IN THE SPOTLIGHT
THE TAYLOR SWIFT ECONOMY
U.S. SMALL BUSINESS OPTIMISM HITS 11- YEAR LOW Small business confidence hit its lowest level in more than 11 years for March as proprietors worried that inflation is still a problem. At a time when other data points show inflation receding, the National Federation of Independent Business recently reported that its survey showed a reading of 88.5, down nearly a point from February and the lowest since December 2012. A quarter of all respondents reported that rising costs were the biggest problem. With respondents specifically citing inflation, and in particular higher input and labor costs, as their most pressing issue. A net 28% reported raising average selling prices for the month and 33% planned additional price hikes, according to seasonally adjusted data. A Commerce Department measurement of personal consumption expenditures prices put the annual inflation rate at 2.5% in February.
The economic impact of Taylor Swift’s Eras tour has been measured in national retail sales figures, global inflation, and municipal economic bumps where concerts were held. Even Taylor Swift events that don’t involve Taylor Swift showing up like watch parties at drive-ins to bar crawls, cruises, dance parties, and more all have an impact on local economies as small businesses are trying to cash in on the Swift phenomena in all corners of North America, and cuts across all demographics. While quantifying actual data is challenging, it also makes perfect sense for small businesses to try to get a cut of the Taylor action. Taylor Swift’s team is very careful concerning events, items, and officially trademarked products by the singer, but entrepreneurs are capitalizing on the opportunity to ride the Swift wave across North America with many making business plans to coincide with a new music dropping from by the multi-Grammy award-winning American singer- songwriter superstar.
SPOTLIGHT ON BUSINESS MAGAZINE • VOL 24 ISSUE 2 9
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