Singer Taylor Swift - Photo: GETTY IMAGES
Neighbors see and crave
At an economic forum held in February 2024, Thai Prime Minister Srettha Thavisin revealed that the Singaporean government had disbursed nearly 3 million USD to sponsor famous singer Taylor Swift to perform in the country.
Notably, the condition is that Taylor Swift cannot perform in other Southeast Asian countries.
The news that Taylor Swift will perform exclusively in Singapore has surprised many people. Representatives from some countries in the region have even criticized Singapore's move as "unfriendly".
Mr Thavisin asserted that Thailand was willing to pay to do the same: “If I had known about this, I would have brought the show to Thailand.” While Ms Joey Salceda, a Philippine lawmaker, said that Singapore’s actions “put a disadvantage on its neighbors” in attracting foreign visitors.
On March 5, Singapore Prime Minister Lee Hsien Loong officially spoke out about the incident. He rejected the above comment and emphasized: "We have reached an agreement (with Taylor Swift) and this is a successful deal. I do not think this is an unfriendly act."
Singapore economy reaps huge profits
The appeal of Taylor Swift in particular and The Eras Tour in general has caused the consumption and prices of many goods and services to increase - Photo: PEOPLE
Representatives of the Ministry of Culture and the Singapore Tourism Board affirmed: "(Inviting Taylor Swift to perform) has the potential to create significant benefits for the Singapore economy, especially tourism activities such as hotel, retail, travel and catering businesses - similar to the countries where she has performed."
According to Business Insider (USA), tourism-related spending in all places where The Eras Tour is held has increased significantly. From airfare, accommodation, food to some retail items such as souvenirs.
This phenomenon is also known as “Swiftonomics”, a combination of the singer's name “Swift” and “economic”.
Some economists estimate that Taylor Swift's concerts in Singapore bring the country up to $372 million in revenue from tourists.
David Mann, chief economic officer for Asia Pacific at Mastercard, said there was a high likelihood that tourists coming to see Taylor Swift would spend big on shopping, even though Singapore is one of the most expensive countries in the world.
The Singapore government levies a 9% tax on all goods and services, so this money is also shared with the national treasury.
According to economist Nomura Si Ying Toh, the presence of Taylor Swift and British band Coldplay in Singapore contributed up to 0.25% of the country's GDP in the first quarter of 2024.
Kill two birds with one stone
Although a beautiful island nation, Singapore is often remembered as a place for business and commerce - Photo: GLOBAL VIEWPOINT
The economy is not the only sector that benefits.
According to experts, Taylor Swift's tour also helps Singapore build and promote its culture and image.
Singapore is not just a place to do business and hold trade events. It is also an interesting country, worthy of visitors' time to visit.
“Concerts by the biggest names in the music industry mark Singapore’s transformation as a tourist destination,” said Yun Liu, an economist at HSBC, in a February report.
Singapore's Culture Minister Edwin Tong told local media that the government is looking into the economic impact of such performances beyond the economy.
“We look at it from the perspective of building Singapore into a cultural hub with strong strategic value,” said Mr Tong.
Finally, they decided to spend a huge amount of money to invite singer Taylor Swift.
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