By now, you'll have seen references to a Taylor Swift concert everywhere, especially on social media. She gets a lot of attention wherever she goes, and her concert in Singapore showed the power she has. And it's not just her fans, but also the economy of wherever she roams. Some call this “Swift economics” or the “Taylor Swift effect.”
Singapore is the only city where it performs in Southeast Asia, thanks to a generous grant from the Singapore Government and forward-looking planning. Although Tay Tay's performance is a blessing for Swifties, the Singaporean part of her performance has a lot of people talking in numbers.
Bad blood
Last year, Swifties in the region were let down when it was revealed that Singapore would be the only Southeast Asia stop for the Eras Tour. In response, fans in the Philippines launched a hashtag campaign, #WeWantErasTourPhilippines to convince Swift to include the country on her tour.
During a conference in Bangkok on February 15, Thai Prime Minister Sritha Thavisin suggested that the exclusivity of the IRAS tour in Singapore was due to financial incentives. Apparently, Swift's concert organizer informed him that the Singapore government offered an incentive of between US$2 million and US$3 million per show in exchange for exclusivity. The actual number has not been confirmed yet.
This sparked criticism from the Philippines. Rep. Joey Salceda She criticized the move, saying, “This is not what our good neighbors do,” and asked the Philippine Foreign Ministry to protest the deal. Unsurprisingly, there has been a media frenzy over this dissatisfaction with Singapore's actions.
In a press conference on March 5. Prime Minister of Singapore Lee Hsien Loong He was asked whether the agreement undermines the spirit of cooperation in ASEAN. He told reporters that he did not see it as “unfriendly” towards neighboring countries, as came from the Singapore Tourism Recovery Fund set up to revive the sector after the Covid-19 pandemic.
Don't blame me
In early 2023, a team from Singapore headed to Los Angeles to chat with VIPs about the coming era of Swift Tour before confirming any international venues. They soon reached an agreement to hold a six-day concert at the National Stadium in Singapore.
So what was the reason that prompted the Singapore government to court Tai Tai? Could there be Swifties in the STB office? Whatever the case, they know she has a track record of bringing economic prosperity wherever she goes. Some call it Swiftonomics, or the Taylor Swift effect.
When the ERAS tour hits 20 US cities, Swifties Far superiorDr Typical spending patterns By spending an average of US$1,300 in local economies on travel, hotels, food, as well as merchandise. Across the country, Swifties have directly spent nearly $5 billion in various destinations, according to Pro question.
Taylor Swift's music resonates throughout Southeast Asia, a region with a population of about 700 million people. Imagine the economic impact.
While we can't yet know exactly how much Swifties spend during the week in Singapore, an economist Estimates of Chua Hak Bin 70% of the 300,000 concert-goers will be tourists, and they could spend between S$300 million and S$500 million.
In recent weeks, even obscure craft shop owners from Punggol to People's Park have seen business boom. Swifties came in hordes to buy beads for their friendship bracelets. One retailer estimated that the average Swiftie spends between… S$10 – S$30 only on beads Single. And that's just in bead shops, which have (probably) never been busier. Cafes, subways, and even McDonald's feel more crowded.
Admittedly, S$500 million seems like a very high number, but not when you break it down. For example, Tay Tay's largest regional fanbase by most metrics (Spotify, Youtube, etc.) is our ASEAN neighbor: the Philippines.
according to Singapore Tourism Board in 2023, among the top 10 nationalities visiting Singapore, Filipinos spent a higher proportion of their money on retail shopping than almost everyone else – more than the Japanese, Koreans or Chinese. And many of them are willing to spend, For example up to 6000 USD On a holiday.
Look what you made me do
While regional governments express their displeasure, it is the fans who bear the brunt. The disappointment was intense when it was announced that all six shows would be held in Singapore, the most expensive city in the region with a strong currency.
Fans from all over the region had to pay to come to Singapore to see their star on stage. Some were willing to pay S$50,000 for a 3-night stay at Marina Bay Sands which included 4 VIP tickets. Others did not have a lot of money, with many scrapping what they had to buy used tickets.
Experienced hotels and airlines High demand up to 30% About her concert dates. A simple search revealed that hotels that charge less than S$200 are not only fully booked, but are now charging at least double the price.
Last year, 2023, March was a statistical month The worst month in Singapore in terms of hotel revenues. Its best month was September. What happens in September? F1.
The Singapore Grand Prix has generated about S$2 billion in additional tourism revenue since its inception in 2008. The average cost of hosting a Formula 1 event annually is Estimated at 150 million Singapore dollars60% co-funded by the Government of Singapore.
Haters will hate hate hate
Even with the Singapore government spending millions to bring Taylor Swift to Singapore, the amount is minuscule compared to what she usually earns. according to ForbesShe earns approximately 13.6 million US dollars For every concert. Washington Post It is estimated that Tay Tay's World Tour could gross more than $4.1 billion by the end of 2024.
Using a pop concert as a tourism campaign is nothing new. Last year, when the WA government recorded an exclusive Coldplay show in Perth, it was hailed as a great show Big win for tourism To the area.
There is no reason why Singapore cannot do so as well. Edwin Tong, Singapore's Minister of Culture, said: “It is likely to generate significant benefits for Singapore's economy, especially for tourism activities such as hospitality, retail, travel and dining, as has happened in other cities where Taylor Swift has performed.” .
And with over 300,000 tickets sold, you can do the math.
