What will Taylor Swift's Eras Tour mean for Toronto's economy?

Toronto is expected to see an economic boost to the tune of nearly $300 million thanks to Taylor Swift’s upcoming Eras Tour, which will be making a stop in Canada’s largest city for a six-show run later this month.

Toronto is expected to see an economic boost to the tune of nearly $300 million thanks to Taylor Swift’s upcoming Eras Tour, which will be making a stop in Canada’s largest city for a six-show run later this month.

In direct spending alone, Destination Toronto President Andrew Weir said, recent estimates suggest that the tour will bring in about $150 million.

“That’s new money coming into our economy. So that money continues to circulate and recirculate,” he added.

“You spend $100 at a restaurant, the restaurant then goes and re-spends that same money on labour, on ingredients, on a graphic design firm to redesign their menus, all those sorts of things. So that’s the what we call indirect and induced benefits of the spending.”

When adding it all up, Weir said, it amounts to about $280 million for the city.

“(It is) really a very, very significant infusion because that’s new money in our city. It didn’t start the day in our economy, but it ends the day in our economy and it’s how we grow our economy by bringing new money in from outside.”

While Toronto is no stranger to big events, there are a few things that make the Eras Tour special, he said.