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.
