Taylor Swift’s shows are estimated to boost Spore’s economy

According to estimates, Taylor Swift’s six March concerts could boost Singapore’s tourism revenue by up to S$500 millions.

Top banks estimate that most concertgoers will be coming from Asia. The tourism receipts for Taylor Swift’s Tour could range from S$350 to S$500 millions.

Other estimates ranged from S$300 to S$400 in revenue or 0.2 percent of Singapore’s gross domestic product for the first quarter.

Singapore expects that Taylor Swift’s six night concerts in March 2024 will benefit the country’s food, beverage, and retail industries.

The increase in foreign tourism spending and the large number of overseas concertgoers attending Singapore concerts would largely support these figures.

The Singapore leg Swift’s The Eras Tour begins at the National Stadium, Mar 2. A total of six shows have been sold out with over 300,000.

Singapore is Swift’s only South-east Asia stop – and not just because it was lucky. Srettha Tavisin, Thailand’s prime minister, said last week that Swift was offered US$2 to US$3 per show in order to make Singapore its only regional stop.

The Singapore Tourism Board and the Ministry of Community, Culture and Youth confirmed on February 20 that a grant had been provided to bring the tour to Singapore.

The tourism board spokesperson said that the tour will likely generate significant benefits for the Singaporean economy, particularly in tourism activities, such as retail, travel, and dining. This has been the case in other cities where Taylor Swift has performed.

Bloomberg reported that the singer’s 53 shows may have contributed US$4.3 billion in GDP to the US last year. The Eras Tour, her only stop in Asia, contributed approximately 34 billion yen to the GDP of Japan.

Klook, an activity-booking site, and Marina Bay Sands (MBS), the official partner of the tour and its official presenter, launched tickets and accommodation packages in July last year. Klook’s offers, which ranged between S$542 and S$4,977, with more than 40 participating hotels sold out in six hours.

MBS’s packages, which come in three price tiers, S$10,000 S$15,000 S$50,000, have received “tremendously positive” responses and are also sold out.

90% of the MBS packages sold include VIP tickets, accommodations, transportation, and dining.

The Fullerton Hotel Singapore offers “Swift Sojourns” packages that include accommodation, dining, and transportation, but no tickets.

One of the world’s top hotels in Singapore has stated that during the concert period they have seen an increase in bookings, especially from Hong Kong, the Philippines and other parts of Asia-Pacific.

The Philippines is also the leading country of origin of buyers of Klook ticket packages.

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The Swift Sojourn packages are still available, but room rates at The Fullerton Hotel Singapore as well as The Fullerton Bay Hotel Singapore have increased by more than 10% for The Eras Tour concert date dates compared to 2023.

Fullerton Bay Hotel Singapore also offers a TS We Love You dining menu with dishes and cocktail inspired by her songs in March. It also has a S$1,989++ 1989 table package for up to six people, which includes bottles of champagne, cocktails, and vodka.

A representative from Sofitel Singapore stated that the hotel, which is only a 10-minute walk away from the National Stadium has experienced a slight rise in occupancy for the first two weeks in March in comparison to the previous year.

Swift’s concert performances overseas have helped the hotel’s branches in other countries, even though the full effect of Swift’s concerts is yet to be seen.

UOB’s senior economist said that beyond hospitality, industries that could benefit from the move include food and beverage, air travel and transport, and logistics. The intangible benefits of promoting Singapore as the premier destination for music tourism are also significant.

Swift’s Tour could have a lasting impact on Singapore’s image, beyond the immediate one-time effect of these six concerts.

Analyst cites examples of celebrities having fun offstage, such as Ed Sheeran eating teh-tarik in Arab Street, Singapore, or Taylor Swift visiting the Sydney Zoo. This is more important than the boost that the concerts provide.

Taylor Swift’s endorsement that Singapore is a place worth visiting is the real prize.

If she’s seen enjoying the sights in Singapore and describing it as ‘cool,’ this will be beneficial to the economy for many years. If she eats chicken rice and pronounces it good, the stall will be in business for years to come.

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