Breaking News:Taylor Swift’s £1billion boost to Britain: Swifties will each spend an average of £848 to see singer perform during her sell-out Eras tours with 1.2million fans set to attend 15 UK dates 78

She’s a global phenomenon and the undisputed Queen of pop.

But the imminent arrival of Taylor Swift’s concert tour to the UK is not only sending her legions of ‘Swifties’ into a state of frenzied excitement, it’s also very good news for the country’s coffers as well.

For the American star’s sell-out Eras Tour is set to boost the British economy by almost £1 billion, a new report has revealed.

Going to a Taylor Swift concert is such a big deal that her fans turn a night out into a major spending event.

On top of the ticket price itself, fans also splash out on travel, accommodation, a pre-concert meal, official merchandise and many will buy a new outfit for the big occasion too

Researchers have calculated each Swiftie attending an Eras concert in the UK will spend on average £848 to see their idol perform.

The total is more than 12 times the average £67 cost of a UK night out and the Chancellor can expect a £997 million boost to the economy thanks to Taylor’s 15 tour dates this summer.

It was recently revealed how Taylor Swift had joined the ranks of the world’s billionaires.

Her music, live performances and real estate portfolio has been estimated by Forbes to be worth $1.1 bn (£874m).

Now the Swiftonomics report from Barclays shows the cost to her most devoted fans…and the boost to the economy she brings as a result.

Almost 1.2m fans will watch her UK concerts, which begin in Edinburgh’s Murrayfield Stadium next month.

On average those lucky enough to attend will have spent £206 on a ticket and for the fans (14% of the total) who dug deeper to buy VIP or premium seats that figure exceeds £400.

The report estimates fans spend an average of £121 on accommodation and £111 on travel to go to the night out.

Going for a restaurant meal near one of the tour venues in London, Liverpool, Edinburgh and Cardiff is expected to add £59 to the night’s total cost and add on another £79 for the expensive Taylor tour merchandise.

While costs will be even higher than average for the one on five fans intending to travel to mainland Europe to see one of her shows.

And it’s also a great excuse for a party.

The report revealed 8% of fans were either planning to host or attend a Taylor Swift themed party before or after the show and 7% are buying special decorations for their house as well.

Researchers questioned 200 UK adults in April who have secured or are trying to buy Taylor Swift tickets, providing a representative sample by age, gender, region and income group.

Dr Peter Brooks, Chief Behavioural Scientist at Barclays, said: ‘Whoever came up with the phrase ‘money can’t buy happiness’ clearly wasn’t a Swiftie. 

‘There’s growing evidence that spending on experiences boosts happiness and well-being more so than purchasing physical items, especially if that experience is shared with friends and loved ones.

‘When it comes to cultural icons like Taylor Swift – like we saw with Elvis and Beatlemania in the 50s and 60s – supporters have such a strong connection to the artist and to the rest of the fandom that the desire to spend becomes even more powerful. 

‘For non-fans, £848 may seem like an enormous amount to splash out on a concert – but for Eras Tour ticketholders, every pound they spend is an investment in the memories they’ll create.’