A new report says the Taylor Swift concerts in Toronto boosted spending in the recreation and entertainment sector but the overall impact on the Ontario economy remained modest.
A TD Economics spending analysis shows one category in the province in particular — recreation and entertainment — saw a “remarkable” 15 per cent surge year-over-year in November.
The report says sectors commonly associated with such events including travel, lodging, clothing and accessories, showed growth at the upper limit of their typical range but didn’t reach the “extraordinary” territory.
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It says the services sector remained within a typical growth range, which could be driven by broader consumer sentiments rather than by the concerts.
Pop singer Taylor Swift’s concerts ran for six days in Toronto, spanning two weeks and were highly anticipated to drive up consumer spending.
TD Economics says its analysis included comparing year-over-year changes for the specific days Taylor Swift performed in Toronto, and the month of November overall, but doesn’t include the impact of international visitors.
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Taylor Swift’s Toronto concerts had modest impact on Ontario’s economy: TD
