LONDON — Taylor Swift is touring Europe this summer, bringing in her wake hundreds of thousands of fans spending on airfare, hotels, restaurants and friendship bracelets.

On Friday, she began a three-show run at Wembley Stadium in London and will return to the city in August for five concerts to conclude the European leg of her Eras Tour; about 700,000 people are expected to see the show in the British capital. And analysts are debating the economic footprint it will leave.

Economists in the United States know that Eras is an economic tour de force. As consumers splurged on concerts, meals, vacations and other recreational experiences they missed out on during pandemic lockdowns, one company estimated that the tour could generate $4.6 billion in North America on tickets, merchandise and travel.

Central bankers are justified in scrutinizing the potential inflationary effects of the arrival of a global superstar: In May 2023, when Beyoncé kicked off her Renaissance World Tour in Stockholm, an economist attributed a blip in the inflation data to the singer’s concert, as many fans traveled from afar to witness the first show.

The demand that the Eras Tour creates for hotel rooms and flights across Europe could push up prices that feed into each country’s inflation rate. Central bankers are sensitive to even minute changes in the data as they try to distinguish one-off effects from lasting ones. If central bankers worry that inflation is not slowing as expected, they could hold off cutting rates.

“All those tiny quirks are going to matter a lot,” said Lucas Krishan, a strategist at TD Securities in London. They can “muddle the picture for central banks heading into these decisions.”

Last month, Portugal’s inflation rate accelerated, in part because of a jump in hotel prices in Lisbon “resulting from a major cultural event,” the country’s statistics office said. Swift performed there May 24 and 25.

The impact that events like Swift’s tour have on inflation can be mitigated by how well a country’s economists anticipate the effect of her concerts so investors and others are not surprised by the data.

But Krishan said it was possible that Swift’s London concerts in August could increase services inflation in Britain, especially because one of her tour dates may coincide with the day that the nation’s statistics agency records price data. If hotel prices follow the pattern set when she played in Liverpool this month, services inflation could rise as much as 0.3 percentage points. Higher-than-expected inflation data in August could encourage Bank of England officials to hold off on cutting rates in September, he said.

Other analysts are skeptical of Swift’s ability to have a seismic impact that shows up in national statistics.

“Taylor Swift is unlikely to be affecting central bank policy. She’s unlikely to be affecting government policy,” said George Moran, an economist at Nomura. “And I don’t think it’s a sustainable option for growth in a country to rely on having superstar concerts.”

Still, Moran said, for individual cities and certain sectors, the tour could have a meaningful impact. The Greater London authority said Swift’s eight London shows could generate $378 million for the economy.