Taylor Swift's worldwide "Eras Tour" is set to stimulate the U.K. economy by almost 1 billion pounds ($1.3 billion) as fans splash the cash to see the mega pop star, British Barclays bank estimated Wednesday.

A study entitled "Swiftonomics" said almost 1.2 million fans would each shell out about 848 pounds on tickets, travel, accommodation and merchandise to see the singer and songwriter perform in the U.K. over 15 summer dates.

This figure is 12 times the amount someone would spend on an average night out in the country, according to Barclays.

"When it comes to cultural icons like Taylor Swift – like we saw with Elvis and Beatlemania in the 50s and 60s – supporters have such a strong connection to the artist that the desire to spend becomes even more powerful," said Peter Brooks, a behavioral scientist at Barclays.

Swift is on the European leg of her tour that began more than one year ago, with the performer having played in sold-out arenas across North and South America as well as Asia.

In the U.K., Swift will perform at sporting arenas in Cardiff, Edinburgh, Liverpool and London.

By the end of 2023, the tour became the first to sell more than $1 billion in tickets. It is on track to more than double the amount by the time it concludes at the end of this year.