“Barbenheimer” – the twin-bill summer box office phenomenon – helped to drive US people back to cinemas last month, but movie-going is still struggling to catch up to other recreational spending categories after the pandemic.
Outlays for movie theatre-going grew in July at an annualised rate of nearly 11 per cent from June, outshining the spending gains last month at sporting events and concerts or live theatre, data out on Thursday from the Commerce Department showed.
Total consumer spending increased a stronger-than-expected 0.8 per cent last month.
The releases of Warner Bros' Barbie and Universal's Oppenheimer, marketed as an unlikely double feature, spurred ticket sales and continued to defy what is typically an end-of-summer slump.
While that helped box office receipts, it made less of a splash for overall consumer spending when compared to larger categories such as clothing and household furnishings, economists at Oxford Economics said.
“'Barbenheimer' appears to have had only a limited direct impact on spending last month, with the outsize $700 million annualised, or 11 per cent, increase in real spending at movie theatres only a small part of July's gain,” said Michael Pearce, leading US economist.
How long that momentum lasts is uncertain amid continuing strikes by actors and writers, which have clouded the outlook for new releases.
While other categories of live-event spending have fully recovered from the hit delivered by pandemic shutdowns, the amount paid for movie tickets remains at about 65 per cent of its pre-Covid levels.
Sporting events were the first to rebound, and live performance admissions came through after that, with concertgoers – many spending about $1,300 a show on Taylor Swift’s Eras Tour – making an impact.
That tour is projected to generate $5 billion in economic growth for the US econom,y according to market researcher QuestionPro.
The tour prompted attention from the Federal Reserve Bank of Philadelphia, which said Swifties, as Swift's fans call themselves, drove up hotel revenue in the city.
Beyonce's Bey Hive is also shelling out big bucks for tickets to her Renaissance Tour.
The tour took $295 million through her August 1 show at Gillette Stadium in Massachusetts, according to Billboard Boxscore.
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
LIKELY TEAMS
South Africa
Faf du Plessis (captain), Dean Elgar, Aiden Markram, Hashim Amla, AB de Villiers, Quinton de Kock (wkt), Vernon Philander, Keshav Maharaj, Kagiso Rabada, Morne Morkel, Lungi Ngidi.
India (from)
Virat Kohli (captain), Murali Vijay, Lokesh Rahul, Cheteshwar Pujara, Rohit Sharma, Ajinkya Rahane, Hardik Pandya, Dinesh Karthik (wkt), Ravichandran Ashwin, Bhuvneshwar Kumar, Ishant Sharma, Mohammad Shami, Jasprit Bumrah.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
UAE currency: the story behind the money in your pockets
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
The Specs
Engine 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp (542bhp in GTS model)
Torque: 730Nm
Price: Dh649,000 (Dh549,000 for GTS)
MATCH INFO
Manchester City 2 (Mahrez 04', Ake 84')
Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)
Man of the match: Jamie Vardy (Leicester City)
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
