Taylor Swift's concerts are expected to bring in nearly $400 million to Singapore, sparking a boom in a range of services.
Singapore's Minister for Culture, Community and Youth Edwin Tong told Parliament on March 4 that the economy would benefit greatly from Taylor Swift's performances here. "I can assure you that the economic benefits to Singapore are huge and far outweigh the money spent on Taylor Swift coming here to perform," he said.
Edwin Tong listed direct economic benefits including tourist arrivals, money spent on airfare, show tickets, accommodation, as well as general spending on entertainment, shopping and dining in Singapore. Erica Tay, head of macro research at Maybank, said about 70% of show visitors were foreigners.
Economists estimated Taylor Swift's concerts would bring S$350-500 million ($260-371.9 million) to the Singapore economy, The Straits Times reported last month.
Taylor Swift at a February 2024 performance in Sydney, Australia. Photo: AFP
Data from hotel data firm Smith Travel Research shows that immediately after Swift announced her tour dates, bookings at Singapore hotels for March 2024 increased by 10%.
On CNBC , Singapore Airlines and Scoot revealed that demand for flights to Singapore in March increased sharply, especially from Southeast Asia. Jetstar Asia also confirmed a 20% increase in demand for routes from Bangkok, Manila and Jakarta to Singapore.
In July 2023, UOB Bank (Singapore) also recorded an average daily increase of 45% in credit card applications in Singapore, Thailand, Malaysia, Indonesia and Vietnam after Swift announced its show dates there. The reason is that UOB cardholders will be able to buy tickets early for these shows.
“If she doesn’t choose Singapore, I won’t buy a ticket,” said Mavis Mook, a 22-year-old student in Singapore. She spent nearly S$300 on tickets to the show. Mook also spent another S$150 on clothes and some money on tour merchandise.
“According to previous figures, Taylor Swift is expected to be a significant economic driver,” Liu said. The singer’s US tour last year was estimated to have generated $4.6 billion in spending.
According to CNBC , Singapore is considering concerts as a new economic growth engine, with revenue for each event estimated to reach hundreds of millions of SGD. Before Taylor Swift, the country has welcomed many other famous singers and bands, such as Coldplay, Ed Sheeran, Bruno Mars and Blackpink.
"Singapore is well known as a business and leisure destination. However, large-scale music events are also booming the service industry here. Tourism-related services contribute to 10% of Singapore's GDP," said Yun Liu, an economist at HSBC.
In January, British band Coldplay performed six shows at Singapore's National Stadium. 200,000 tickets were sold out in just a few hours, breaking the record for the most tickets sold by an artist in a single day.
Online booking site Agoda has seen a surge in searches for accommodation in Singapore around Coldplay’s concert, with interest rising nearly ninefold after the band went on sale for tickets in June 2023. Agoda said searches were mainly in Malaysia and Indonesia.
Beyond the direct revenue from concerts, these celebrities can also bring long-term value to the host country. “Photos of Swift enjoying her time in Singapore, like eating a local dish or visiting a certain location, can have a lasting impact. For example, if she eats chicken rice, it could become a new target for her global fans,” Tay said.
Ha Thu (according to CNBC, Strait Times)
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