The Taylor Swift effect: How vinyl records returned to UK inflation basket after 32 years

Vinyl records will make it to the United Kingdom’s basket of goods used to calculate the rate of inflation for the first time since 1992. This indicates a spike in the popularity of the format among Britishers, which can partly be attributed to pop star Taylor Swift.

The Office for National Statistics (ONS) in its annual update on Monday (11 March) included vinyl records among 744 of the most popular goods and services it uses to measure inflation.

Let’s take a closer look.

Vinyl records in UK’s inflation basket after 32 years

Vinyl records were among one of 16 items added by ONS to the basket, while 15 others were dropped, reported Independent.

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“Our inflation basket of goods offers a fascinating snapshot of consumer spending through the years,” ONS deputy director for prices Matt Corder said in a statement, reported CNN. 

“Often the basket reflects the adoption of new technology, but the return of vinyl records shows how cultural revivals can affect our spending,” he added.

The ONS said the “resurgence of popularity” of vinyl records necessitated their inclusion among the over 700 items used to calculate inflation each month, as per The Guardian.

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Vinyl records were last used to calculate the cost of living in 1992 before compact discs replaced them.

The Taylor Swift effect

Taylor Swift’s surging popularity has come to the spotlight in recent years as her music took over the world. It seems her influence has now spread to the world of economic statistics, noted BBC.

Sales of vinyl got an extra boost last year with Swift’s album 1989 (Taylor’s Version) which was the best-selling vinyl LP of 2023. Hackney Diamonds by The Rolling Stones was the bestselling vinyl record by a British artist or group last year, reported Independent.

As per the UK record labels association, the British Phonographic Industry, 6.1 million vinyl records were sold in Britain last year, the highest since 1990. The steady rise in popularity among younger listeners including Gen Z and Gen Alpha in the UK has ensured the revival of the industry and propelled its growth for the 16th year in a row.

Adriaan Neervoort, owner of Wanted Music, in Beckenham, Kent, told BBC: “Vinyl has a more engaging human sound, it comes beautifully packaged. People want to know more about music and they want to engage with it more.”

According to Independent, the digital entertainment and retail association ERA said the popularity of vinyl has given a boost to the number of independent record stores. Last year, the number of such stores rose to 461 in the UK, a jump from 339 in 2014.

Speaking to The Guardian, the BPI chief executive, Jo Twist, said, “It’s good to see the ONS once again including vinyl LPs in its measure of what people are buying around the UK”.

“This much-loved format has seen demand grow consistently for nearly two decades, including among younger and more diverse consumers who stream daily but also love to own their favourite music on physical formats.”

Which other items are included?

Besides vinyl records, air fryers, which became a famous kitchen appliance during the pandemic, are also among the newcomers.

“The air fryer has cemented its place on many a kitchen counter over the last few years with expenditure increasing over 30 per cent between 2021 and 2022,” the ONS said.

The basket also reflects how Britishers have shifted towards healthier and gluten-free diets. Healthier cooking oil spray and sunflower and pumpkin seeds were among the 16 items to be added to the list.

SD cards, USB sticks, pre-packed salads, and rice cakes will also be included in this year’s inflation basket.

Hand sanitiser, which became a must during the pandemic, has been dropped from the list after demand “dipped dramatically”. Baking trays, roasting tins, rotisserie-cooked hot whole chicken, popcorn and sofa beds have also been removed.

These changes will be brought in February’s inflation release on 20 March, reported Bloomberg. The list comes at a time when consumer-price growth has fallen to 4 per cent, after a peak of 11 per cent in 2022.

With inputs from agencies