Liverpool will be renamed Taylor Town when 150,000 descend on the city for the superstar's June Anfield Stadium shows

And Liverpool City Council has revealed the city is getting a new name in celebration of the Grammy winner, plus 11 art installations inspired by each era of Taylor's career, which will open on June 8.

Taylor's shows are reportedly set to boost UK spending by almost £1 billion.

The 'Anti-Hero' hitmaker is playing 15 dates in June and August, with over a million fans expected to attend and spend an average of £848 on the event, including tickets, accommodation, travel and outfits.

Recent data released by Barclays and the bank's chief behavioural scientist Dr Peter Brooks explained: "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 and to the rest of the fandom that the desire to spend becomes even more powerful.

"For non-fans, £848 may seem like an enormous amount to splash out on a concert, but for Eras Tour ticket-holders, every pound they spend is an investment in the memories they'll create."

Fans are said to be spending an average of £206 on an Eras Tour ticket, with 14 per cent of fans also spending over £400 each on various perks, from VIP packages to exclusive merchandise.

With many concertgoers travelling to another city for the event, travel will cost an average of £111 and accommodation a further £121, with gigs being held in Liverpool, Cardiff, Edinburgh and London.

With new themed outfits, meals out before the show and Swift-themed after parties, it's expected to contribute an overall boost of £997 million for the UK economy.

Last month, Taylor, 34, made it into the Forbes' World Billionaires list for the first time and became the first person in history to reach a net worth of $1 billion solely through their music or performances.

The publication said: "Celebrities are getting richer, too. Taylor Swift ($1.1 billion) joins the 2024 ranks-the first musician to do it based solely on songwriting and performing - after the record-breaking first leg of her 'Eras' tour."