As the United States approaches its first total solar eclipse in seven years, the American economy is experiencing an effect similar to the “Swift Effect,” termed the “Eclipse Effect.”
According to CBS News on the 6th (local time), the economic analysis firm Perryman Group predicted that the solar eclipse scheduled for the 8th would generate an economic impact of around $6 billion (approximately 8 trillion 118 billion won), mainly in the hotel and tourism industries. A total solar eclipse occurs when the moon is positioned between the Earth and the Sun, completely blocking the Sun.
The economic impact is especially expected in the diagonal region stretching from South Texas, where the total eclipse can be fully observed, to Northeast Maine. Ray Perryman, an economist and CEO of the Perryman Group, estimated Texas’s economic impact at around $1.4 billion.
The lodging industry has particularly profited from the eclipse. Jay Peak Ski Resort in Vermont, renowned as a top spot for eclipse viewing, has disclosed that customers began inquiring about and reserving rooms for the 2024 eclipse as early as four years prior. Since then, all 900 rooms at the resort have been booked within a year and a half.
This phenomenon extends beyond the resort. According to AirDNA, a U.S. real estate short-term rental data provider, on the 7th, most Airbnb accommodations along the eclipse path have been fully booked. A map showing Airbnb reservation statuses shows an orange band stretching from the South to the Northeast. Orange signifies accommodations that are nearly 100% booked.
Companies have launched marketing campaigns for products related to the eclipse. Some beverage and eyewear companies even run promotional events where customers who purchase their products receive free eclipse-viewing glasses. A brewery in New York on the eclipse observation path has also launched a beer to commemorate the eclipse.
The eclipse effect has been assessed to be on par with major U.S. events. Patrick Kaler, CEO of New York’s travel agency ‘Visit Buffalo,’ told the media, “This (eclipse) is akin to the Super Bowl or a Taylor Swift concert.”
Meanwhile, according to NASA, this eclipse will be observed from South Texas to Northeast Maine on the afternoon of the 8th. According to NASA’s analysis, the upcoming total solar eclipse will mark the first observed in the U.S. in approximately seven years, with the next occurrence expected in 2045.
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