Live performances by Oasis are expected to infuse approximately £1.1 billion into the British economy, yet there is a possibility that these events could also exacerbate inflation.
The much-anticipated Oasis Live 25 tour is not only delivering a musical spectacle to die-hard fans, but it's also generating significant economic benefits for the UK. With ticket sales alone among the 900,000 fans estimated to reach £217 million, the tour is set to bring in a higher headline figure than Taylor Swift's tour, which had 15 concerts.
Each gig on the tour is worth an average of about £64.7 million. The tour, consisting of 17 concerts, is expected to bring in more than £1 billion for the British economy. The Oasis comeback has caused a rush to see the most successful band of the 1990s Britpop era, with hundreds of thousands of fans battling to get tickets.
Manchester, home of Oasis's frontmen Liam and Noel Gallagher, is set to receive around £302 million. Edinburgh, host to the final gig this evening, is predicted to have its coffers boosted to the tune of £151 million. The city has seen hotel prices skyrocket by 91% compared to the week prior for Oasis's Friday show last week. Similar trends have been observed in Manchester, where hotel prices have spiked at £234 per night, a 500% increase from typical mid-week rates.
Edinburgh hotels have also seen a year-on-year increase, with three-star venues rising by 65% and four-star ones by 50%. The average concertgoer is thought to have spent £159 each on food and drink, resulting in an estimated £219.3 million in hospitality expenditure.
When it comes to travel and accommodation costs, fans are believed to have splashed out around £166 million. This spending pattern was also observed during Taylor Swift's UK tour, causing an inflation headache for the Bank of England. However, there is no direct evidence linking Oasis's Live 25 tour to any predicted impact on UK inflation.
Paul Dales, chief UK economist at Capital Economics, stated that the Bank of England could quantify the effect and ignore it as a one-off price effect. Capital Economics warned that the Oasis concerts might have a greater effect on the economy compared to Swift's tour due to the higher ticket prices and the larger number of concerts.
The seven sell-out shows in London are anticipated to rake in at least £476 million. The tour, which kicked off in Cardiff, is thought to have earned it £112 million from the opening two shows. Despite the economic benefits, the focus remains on the music and the fan experience, with the tour delivering a nostalgic journey for fans of the iconic British band.
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- The revenue generated from the Oasis Live 25 tour, particularly in cities like Manchester and Edinburgh, is expected to significantly impact the finance sector, as fans are estimated to have spent around £166 million on travel and accommodation alone. [Source 3]
- In addition to boosting the tourism industry, the Oasis Live 25 tour is also expected to have an impact on the UK's general-news landscape, as many news outlets cover the economic benefits generated by the tour. [Source 5]
- For individuals planning to invest in the UK economy, the Oasis Live 25 tour presents an opportunity to consider the impact of finance-driven events such as concerts on the overall financial market, with the seven sell-out shows in London expected to generate at least £476 million. [Source 1]
Also, the spending patterns observed during the Oasis tour might have implications for taxes, as more revenue could potentially lead to an increased tax base. [Source 4] Additionally, the spending on entertainment events like this could potentially affect the overall mortgage market, as increased revenue might lead to more disposable income for individuals, which could in turn affect their ability to afford home loans. [Source 2]
