Taylor Swift’s Eras Tour could give the UK economy a $1.2 billion boost

Taylor Swift’s Eras Tour is set to provide a £997 million ($1.2 billion) boost to the U.K. economy, according to Barclays, which predicts fans will spend an average £848 to see the singer.

Data from the British bank, published Wednesday, showed that Eras Tour-ticket holders are predicted to fork out more than 12 times the average cost of a night out in the U.K. (£67) and more than double that spent attending a U.K.-based wedding (£398).

Barclays’ “Swiftonomics” report said the average amount spent on an Eras Tour ticket is £206. Other expected costs include £121 on accommodation, £111 on travel and £56 on clothes to wear at the concert.

The bank also expects ticket-holders to splash out an average of £79 on official merchandise on the U.K. leg of the Eras Tour, which kicks off in June. That’s along with £59 on a meal before the concert and an additional £216 on other costs, including drinks and vinyl records.

Based on that total spend of £848 by nearly 1.2 million ticket-holders, across 15 nights at four stadiums, Barclays predicted that the tour will rake in £997 million

“When it comes to cultural icons like Taylor Swift – like we saw with Elvis and Beatlemania in the 50s and 60s – supporters have such a strong connection to the artist and to the rest of the fandom that the desire to spend becomes even more powerful,” said Peter Brooks, a chief behavioral scientist at Barclays.

“Swiftonomics” is a term used to describe the economic influence of the musician, as fans flock to her shows around the world — spending big as they do so.

The economic impact of tours by superstar musicians, including Swift, Beyoncé and Bruce Springsteen, has been observed more broadly as a trend in recent times.

For instance, Danske Bank researcher Filip Andersson told CNBC Make It that Beyoncé’s first tour stop in Stockholm, Sweden had an “evident” impact on inflation in the the country.