Thu. Jul 11th, 2024

Singapore’s economy benefits greatly from the Taylor Swift concert

Singapore's economy benefits greatly from the Taylor Swift concert 3
Singapore's economy benefits greatly from the Taylor Swift concert 3

On March 4, Singapore’s Minister of Culture, Community and Youth Edwin Tong said before the country’s Parliament that the economy will benefit greatly from singer Taylor Swift’s performances here.

Edwin Tong lists the direct economic benefits as including tourist arrivals, money spent on airfare, show tickets, lodging, as well as general spending on entertainment, shopping, and eating out.

On Strait Times last month, economists estimated that Taylor Swift’s concert brought 350-500 million Singapore dollars (260-371.9 million USD) to the Singapore economy.

Taylor Swift during a February 2024 concert in Sydney (Australia).

Data from hotel data company Smith Travel Research shows that immediately after Swift announced the performance schedule, bookings at Singapore hotels in March 2024 increased by 10%.

On CNBC, two airlines, Singapore Airlines and Scoot, revealed that demand for flights to Singapore in March soared, especially from Southeast Asia.

In July 2023, UOB Bank (Singapore) also recorded an average increase of 45% in the number of applications to open credit cards in Singapore, Thailand, Malaysia, Indonesia and Vietnam per day after Swift announced her performance in

`If she doesn’t choose Singapore, I won’t buy a ticket,` said Mavis Mook – a 22-year-old student in Singapore.

`According to previous figures, Taylor Swift is forecast to significantly boost the economy,` Liu said.

According to CNBC, Singapore is considering concerts as a new economic growth engine, with revenue for each event estimated to be up to hundreds of millions of SGD.

`Singapore is famous as a destination for business tourism. However, large-scale music events are also booming the service industry here. Tourism-related services contribute up to 10

In January, British band Coldplay performed 6 shows at Singapore National Stadium.

Online booking website Agoda recorded a spike in accommodation searches in Singapore around the time of Coldplay’s concert.

In addition to direct revenue from concerts, these celebrities can also bring long-term value to the country hosting the event.

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