Here's how much Taylor Swift's 'The Eras Tour' is already boosting Toronto's economy

Toronto is just halfway through its Taylor Swift era, and the city is already seeing a massive boost in its economy thanks to fans of the American popstar.

Destination Toronto previously estimated Swift's six-show stint would generate $282 million for Toronto's local economy, with $152 million coming in the form of direct spending.

According to Moneris, a Canadian payment services provider, spending in the city was already up by 57 per cent week over week across all categories in just the first three days of the Toronto leg of 'The Eras Tour.'

"And that's a significant increase. Toronto is one of the biggest media markets in North America, so it takes something truly special to stand out, and this concert tour is exactly that," Sean McCormick, vice-president of business development and data services at Moneris, said in a release issued on Thursday.

As per the company's data, international spending has more than doubled during that time, going up by 126 per cent. Out-of-towner Swifties were particularly drawn by the cinema, according to its data, with movie spending going up by 505 per cent and theatrical productions going up by 174 per cent.

Part of the Eras Tour experience means donning beaded friendship bracelets and dressing up in a bejeweled outfit representing one of the singer-songwriter's eras, from cherry red hues to pay homage to "Red" to jewel-toned tinsel jackets to honour "Midnights". Because of that, Moneris said fans contributed to a 32 per cent rise in clothing store sales and a 78 per cent boost in accessory stores.

Craft supply chain Michaels alone is already providing more than five million beads to the "Taylgate" party in downtown, a pre-party for Swifties to head to. The company told The Canadian Press it has already seen a 300 per cent sales increase in its beads and jewelry categories in the days ahead of the "Karma" singer's concerts in the city she is about to visit.

Walmart Canada said it has also seen a year-over-year increase in bracelet-making kits sales, going up by 250 per cent, with most buyers coming out of Ontario, B.C., and Alberta.

Moneris's data also revealed Swifties preferred to load up on snacks than go out to eat at a restaurant, noting restaurant spending was only up by two per cent while snack shops saw a 61 per cent increase.

"Based on the data, a strategy that restauranteurs may want to consider is highlighting takeout menus and value items that concert goers can grab on their way to or from the show," McCormick said.

Taylor Swift is performing three more shows in Toronto, with the fourth concert taking over Rogers Centre on Thursday night.

With files from The Canadian Press