Local economies across the US are enjoying the boost brought by women’s spending this summer.Their spending spanned a wide variety of objects and experiences, such as concert and movie tickets.Beyoncé and Taylor Swift’s tours have been major drivers, and so has “Barbie.”
Women-driven spending throughout this summer not only suggests we might have a recession-less fall but also shows the impacts of the gender pay gap slowly closing.
“Barbie” has dominated the box office for weeks, bringing in over $1 billion. Beyoncé’s Renaissance Tour has been a huge success, and according to Forbes, could earn her over $2 billion by its end. And, in what The Wall Street Journal called “Taylornomics,” local economies experienced an influx of fans — and their money — when Swift came to towns on her Eras tour.
The Journal reported that in Cincinnati, Ohio, spending related to Swift’s tour brought in $48 million to the area. Beyoncé’s touring had a similar impact internationally, with some expert economists blaming her for May’s inflation bump in Sweden.
Spending, which represents over half of the US economy, has been strong in recent months, which could help stave off a recession, Curt Long, chief economist at the National Association of Federally-Insured Credit Unions, told CNBC.
Even without this summer’s hit media, some analysts have been less worried about a recession recently. Chief marketing officer of National Business Capital Brian Chevalier-Jordan told Insider that the economy is fragile, but there are signs of relief, such as lowering food prices.
He also added that the pay gap between women and men is the narrowest it’s ever been, especially among younger generations.
“These young women have more financial power, and they’re all about the things that Generation Y and Z value: experiences and entertainment,” said Chevalier-Jordan. “That’s probably why we’ve been seeing massive box office returns from movies like ‘Barbie’ and two major concert tours led by Beyoncé and Taylor Swift.”
Statistics show that one benefit of moving toward gender equity would be its impact on the US economy — Fortune reported that closing the gender pay gap would lift 50% more women out of poverty. Overall, Fortune estimated, the economy could benefit by about $3.1 trillion if women were afforded more opportunities and equity was increased.
Chevalier-Jordan said many women are in a good position to assume more power in spending as their rate of higher education completion rises.
“Since higher education usually means higher earnings over a lifetime, we’re looking at women having an even bigger say in spending in the future,” Chevalier-Jordan said.