How Taylor Swift Concerts Rocked Retail Sales: Over 600,00 fans going to see her sent up retail sales alright! It turns out these "Swifties" (that's what her fans call themselves) bought big.
What does this mean for you?
It is said, " The best preparation for good work tomorrow is to do good work today." – Elbert Hubbard.
As this case shows, in the bustling world of retail, retail fervour unfolds if you are prepared and able to capitalise on it in some way.
There was plenty to capitalise on as Ben Dorber, Australia Bureau of Statistics head of retail statistics, highlights out here in their Feb 2024 report that while he was looking at the figures, "Seven sold-out Taylor Swift concerts in Sydney and Melbourne boosted retail spending this month, with over 600,000 Swifties flocking to these events. This increased spending on clothing, merchandise, accessories and dining out", a national increase of 0.2%.
So, as a retailer, here's the deal:
- Plan Ahead: Check calendars for big concerts, sporting matches, and festivals that will get wide media attention.
- Get Creative: Tap into the excitement of those events. Offer event-themed merchandise or promotions that capture the excitement.
A Real-World Win
I read how one clothing boutique near a concert venue offered "Swiftie Style" t-shirts and discounts for anyone showing a concert ticket. The result, their sales did well.
The Big Takeaway
Even if your business isn't a direct match with the event, don't miss the opportunity! The right planning and creativity can help boost your sales when a big event is staged. Remember, even a slight increase in sales or getting your shop's name in front of new customers can have a lasting positive impact on your business!
