Taylor Swift, other popstars blamed for inflation in new report

Economists have noticed that concert tickets have surged in price, according to a report that said popstars are powering the inflation.

Fans are shelling out a fortune for tickets to see the world's biggest music acts, including names like Taylor Swift and Bruce Springsteen who haven't toured for years. 

And while few doubt the star power of Beyoncé live, until now people weren't factoring her into national inflation figures.

The report said that the United Kingdom's recreation and culture prices rose 6.8% in the year to May 2023, their fastest in 30 years, with the largest effect from cultural services, "particularly admission fees to live music events".

Event prices in UK inflation data are based on when shows take place, not when tickets are bought. But with different artists performing every month, it's hard to compare one to the other, an Office for National Statistics spokesperson said.

A perusal of ticket-purchasing sites makes the sticker shock clear. On reseller Stubhub, the cheapest seat for a July Taylor Swift show in Seattle is $1,200; tickets for an August Mexico City show cost $500 each.

"I had to get nine phone numbers for three different accounts on Ticketmaster under three different credit cards," said Joel Barrios, a Beyoncé fan in Los Angeles. He spent about $7,000 on three U.S. shows for himself and friends - as well as another $6,650 for several shows in Europe.

Others say they had an easier time. Carolina Candelas spent 92 euros ($101) each to see Beyoncé with her sisters and parents in Barcelona. "My sister purchased them in a presale link that Ticketmaster sent her, so I think it was really easy," she said.

But with live music just a subset of overall entertainment costs, which account for a smaller part of consumer spending than housing or food, some questioned the idea that concert prices could have an appreciable effect on inflation.

Andy Gensler, executive editor of Pollstar, a publication that tracks the global concert industry, called it a "ridiculous assertion" that Beyoncé's shows would affect inflation. While ticket prices have increased, he said, mid-year figures haven't shown an appreciable rise since May 2022, when U.S. inflation was 8.6%.