The Eras Tour by Taylor Swift could potentially contribute $1.2 billion to the UK economy.

• On average, Taylor Swift fans in the U.K. are predicted to spend more than $1,000 to attend her Eras Tour.
• The musician's economic impact is referred to as "Swiftonomics," as her global fan base attends her concerts.
• In recent times, the economic impact of tours by popular musicians such as Swift, Beyoncé, and Springsteen has been observed as a broader trend.

According to Barclays, Taylor Swift's Eras Tour is predicted to give the U.K. economy a £997 million ($1.2 billion) boost, with fans spending an average £848 to see the singer.

According to data from a British bank, Eras Tour-ticket holders are expected to spend more than 12 times the average cost of a night out in the U.K. (£67) and more than double the amount spent attending a U.K.-based wedding (£398).

According to Barclays' "Swiftonomics" report, the average cost of an Eras Tour ticket is £206. Additionally, attendees can expect to spend £121 on accommodation, £111 on travel, and £56 on clothing for the concert.

In addition to spending an average of £79 on official merchandise during the U.K. leg of the Eras Tour, ticket-holders are also expected to spend £59 on a meal before the concert and an additional £216 on other costs, such as drinks and vinyl records.

Based on the total spend of £848 by nearly 1.2 million ticket-holders, across 15 nights at four stadiums, Barclays predicted that the tour will generate £997 million.

According to Peter Brooks, a chief behavioral scientist at Barclays, when it comes to cultural icons like Taylor Swift, 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, similar to the way fans were during Elvis and Beatlemania in the 50s and 60s.

The term "Swiftonomics" refers to the economic impact of the musician, as her fans spend large amounts of money attending her concerts worldwide.

In recent times, the economic impact of tours by popular musicians such as Swift, Beyoncé, and Springsteen has been observed as a broader trend.

Filip Andersson, a researcher at Danske Bank, stated that Beyoncé's first tour stop in Stockholm, Sweden had a significant impact on inflation in the country.

— CNBC's Sophie Kiderlin contributed reporting.