The Real Impact of the Taylor Swift Concert on the Singapore Economy Reaches IDR 4.6 Trillion

JAKARTA – Six concerts Taylor Swift whose tickets are sold out during his Eras tour series in Singapore will add around SSD300 million to SSD400 million or Rp. 4.6 trillion into the Singapore economy. The Taylor Swift effect may be so large that it could boost Singapore’s GDP growth for the first quarter of 2024 by 0.2 percentage points. Chua noted that Eras Tour benefits hospitality, food and beverage, and retail activities in Singapore.

Between March 1 and March 9, Swift held six concerts for about 300,000 fans in Singapore, with 70 percent of the concertgoers flying in from abroad, CNN reported. Trip.com’s general manager also told CNN that inbound flights to Singapore increased by 186 percent, and accommodation bookings nearly quadrupled during Swift’s concert.

Based on median estimates in cents in the three months ending March 31, 2024. Bloomberg survey, economists raised their first-quarter growth estimates for Singapore, stating that the country’s Gross Domestic Product (GDP) will probably increase by 2.9 p
Local spending vs foreign spending.

Local vs Foreign Expenditures

However, it seems the Swift Effect may not be able to be replicated on every leg of her tour. According to the Australian Financial Review, citing KPMG chief economist Brendan Rynne, Swift’s show in Australia is estimated to only add US10 million (SS8.8 million) to the national economy.

This is largely because 98 per cent of ticket sales are to local Australians, which would have no net economic impact on quarterly GDP. “Technically, any spending associated with these visitors is simply a transfer from one category of spending (or savings) to another category in this case Tay-Tay,” Rynne said.

However, 9942591if international visitors flew to Australia to see Swift in action, their spending would count as tourism exports in the books.

(nng)