Spending by Beyoncé fans has affected inflation in two countries. Demand for Taylor Swift tickets has broken records. And “Barbie” made $337 million globally in its opening weekend — the most ever for a movie directed by a woman.
Three female icons are driving the cultural conversation this summer and shining a spotlight on a rising star of the U.S. economy: the female consumer.
This summer’s female-driven spending is a discernible economic trend that deserves to be noted, said economist Misty Heggeness, who is writing a book called “Swiftynomics: Women in Today’s Economy.” Notably, Swifties are willing to break their own concert budgets, spending $1,327.74 on average to see Eras shows — which is $720 more than they planned to spend on the experience, according to QuestionPro, a company that creates online surveys.
What’s driving women’s spending? The popularity of “Barbie,” Beyoncé and Swift speaks to women’s desire to make decisions about spending that are based on “fair representation, equity and inclusivity,” said Mara Klaunig, a senior analyst at Camoin Associates who has studied the impact Swift concerts have on local economies. “The female audience really wants to feel heard and to be respected,” Klaunig said.
— Monique Woodard, founder of Cake Ventures At the same time, women may be better positioned than ever to flex their financial strength. There are a record number of women in the U.S. labor force, surpassing prepandemic levels, and the unemployment rate among women is at an all-time low of 3.4%, said Denise Moulton, human capital insights leader at Deloitte Consulting. Moulton attended Swift’s rain-soaked three-and-a-half-hour show in Foxborough, Mass., with her daughter in May.
But there is a seasonal aspect to the current spending trend. Summer provides opportunities to spend on experiences like concerts, movies and travel, but come fall, new responsibilities may arrive, along with financial pressures that women in particular feel, such as back-to-school shopping and childcare, the search for which peaks in August, according to Care.com. And student-loan payments — a burden that has an outsize effect on women, especially Black women — are slated to resume in October.
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