This summer, the economy is experiencing a girl power boom.
With Beyoncé and Taylor Swift embarked on highly lucrative tours and the smashing success of Mattel (MAT) and Warner Bros’ (WBD) Barbie blockbuster, it’s clear millions of Americans are willing to spend big.
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On the silver screen, Barbie is projected to be the highest grossing film of the year, breaking numerous box office records and bringing in roughly $155 million during its opening weekend.
Onstage, both Beyoncé and Taylor Swift tickets have been selling faster than hot cakes, with both artists having sold tickets for well over $1,000 per seat.
Both tours have been so successful that they have contributed to inflation in some destinations. According to the California Center for Jobs and the Economy, Swift is expected to bring in $320 million to the city of Los Angeles alone during the final six nights of her Eras tour.
Women are estimated to have control or influence over some 80% of consumer spending decisions in America.
Given the US economy’s reliance on consumer spending for growth, this is giving the ‘she-conomy’ a whole new meaning. And this summer’s million dollar success of Barbie, Taylor and Beyoncé are testament to that. Other companies might want to jot down the recipe for this success.
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