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Beyoncé, Taylor Swift, Barbenheimer To Add $8.5 Billion to US Economy in Q3


Beyoncé, Taylor Swift, Barbie, and Oppenheimer may have boosted the U.S. economy this summer to the tune of an expected $8.5 billion, according to Morgan Stanley. But concerts end, and student loan bills will come due, meaning the effect probably won’t last, the firm warned.

According to a report released on Wednesday by Morgan Stanley, spending on Beyoncé’s Renaissance Tour, Swift’s Eras Tour, and movie tickets for the summer’s hit films Barbie and Oppenheimer, often referred to as Barbenhiemer, is expected to add about $8.5 billion to the economy in Q3 of 2023, with Beyoncé and Swift’s tours making up two-thirds of that amount. However, consumer spending will likely decrease in Q4, as the concert tours wrap up and student loan payments resume.

The billions of dollars generated by these summer concert tours and Barbenhiemer drove strong growth in Q3, with U.S. consumer spending increasing by 1.9% year-over-year, according to a Morgan Stanley note. The tours and Barbenheimer contributed 0.7 percentage points to personal consumption and expenditure (PCE) growth and 0.6 percentage points to GDP in Q3. Consumer spending increased 0.8% overall in July—the fastest rate since January, according to the Bureau of Economic Analysis.1

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