Taylor Swift, Beyoncé and “Barbenheimer” fever are giving a serious boost to the U.S. economy.
The megastars’ tours and blockbuster films are expected to add up to $8.5 billion to U.S. growth in the third quarter, according to Bloomberg Economics. The nearly 50 U.S. concerts the artists have scheduled could add $5.4 billion to gross domestic product, while the films “Barbie” and “Oppenheimer” are projected to add about $3.1 billion in consumer spending and exports from international ticket sales.
Taken together, that would raise annualized real personal consumption expenditures and GDP by 0.7 and 0.5 percentage points, respectively, in the July-through-September period, economists Anna Wong and Eliza Winger wrote in a note late Wednesday. The economists nearly doubled their forecast for growth in the July-to-September period, partly as a result of the spending gains.
The projections further support an economy that has picked up steam in recent months. Inflation is abating and the labor market remains firm, helping power consumer spending. That’s prompting some economists to delay their recession calls, while others are scrapping them altogether.