Taylor Swift Singapore shows could boost economy by S$500mil
Estimates say that Taylor Swift’s six concerts scheduled for March could generate up to S$500,000,000 worth of tourism revenues in Singapore.
Taylor Swift tour tourism receipts could reach S$350-500 million, according to analysts from top banks.
Others estimated a revenue between S$300 and S$400 millions, or about 0.2 per cent Singapore’s first quarter gross domestic products.
Singaporean hospitality, food and beverages, retail and other industries are expected to benefit from Taylor Swift’s 6-night concerts scheduled for March 2024.
They would be supported mainly by increased foreign tourist spending. A large number overseas fans will attend the Singapore concerts.
The Singapore leg Swift’s The Eras Tour starts at the National Stadium in Singapore on Mar 2. Six sold-out performances totaling more than 300,000 tickets have been sold.
Singapore’s the only Swift stop in South-east Asia. This is not just because Singapore was lucky. Srettha Thavisin, Thailand’s PM said Swift had received an offer of US$2 million-US$3 million for each show.
The Singapore Tourism Board and Ministry of Community, Culture and Youth have confirmed that a financial grant has been made to help bring this tour here.
A spokesperson from the tourism authority says that the tour, which will take place in Singapore, is likely to have a significant impact on the economy of Singapore, in particular tourism-related activities like hospitality, retail and travel.
Bloomberg claims that the 53 concerts performed by the singer last year contributed US$4.3 Billion to US Gross Domestic Product. The Eras Tour was her only stop outside of Asia in Japan. It contributed 309 million Singapore dollars to GDP.
Klook and Marina Bay Sands launched a package of tickets and accommodations in July. Klook’s offering, which included hotels with prices ranging from S$542 – S$4,977 at over 40, was sold out in just six hours.
MBS spokesperson stated that the MBS packages were sold out. The three pricing tiers are S$10,000 S$15,000 S$50,000.
90 percent of MBS packages include VIP Tickets, Accommodation, Transportation and Dining.
Read more on The Myst Pricing and secure a viewing now.
The Fullerton Hotel Singapore has also created “Swift Sojourns”, packages which include transportation, accommodation and dining but do not include tickets.
During the concert period, a leading global hotel in Singapore reported that it had seen a rise in the number of bookings for guests from Asia-Pacific, particularly Hong Kong and the Philippines.
The Philippines was also the most popular country for Klook ticket packages.
The Swift Sojourn Packages have not sold out yet, but the room rates are 10 percent higher for The Eras Tour concert dates at The Fullerton Hotel Singapore or The Fullerton Bay Hotel Singapore compared with the same dates in the year 2023.
Fullerton Bay Hotel Singapore will also offer a “TS we love you” dining menu, featuring dishes and drinks inspired by her music, in March. Also, a S$1,989++ ‘1989’ table package, named after one her albums, is available for groups up to six. The package includes bottles champagne, vodka and food.
A representative for Sofitel Singapore reported that occupancy at the hotel was up slightly in the two first weeks of the month of March, compared with last year.
Swift’s overseas performances have benefitted the hotel’s foreign branches.
UOB senior economist, said that the industry that might benefit are air travel, logistics and transport as well food and drink. Singapore can also benefit from promoting itself as a leading destination for music tourists.
Swift’s six-show tour may have an impact that lasts longer than the immediate, one-time event.
Analyst quoted examples of celebrities taking part in activities offstage during tours, from Ed Sheeran cooking teh Tarik at Arab Street Singapore to Taylor Swift visiting Sydney Zoo. It is much more than just the initial boost of concerts.
Taylor Swift’s endorsement as to why Singapore is the best place to visit is worth a lot.
A woman with her enormous cultural influence will bring years of economic benefits to Singapore. If she likes the taste of chicken and rice, it is likely that the stall owner will stay.
