Taylor Swift's Eras Tour is reportedly set to boost UK spending by almost £1 billion in 2024

New data has been released by Barclays, and the bank's chief behavioural scientist Dr Peter Brooks explained: "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.

"For non-fans, £848 may seem like an enormous amount to splash out on a concert, but for Eras Tour ticket-holders, every pound they spend is an investment in the memories they'll create."

Assessing hundreds of millions of customer transactions along with consumer research on spending trends, the report has unveiled its findings.

Fans are said to be spending an average of £206 on an Eras Tour ticket, with 14 percent of fans also spending over £400 each on various perks, from VIP packages to exclusive merchandise.

With many concertgoers travelling to another city for the event, travel will cost an average of £111 and accommodation a further £121, with gigs being held in Liverpool, Cardiff, Edinburgh and London.

With new themed outfits, meals out before the show and Swift-themed afterparties, it's expected to contribute an overall boost of £997 million for the UK economy.

Last month, Taylor, 34, made it into the Forbes' World Billionaires list for the first time and became the first person in history to reach a net worth of $1 billion solely through their music or performances.

The publication said: "Celebrities are getting richer, too. Taylor Swift ($1.1 billion) joins the 2024 ranks-the first musician to do it based solely on songwriting and performing - after the record-breaking first leg of her 'Eras' tour."