For months, I’ve had a book sitting on my desk: Swiftynomincs: How Women Mastermind and Redefine Our Economy. Published in January, the book by economist Misty L. Heggeness examines how Swift herself—and her legions of fans—power the economy in ways both seen and unseen.
In the book, Heggeness rattles off some numbers. The Eras Tour raked in $4 billion in revenue, and Swift controlled a reported 85% of it. Cities from Cincinnati to Los Angeles reported anywhere from $48 million to $320 million in revenue-boosting activity during the tour’s stops.
Her analysis also goes beyond the history-making Eras Tour. Swift’s business influence extends to monopoly-busting and intellectual property, through her battle with Ticketmaster and her Taylor’s Version re-records. The Eras Tour was one part of a year, 2023, in which women’s economic power was seen in full force, through the box office-shattering Barbie movie and more. The consumer spending was a sign that women were spending on themselves and their own interests—not just on their spouses and families. When she’s not writing about Swift, Heggeness usually studies what she calls gender economics, including themes like how marriage and divorce influence how families distribute resources within their households.
This past weekend, Swift’s economic impact was clear yet again—within the realm of Heggeness’s usual area of study. Of course, Swift married Kansas City Chiefs tight end Travis Kelce at Madison Square Garden on Friday, in a ceremony that brought more than 1,000 high-profile guests and legions of fans to New York. Besides the AMC Theatres CEO who tweeted and deleted his reaction to the wedding, other invited business types included Disney’s Dana Walden (No. 29 on the Most Powerful Women list) and Bob Iger; Disney+ is Swift’s current streaming home for the Eras Tour and her docuseries, and she just wrote a song for Toy Story 5.
Meanwhile, fans toured the city, visiting Cornelia Street and Swift’s apartment in Tribeca. Madison Square Garden, the city’s home for both sports and music, put the phrase “JUST&T MARRIED” on its screens that night, making the marriage official to the public.
Already, luxury brands that outfitted the couple have seen a boost—Cartier, Christian Louboutin, and Dior under newish creative director Jonathan Anderson, who has been tasked with revitalizing its global profile. Dior CEO Delphine Arnault (No. 93 on the 2026 Most Powerful Women list) fought to bring Anderson to the brand—it’s a win for both of them. Swift’s publicist Tree Paine described the dress as Anderson’s “first couture wedding dress for a world-renowned celebrity.”
When Swift and Kelce got engaged, the Knot put out a report estimating that their engagement and wedding would contribute to $2.2 billion in new global wedding spend, with $1.8 billion of that in the U.S. over two years. Thirty-seven percent of engaged couples surveyed at the time said the engagement made them more excited about their own engaged status, and the Knot’s vendor marketplaces saw a rise in searches for romantic garden design (as seen in the couple’s proposal photos). Kindred Lubeck, who designed Swift’s engagement ring, had her $100,000 of inventory sell out immediately after the engagement—and brought back the popularity of old-mine-cut diamonds. (Lubeck even attended the wedding; Taylor and Travis “changed my life forever,” she wrote on Instagram.)
Official details from the wedding itself are still sparse. A former NYPD commissioner compared the cost of security to that of a Trump visit to the city. There are reports of trees and plants transforming the Garden into an actual garden, continuing the theme of the proposal. There are no official pictures yet of the dress, but we can be sure that if those photos are shared, their influence and economic impact will multiply.
Why are fans responding just as strongly to Swift’s still-unseen wedding as to the public spectacle of her Eras Tour? Swift has been writing about relationships and marriage for 20 years, and rumors are circulating that she walked down the aisle to the chords of her own song Love Story, a fantasy she wrote as a teen where Romeo proposes to Juliet and all ends well with a white dress. Besides the curiosity that would accompany the wedding of the world’s biggest celebrity, Swift’s wedding means something to fans who watched her process her feelings, her romantic ups and downs through her music for years. It’s the happy ending they’ve been waiting for—for her and for themselves.
Heggeness has argued that the real economic force isn’t Swift herself, but her fans. More than 129 million U.S. adults identify as Taylor Swift fans—that’s half the population. Well, Swift is the one who wore Dior on Friday. But if a forest were installed inside MSG and no fans were watching it happen, would it still transform the economy?
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Subscribe here.
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For more on JPMorgan... I have a new Fortune feature that charts the bank's path from two promising female CEO contenders to zero, which published this weekend. The FT follows that journey for Marianne Lake in a new piece too.
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PARTING WORDS
"My life as Milly, independent of my career, will always take precedence. Any day. Because that’s where I exist. I don’t exist in this."
— Supergirl star Milly Alcock, bringing her Aussie attitude toward work-life integration to Hollywood
