Aron Levine, the president of preferred banking at Bank of America Corp., has confirmed that Taylor Swift’s fans have been responsible for a significant increase in consumer spending growth in Europe during her Eras Tour. The bank’s customers spent 22% more in Paris this month compared to previous months.
During an interview, Levine pointed out that other European cities can expect similar boosts in spending as fans travel to upcoming tour dates in cities like London, Milan, and Vienna. He emphasized that Taylor Swift concerts have a significant impact on local economies worldwide, with consumers splurging on experiences and live entertainment.
Despite the overall slowing of consumer spending growth, Bank of America has reported an increase in spending of around 3% to 4% from a year ago. However, account balances have decreased from their highs set during the pandemic. Levine oversees more than 30,000 banking employees and financial-solutions advisers, focusing on mass-affluent consumers who use multiple financial products.
Bank of America CEO Brian Moynihan recently stated that US consumers are in good shape due to wage growth despite elevated interest rates. This resilience is evident through the level of consumer spending reported by Bank of America, showing that consumer confidence remains strong.
