As the band prepares to tour, economists say pent-up global demand could reshape how concerts boost city economies

Move over, Taylor Swift. Her Eras tour was the highest grossing in history, sparking an estimated $5bn in direct consumer spending across the US. But now another musical phenomenon is preparing to sweep through North America – and economists expect it will generate tens of billions of dollars in economic activity along the way.

K-pop sensation BTS will embark this year on their largest tour yet, spanning 34 regions across five continents, ending a hiatus due to mandatory military service that lasted almost four years.