Taylor Swift’s six concerts boost Spore GDP by up S$500 mil
According to economists, Taylor Swift’s six concerts in Singapore in March could boost the economy of Singapore by as much as S$500,000,000 through tourism receipts.
Taylor Swift’s concert tour is expected to generate tourism revenues of between S$350m and S$500m, according to top analysts.
Others also estimated S$300m to S$400m in revenue. This is about 0.2% of Singapore’s first-quarter Gross Domestic Product.
Singapore’s retail, hospitality, and food and beverage industries will be benefited by Taylor Swift’s 6 night concerts, which are scheduled to take place in March of 2024.
Singapore concerts will be attended by a large number fans from overseas, which is expected to increase foreign tourist spending.
The Singapore leg Swift’s The Eras Tour kicked off on Mar 2 at the National Stadium. A total of 6 sold-out shows amounted to more than 300,000.
Singapore’s one and only South-East Asia stop is not simply because the Republic of Singapore got lucky. Srettha Thavisin, Thailand PM last week, revealed that Swift had been paid US$2 – US$3 millions per performance to make Singapore the only regional destination.
The Singapore Tourism Board and Ministry of Community, Culture and Youth both confirmed on Feb 20 that a funding grant was made available to bring this tour to Singapore.
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As a top spokesperson of the tourism board said, the tour would likely bring about significant benefits to Singapore’s economy in terms of tourism, including retail, travel and dining.
Bloomberg says that according to the report, the singer’s concerts added US$4.3 million to US GDP. The Eras Tour’s contribution to Japan’s GDP was estimated at 34 billion Japanese yen, or S$309 millions.
Klook, a platform for activity bookings, and Marina Bay Sands – the official sponsor of this tour – launched ticket packages and hotel accommodation in July. Klook’s offers ranged from S$542-S$4,977 for over 40 participating hotel partners. They sold out in less than six hours.
MBS, with its three packages priced at S$10,000 each, S$15,000 each, and S$50,000 each, received a “tremendously powerful” response. They have sold out as well, according to a spokesperson for MBS.
Over 90 per cent (90%) of MBS packages are purchased by overseas visitors. These packages include VIP tickets and accommodations, as well as transportation, dining, and other services.
The Fullerton Hotel Singapore also offers “Swift Sojourns,” which include hotel accommodations, transport, and meals, but not the tickets.
According to one of Singapore’s most prestigious hotels, more guests have been booking for the concert dates from Asia-Pacific countries, including Hong Kong and Philippines.
The Philippines ranked as the top country in which Klook customers purchased ticket packages.
The Swift Sojourn has yet to be sold out. But room rates have increased more than 10% at The Fullerton Hotel Singapore (and The Fullerton Bay Hotel Singapore) for The Eras Tour dates.
Fullerton Bay Hotel Singapore has also launched a “TS Love You” dining package in March. This menu features dishes and cocktails inspired from her songs.
A representative at Sofitel Singapore confirmed that the hotel’s occupancy increased slightly during the first two week of March when compared to the same period last year.
Swift’s shows overseas have had a positive impact on the hotel, and she said that the full results of Swift’s concerts will not be known for some time.
UOB’s Senior Economist stated that other industries may benefit as well, such as air travel, food and beverage and transportation and logistics. Singapore is a great place for music tourism. This has an intangible value.
Swift’s concert tour could boost Singapore’s reputation in a way that goes beyond just these six one-off shows.
Analyst stated that this will generate a greater economic value to the host countrys. It’s more valuable than the temporary boost of the actual concerts.
Taylor Swift’s endorsement, that Singapore is a great place to go, is also worth the prize.
As she has a huge cultural influence on Singapore, it will be good for the economy if the country’s tourism is boosted by her pronouncing the city ‘cool.’ If she has a chicken rice stall and raves about it, you can expect that business to be a success for the rest of her life.
