Taylor Swift isn’t just another celebrity on a world tour — she’s literally boosting economies.
Her impact is so huge that Singapore shelled out nearly $3 million per show to sign an exclusive deal with her for the Southeast Asian leg of her Eras Tour, Thai Prime Minister Srettha Thavisin said at a business forum last month.
Singapore authorities said its tourism board disbursed a grant to support Swift’s event but declined to comment on specifics of the deal to Business Insider, citing business confidentiality. Edwin Tong, Singapore’s culture minister, told the local outlet Mothership on Wednesday that the amount of grant given “is not what is being speculated online.”
“It is likely to generate significant benefits to the Singapore economy, especially to tourism activities such as hospitality, retail, travel, and dining, as has happened in other cities in which Taylor Swift has performed,” Singapore’s culture ministry and tourism board said in a joint statement.
Swift is scheduled to perform six shows in Singapore from March 2 to March 9. More than 300,000 tickets have been sold.
But it’s not just about the money.
Cultural clout
Mega-concerts such as Swift’s help build Singapore’s status as a fun place to visit rather than just a place to do business and hold trade events, tourism experts say.
After all, strait-laced Singapore isn’t known for being the most exciting tourist destination.
“Live music from some of the biggest names in the industry marks a slight shift in Singapore’s attractiveness as a tourism destination,” Yun Liu, an HSBC economist, wrote in a February note.
Tong, the Singapore culture minister, told Mothership the city-state was looking “beyond just the economic impact” of those concerts.
“We look at it from the perspective of building Singapore into a cultural hub that’s of strong strategic value for us,” Tong told the outlet.
“Such concerts help put us on the top of the minds of tourists and position us as a luxe destination that justifies the premium,” Kevin Cheong, the managing partner of Syntegrate, a consultancy for destination and tourism development, told BI.
Tourist spend
Everywhere Swift’s tour goes, a boost in tourism-related spending follows, known as “Swiftonomics.” That ranges from air tickets and accommodation to food and beverage, as well as niche retail sectors such as the sale of friendship bracelets.
Singapore is no exception.
Economists estimate that Swift’s concerts in Singapore could contribute up to 500 million Singapore dollars, or $372 million, in tourist receipts.
David Mann, the Asia Pacific chief economist of Mastercard, told BI that since Singapore is one of the most expensive cities in the world and has a strong currency, it was unlikely tourists from places with weaker currencies would be splurging on retail therapy in the country.
It’s a different story for spending on experiences — and it’s heightened because Singapore is Swift’s only stop in Southeast Asia.
Mann said the people who had money to pay for flight tickets, Swift’s concert tickets, and a hotel were likely to keep spending at other tourist spots.
Since the Singapore government collects a 9% tax on all goods and services, tourist spending goes to the national coffers, too.
“It goes to the entire ecosystem,” Cheong said.
The Nomura economist Si Ying Toh wrote in a February note that Swift and the British band Coldplay — the first two major acts of 2024 in Singapore — were likely to contribute 0.25 percentage points to the country’s first-quarter GDP.
Taylor Swift ‘pays the bills’ in the short term
Cheong said getting exclusive access to Swift was a smart short-term move by the Singapore government: “You need business right now to help pay the bills and put us on the world map.”
The wealthy city-state’s neighbors are taking notice, and not all of them are happy about it.
Singapore’s move to award a grant for Swift’s appearances in the city-state is done “at the expense of neighboring countries, which could not attract their own foreign concertgoers and whose fans had to go to Singapore,” Joey Salceda, a Filipino lawmaker, told the Philippine Star on Thursday.
Srettha, the Thai prime minister, also threw Singapore some shade and suggested his country could have splashed some money to attract Swift’s performance, too.
“If I had known this, I would have brought the shows to Thailand,” Srettha was quoted as saying in the Bangkok Post, referring to Singapore’s grant for Swift’s concert.
The FOMO appears to extend to Indonesia, with the tourism minister, Sandiaga Salahuddin Uno, telling Bloomberg TV last month that the country needed Swiftonomics for tourism and was considering more incentives for large events such as concerts.
Still, Cheong said massive performance grants couldn’t be Singapore’s long-term solution to boost tourism.
“It’s a wise move, but is it sustainable?” Cheong asked, saying he thought Singapore was courting mega-concerts as a short-term boost before big investments — such as an eco-resort and a new tower for the iconic Marina Bay Sands hotel — were completed.
Cheong said the longer-term, more sustainable measure was to make Singapore so enticing that tourists and artists would come for their big-ticket events even without grants.
“It has to be as attractive as Las Vegas, where performers will definitely make a stop,” he added.
Swift’s PR team didn’t immediately respond to a request for comment from BI.
News
Cam Newtoп has soυпded a warпiпg to Travis Kelce regardiпg his relatioпship with world-famoυs pop seпsatioп Taylor Swift.
Cam Newtoп Has A Warпiпg For Travis Kelce Aboυt Datiпg Taylor Swift: “Doп’t F**K This Up Travis!” It appears Cam is late to the party oп this oпe, bυt he had some advice for the Kaпsas City Chiefs star tight…
Travis Kelce would ‘rather miss’ Taylor Swift than ‘disturb’ her on UK Eras tour
Taylor Swift and Travis Kelce will spend the UK and Europe leg of the Eras Tour together, but the NFL hunk will leave when he begins to feel like he’s “he’s more of a hindrance,” per an expert. Celebrity psychic…
Jay Z attended Taylor Swift’s Grammys , criticizing the Academy for never giving Beyonce the Album of the Year award
Ok, here’s the thing. I was watching this live with the rest of us, astonished that a former crack dealer was receiving a lifetime achievment award and listening to what Jay Z was going to speak about during his acceptance…
Kim or Katy will now have to give in to the huge bust of “Snake Queen” Taylor Swift!
Transformed into the “Snake Queen”, the once “wall” Taylor Swift has now become a hot big-breasted girl. This morning, Taylor Swift caused a stir when she released her brand new MV “Look What You Made Me Do”. No longer shy and shy,…
Rihanna, Taylor Swift and Beyoncé are on Forbes’ list of 15 richest female stars
In addition to Rihanna, Taylor Swift and Beyoncé, other singers on the list of Forbes magazine include Madonna, Céline Dion, Dolly Parton… All three superstars Rihanna, Taylor Swift, Beyoncé and other singers including Madonna, Dolly Parton… are on Forbes magazine’s…
Miley Cyrus: “Touring makes me lose my humanity”
Miley Cyrus admitted that touring not only affects her physical health but also has a negative impact on her mental health. In her Used to be Young series, Miley Cyrus elaborated on the reasons why she decided to stop touring. In particular,…
End of content
No more pages to load