Taylor Swift’s six concerts to boost S’pore growth by S$500m
The economists estimate that the six concerts of pop star Taylor Swift in March will boost Singapore’s economic growth by S$500,000,000 in tourism receipts.
According to top bank analysts, since the majority of concertgoers fly in from Asia, tourism receipts from Taylor Swift’s tour could be between S$350 and S$500million.
Other analysts had estimated revenue of S$300-400 million, or 0.2% of Singapore’s GDP for the first three months.
Singapore is expecting the six-night Taylor Swift concerts in 2024 to boost its hospitality, food, and beverage, retail, and other activities.
This would be due to a higher number of foreign tourists spending money in Singapore, and a high number of overseas fans coming to the concerts.
The Singapore leg Swift’s The Eras Tour will kick off at National Stadium on March 2, with six sold-out concerts totaling over 300,000.
Singapore is Swift’s sole stop in South East Asia, and it’s not because the Republic got lucky. Srettha Thavisin, Thailand’s Prime Minister said Swift was paid US$2 million – US$3million per concert to make Singapore their only regional show.
On February 20, the Singapore Tourism Board and Ministry of Community, Culture and Youth announced that a generous grant was given to support the tour.
According to a spokesperson for the Tourism Board, the tour is expected to bring significant benefits to Singapore’s economy, notably in the areas of hospitality, retail, dining and travel. Similar results have been seen in other cities that Taylor Swift has performed.
Bloomberg reports that her 53 concerts could have added US$4.3billion to US GDP in the past year. The Eras Tour in Japan, her sole other stop in Asia contributed about 34 billion yen ($309 million) towards the US GDP.
Klook’s activity-booking platform and Marina Bay Sands, the official tour partner and presenter of the tour, jointly launched a ticket and accommodation package in July. Klook’s packages, which ranged in price from S$542 up to S$4,977 and included over 40 hotels, were sold out within 6 hours.
MBS spokesperson said that the MBS packages with three pricing levels of S$10,000 S$15,000 S$50,000 have been “tremendously well received” and sold out.
90 percent of MBS package buyers were overseas visitors, who purchased VIP tickets, hotel accommodations, transport and dining.
The Fullerton Hotel Singapore, based on the demand of overseas fans, is also offering “Swift Sojourns”, which include accommodations, transportation, and dining, but not tickets.
According to a top hotel in Singapore, for the concert season, they received more bookings than usual from Asia-Pacific guests, particularly those from Hong Kong and Philippines.
The Philippines was the top destination for Klook’s ticket package buyers.
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The Swift Sojourn package has not yet sold out. However, the room rates for The Eras Tour concerts at The Fullerton Hotel Singapore, and The Fullerton Bay Hotel Singapore, are over 10 percent higher than they were in 2023.
Fullerton Bay Hotel Singapore offers a dining menu called “TS We love You” in March. The menu includes dishes and cocktails that are inspired by the songs of TS. There is also a S$1,989++ table package named “1989”, which is named after her album. This includes champagne, cocktail, food and bottles of vodka.
A representative of Sofitel Singapore told us that, despite being only 10 minutes away from National Stadium in Singapore, occupancy was slightly higher in the first 2 weeks of March this year compared to last.
Swift’s performance overseas has benefited the hotel’s international branches, said the spokesperson.
UOB Senior Economist said that, beyond the hospitality industry, other industries could also benefit, including air travel, transportation and logistics, as well as food and beverages. Singapore’s intangible advantage is that it will be a top destination for music tourism.
Swift’s tour, which includes six shows in Singapore, could give Singapore a more lasting boost than just the one-off effect.
Analyst pointed out that celebrities who enjoy themselves offstage while on tour, whether it’s Ed Sheeran enjoying teh Tarak at Arab Street in Singapore or Taylor Swift taking a trip to the Sydney Zoo and eating teh Ttarik, will create a more sustainable economic value for host countries. The economic impact of the concert is greater than the single-time boost.
Taylor Swift’s recommendation of Singapore as a destination to visit is also a real prize.
Due to her cultural influence, she will have a positive impact on the economy in years to come if she pronounces Singapore as “cool”. If she says that the chicken rice is good and takes a taste, then you can bet your life that this stall will survive.
