Ready for it! Retailers cash in on Taylor Swift tour
The $US1bn-plus Taylor Swift tour touches down in Australia this week and local retailers are sharing in the spoils.
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The “Taylor Swift effect” is boosting retailers ahead of sold out concerts in Melbourne and Sydney which kick off this week.
Many “Swifties” have forked out thousands of dollars to attend the Taylor Swift Eras tour, with retailers cashing in by selling on-theme merchandise such as sequined items, cowboy hats and heart-shaped sunglasses. Some clothing and accessory stores have even dedicated special collections for the tour.
Online fashion retailer Beginning Boutique owner Sarah Timmerman, said the “Taylor Swift effect” has had a positive impact on her business which sold more than 4000 sequined items since January.
“The Taylor Swift effect is very real, and it is a really welcome change for Australian retail for sure,” Ms Timmerman said.
“We have always gotten behind festivals – I think that’s the opportunity.”
Ms Timmerman said the “in your era” collection had the highest sell through rate that the retailer has had for a collection without an influencer.
“The collection has more than tripled our benchmark expectations for a collection,” she said.
“It is a phenomenal performance.
“Our price point has to be realistic and with the cost of living being so high it is important that we provide exceptional value,” she said.
Ms Timmerman said out of our seven sequin styles in the Beginning Boutique’s latest collection four sold out.
“Our collection ranges from $29.99 and our best selling dress was $69.99,” she said.
“The Emiko Skirt ($69.99) and Emiko top ($59.99) have repeatedly sold out since Taylor announced her tour, we’ve restocked seven times.”
Stefanie Panaccio’s small business has been hit by a string of interest rate rises over the past year that would see a “decline in shoppers” each time rates increased.
Her shop House of Handmade in Richmond, Melbourne said it was the Australian Open that provided a much needed “boost” in sales and she is hoping for the same impact when the ‘Shake it off” singer comes to town.
Her store is selling “Swift themed pins” and has been operating “friendship bracelet making workshops” in the lead up to the concert.
Sydney earring maker and “swiftie” Liss Klemke online store ‘Pop Ear Candy’ is selling Taylor Swift inspired earrings, pins and sunglasses for fans.
“I am a swiftie, I started this time last year, when she was likely to tour when she was in the US and I just loved her costumes,” Ms Klemke said.
“So I started to work with an artist to develop sketches of her in those outfits and then made earrings in those outfits – it went from there.”
On Amazon friendship bracelets ranked third and fourth in the clothing and accessories category in Australia in recent months, with heart-shaped sunglasses ranked eighth with an increase of 1250 per cent in sales.
Even Reserve Bank governor Michele Bullock has a view on the “Taylor Swift inflation” effect which she says has forced some spending adjustments, including in her own children.
“I know all about Taylor Swift inflation as well, myself” Bullock told a news conference last week after the RBA kept official interest rates on hold.
She said fans had adjusted their spending elsewhere to afford the tour tickets and associated spending, citing her own children as an example.
“People are deciding what’s really important to them and what’s not as important to them,” Bullock said.
“Clearly, for a lot of people, Taylor Swift is very important.”
Brisbane local Faith Grut is flying from Brisbane to Sydney to attend the Eras Tour and has forked out almost $5000 for flights, accommodation, transfers and an outfit for the concert.
Grut says she recently took a week-long trip to New Zealand but will be “spending more per day” in Sydney.
“An expensive two day getaway,” she says, “but anything for Tay Tay.”
Professor Daniel Gschwind from Griffith University said people were “buying into an emotional experience”.
“I think the phenomenon we are observing with Taylor Swift is that everywhere else in the world people are buying into the experience whether it is retail or tourism,” Mr Gschwind said.
“They are buying an emotional experience, and they want to then reflect on that and share it.”
Victorian Chamber of Commerce Paul Guerra said retailers can “benefit” from the upcoming concert.
“Because of the retail nature of what Taylor brings, so you’re talking to the young adults around what costume they’re going to wear, from which year that they prefer the Taylor Swift concert, so that means that small retailers that specialise in that are going to benefit,” Mr Guerra said.
“We’ve got Taylor Swift at the MCG, a week after that we will have the opening round of the AFL and a couple weeks after that we will have the Grand Prix.
“You’ve got hotels recording occupancy rates that are typically seen only for the Grand Prix.”
As for fans in regional parts of the country who are looking to cut costs and not fork out a “small fortune” to fly to the concert.
Bonza has recorded a surge in bookings in the months leading to the 14-time Grammy winning singer-songwriters concert destination in Melbourne.
“We definitely saw a Swift lift in bookings with most flights from Sunshine Coast, Bundaberg, Toowoomba, Port Macquarie, Mildura and Rockhampton to Melbourne (Tullamarine) fully booked as well as flights from Sunshine Coast and Gold Coast to Melbourne (Avalon) at capacity too,” said Tim Jordan, Bonza CEO said.
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Originally published as Ready for it! Retailers cash in on Taylor Swift tour
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