary mayor of Santa Clara, CA, cities have taken notice of her stops and welcomed her arrival with open arms.
For this long-awaited tour, fans (better known as “swifties”) sat in digital ticket queues for hours to secure tickets, which even resulted in calls for legislative changes surrounding Ticketmaster. It’s safe to say that the impact of the Eras Tour extended far beyond the stadiums. In addition to the tickets, swifties splurged on local restaurants, hotels, and short-term rentals, creating some impressive spikes in tourism spending.
Short-term rentals in the U.S. cities visited on tour stops experienced some notable increases in RevPAR, occupancy rates, and ADR. The data shared below compare the concert weekends to the year prior, as well as to the 2023 weekends before and after the concert to gauge Taylor Swift’s impact. Let’s examine exactly how the industry benefited from Taylor Swift’s visit to their city and how you can prepare for the next major events coming your way.
Highlights For All U.S. Eras Tour Concert Weekends
- RevPAR: $135
- +28% vs 2022 | $105
- +18% vs the weekend before the concert | $115
- +36% vs the weekend after the concert | $99
- Occupancy: 48%
- +12% vs 2022 | 43%
- +5% vs the weekend before the concert |45%
- +16% vs the weekend after the concert | 41%
- ADR: $282
- +14% vs 2022 | $248
- +12% vs the weekend before the concert | $252
- +18% vs the weekend after the concert | $240
Scraped data as of August 7, 2023.
Occupancy
As a whole for the first U.S. leg of the Eras Tour, vacation rental occupancy was 12% higher in the host cities in comparison to 2022. Concert demand helped drive an average 5% increase in occupancy from the weekend before the tour stop and a 16% higher occupancy rate than the weekend after the concert.
Average Daily Rate
The occupancy rates alone are impressive, but coupled with the average daily rate, the picture becomes more clear. The demand for accommodations also helped vacation rental properties command higher ADRs compared to weekends before and after the concerts. In comparison to 2022, Eras Tour weekends experienced a 14% jump in ADR. Swifties also tended to book earlier than typical vacation rental guests, making the average booking window 63 days for concert weekends compared to 34 and 37 days for the weekends before and after, respectively.
RevPAR
These factors combined led to a massive +28% RevPAR growth year-over-year. Even more impressively because it accounts for other year-over-year changes, concert weekends experienced a 36% higher RevPAR in comparison to the weekend following the Eras Tour.
Planning For Future Events
How can you ensure that you are prepared for the next time Taylor Swift or any major event comes to town? Taylor Swift has announced an international leg to the tour including Mexico, Brazil, Japan, France, UK, and Canada, to name a few. Additionally, a second U.S. leg including Miami, New Orleans, and Indianapolis will take place in 2024.
To capitalize on this or similar events in the future, property managers should ensure they have rates in place well in advance. Focus on building a solid base with the early booking guests at slightly elevated ADRs and then pushing higher as market occupancy increases and potential guests have fewer decisions. Since many event travelers are interested in a short trip, trying to hold out for longer stays may push eventgoers to other properties. However, a two-night minimum may be appropriate. Finally, monitor your booking curve and pick up reports to make sure your strategies are working.
Destination marketing organizations should lean into the excitement behind upcoming events. Several cities hosted “tay-gating” events for the days leading up to the tour, potentially encouraging tourists to stay longer. Additionally, by monitoring short-term rentals and hotels in your area, you can help property managers and hoteliers to prepare for upcoming spikes in demand and tourism bumps.
Want to learn more about how you can anticipate and benefit from the next major event? Schedule a call to meet with a team member.
