Melbourne and Sydney businesses “Enchanted” by Taylor’s Aussie Era

Share

Share

  • Seven concerts across Melbourne and Sydney helps generate more than $300 million for Australian economy.
  • Spend in Sydney CBD between 23-26 February up an estimated $135 million (+20%) compared to the month prior.
  • An estimated $33 million was poured into the Harbour City’s accommodation, hospitality, and tourism sectors.

Taylor fever gripped Sydney-siders last weekend, with an estimated $135 million boost in spending recorded at businesses in Sydney’s inner suburbs across a four-day period (23 to 26 February), new NAB data reveals*.

NAB merchant terminal data shows this is a 20% increase in spend when compared to the month prior, with an estimated $33 million poured into the city’s accommodation, hospitality, and tourism sectors.

The data, provided by Australia’s largest business bank, also reveals businesses around the Sydney CBD were the big winners:

  • General merchandise stores up 117%
  • Accommodation up 72%
  • Bars and pubs up 49%

More than 320,000 ticket holders, and thousands more “Taylor-gaters”, flocked to Sydney’s Olympic Park to witness the US megastar’s glittering stage show.

NAB Executive for Business Metro and Specialised, Julie Rynski said the superstar’s seven-night Aussie extravaganza had enchanted the local economy, offering an incredible economic boost for Melbourne and Sydney’s economies.

“While Taylor declared Melbourne the love of her life after her three nights at the MCG, Sydney certainly made her think twice over the weekend by taking Tay Tay fever to the next level,” Ms Rynski said.

“From hotel rooms to heaving restaurants, merchandise stands to packed pubs, her four Sydney gigs created a buzz in the city not seen since before the pandemic.

“The cultural and economic impact of her seven, sold out, Melbourne and Sydney shows will last long in the collective memory, while businesses across both capital cities can be very thankful for the “Taylor effect”, which has helped spark a late summer spending spree.

“There’s no doubt businesses and consumers have had a difficult last 12 months or so, but despite this, it’s clear people are continuing to carefully evaluate and prioritise their spending on the things or experiences they truly value,” Ms Rynski said.

 

Notes to Editor

  • *Estimates taken from spend at NAB merchant terminals in metro Sydney between 23-26 February 2024 vs 5-8 January 2024.
  • Sydney CBD defined as postcodes 2000, 2007 and 2009.

Economy

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

Related Articles

  • Small Business

Small businesses seek AI to reduce paperwork and increase profits

NAB Bookkeeper, NAB’s new bookkeeping tool utilises machine learning, a form of AI, to help reduce admin time for small businesses by up to five hours per week so they can focus on the bigger picture.

  • 18.03.2024
  • Time to read 2 min read
  • Economy

Ross McEwan and Andrew Irvine join RN Breakfast

NAB’s Ross McEwan and Andrew Irvine joined ABC RN Breakfast this morning to discuss the CEO transition, housing, economic conditions and how NAB is supporting customers.

  • 01.03.2024
  • Time to read 13 min read
  • Business

NAB reports record jump in business finance for EVs as uptake accelerates

New data from Australia’s largest business bank shows businesses are driving the switch to electric vehicles with the value of the bank’s EV loan book growing by a record 224% year-on-year.

  • 29.02.2024
  • Time to read 3 min read

Quick links

Business Research and Insights

For more economic news, insights and analysis, visit NAB’s Business Research and Insights