Scottish businesses must prepare for trading beyond their Wildest Dreams

With Taylor Swift's Eras Tour scheduled to arrive at Murrayfield Stadium for three days in June, Scottish tourism is poised for a mini economic boom with thousands of ‘Swifties’ due to descend on the capital and, indeed, the nation.

With anticipation building, Bank of Scotland's latest Business Barometer reported a surge in economic optimism among local firms, signalling a widespread recognition of the growth potential on the horizon, and local SMEs are already rolling up their sleeves, innovating and preparing to capitalise on the anticipated surge in economic activity in June.

But first, why are Edinburgh SMEs so excited for Taylor Swift to come to bonnie Scotland?

Before her UK tour stop, spending at Pittsburgh restaurants and bars surged by 13% during Taylor Swift’s show weekend in the US city, evidence that Edinburgh firms have reason to be excited. What’s more, a QuestionPro survey revealed that fans attending The Eras Tour spare no expense, splurging on tickets, clothing, hotels, travel and meals across all host cities.

With many Edinburgh hotels already fully booked around the concert dates, a similar trend is expected to play out in the Scottish capital, with gig-tripping in full-force.

A rising trend among music fans, where concerts serve as springboards for broader travel plans, Swifties are expected to descend on the capital, immersing themselves in the city's rich heritage, from iconic landmarks like Edinburgh Castle to venturing down to the vibrant districts of Leith and Portobello to try out local pubs, bars, cafes, shops and tourist attractions.

Beyond the hospitality and tourism sector, other local SMEs are innovating to capitalise on the expected uptick in business. For example, Edinburgh piercing parlours are planning themed events, such as Swift-inspired piercings and glitter bars to cash in on the nearby excitement and boost profits.

But there will also be opportunities further afield.

The ripple effect is expected to benefit Glasgow’s hotels and businesses. Beyond the concert dates, fans attending the event may opt to extend their stay further into June and explore farther. From the Glasgow International Festival of Contemporary Art, showcasing a diverse range of artists' projects throughout June, to the renowned Glasgow International Jazz Festival, there's no shortage of cultural experiences on offer.

Yet, some fans may be itching to explore even more of Scotland.

US cities saw a combined economic boost in their regions of £8.6m, according to the US Travel Association. Given this, it's plausible to imagine that some fans might opt to extend their trip beyond just the central belt.

Whether venturing into the Borders to soak in countryside vistas and explore historic castles or heading to the Highlands and Islands to trek through the Cairngorms National Park, observe native wildlife, and tour renowned distilleries, the potential for gig-trippers to broaden their Scottish experience is exciting for local firms up and down the country.

Clearly SMEs across industries are aware of the growth opportunity here. This is a unique chance for firms to capture sales opportunities and position themselves for further growth.

So, what should Scottish businesses have in mind when preparing?

Firstly, make it easy for Swifties to make the most of their experience. Incorporating newer payment methods like digital wallets and contactless payments will appeal to fans who are likely to want to pay in a manner of different ways.

However, payments are just the beginning of the conversation.

Getting as much insight into consumer spending patterns before the event will benefit businesses of all sizes. Make the most of payments data to create customer profiles, tailor promotions and inform marketing and product development strategies will help drive customer engagement and retention before, during and after the event.

It is worth mentioning too, arranging an overdraft provides a short-term safety net for firms looking to invest in increased stock, and areas of possible growth like creating Taylor Swift-inspired experiences, to better meet the upcoming surge in demand. This finance option is a helpful way for firms to manage cash flow and cover unexpected expenses in the short term.

Meanwhile, agencies and industry bodies such as VisitScotland, Scottish Enterprise and the Edinburgh Chamber of Commerce are all on hand to advise and support firms to make the most of this boom in trade.

After a turbulent year, firms need to be ready to capitalise on this huge event in the pop calendar.

Through reviewing how they fare in June, businesses can start to implement simple steps to make sure they are ready to seize the moment the next time one of the world’s biggest popstars comes to Murrayfield.

Martyn Kendrick is the director for Scotland at Bank of Scotland