2023: The Year…

Women drove the economy. There was girl dinner. There was girl math. There was tube girl. But through it all, there was the girl-driven economy. In 2023, the spending power of women was in full view. In July, Federal Reserve Chair Jerome Powell was asked about demand for Taylor Swift and “Barbie” tickets and its impacts on the economy. Turns out the female gaze — what women watch and delight over — is worth a lot of money. How much? Check out the numbers around three of 2023’s biggest economic engines:

“Barbie”: The highest-grossing film of the year. “Barbie'' made over $1 billion in ticket sales globally — enough to help revive a movie industry that lost $7 billion during the pandemic. Cue: Greta Gerwig becoming the highest-grossing female director. Pink-studded marketing campaigns (see: Airbnb, Burger King, and Crocs) added to the economic DreamHouse. Plus, the so-called “Barbie effect” had restaurants and retailers feeling pretty in pink. Barbiecore took over our closets. And the memes had fans channeling their inner doll — including Weird Barbie. 

Beyoncé: Queen Bey’s “Renaissance Tour” brought the “ENERGY,” breaking a revenue record by earning more than $127 million in its first month. Estimates say the tour could generate $4.5 billion in the US. For context, that’s as much as the Olympics brought in for Beijing in 2008. In Sweden, her two-day concert created the “Beyoncé blip” — a 0.2% increase in inflation. That’s as her tour drove prices up on things like hotels and restaurants. Local economies like Chicago and Austin also saw a boost in revenue to local businesses, including at nail and hair salons. “Renaissance: A Film by Beyoncé” topped the box office earlier this month, with more than $21 million in US ticket sales during its opening weekend. 

Taylor Swift: The Eras Tour generated a record $2.2 billion in North American ticket sales. But that’s not all: her concerts raked up another $4.6 billion in consumer spending between merch, hotels, ticket sales, outfits, and more. Swifties didn't stop there: her concert in Glendale, AZ, boosted the local economy more than this year’s Super Bowl in the same stadium. The Eras Tour film, which played in theaters for fans who couldn’t make it in person (cough cough: Ticketmaster) made more than $100 million in presale tickets and merch alone. The Swift effect spread beyond her concerts. Even the game she attended to support her beau Travis Kelce became the most-watched “Sunday Night Football” game since this year’s Super Bowl. But the Time’s person of the year isn’t done with us yet: she’s breaking her own streaming records and taking her tour worldwide....are you ready for it?

Women have long been a leading force driving the economy — with their labor force participation and median weekly earnings growing. 2023 was the year that forced many to acknowledge it. Next up: stay tuned for a little surprise showcasing this year in AI.