Taylor Swift caused many Singapore stores to suddenly lose revenue after the concert

Many businesses did not benefit when Taylor Swift brought The Eras Tour to Singapore. Revenue even decreased, although previously, according to statistics, Taylor's concert had brought huge profits to Singapore.

According to an analysis on CNA, Taylor Swift's tour brought in 300 - 400 million dollars to Singapore in the first quarter of this year. Thanks to this tour, gross domestic product GDP is forecast to increase by 2.9% in the first quarter, the highest growth rate in the past 6 quarters. Experts raised Singapore's economic growth this year from 2.3% to 2.5%.

AsiaOne website quotes opinions from audiences from Malaysia, Indonesia or the Philippines showing that not only the tour but also Singapore's public transportation system and crowd control capacity are something to be praised.

When Taylor Swift sets foot in any city, fans immediately flock to that city to see their idol with their own eyes. Thereby, the local economy and tourism will benefit. This phenomenon is called "Swiftonomics" (Taylor Swift economy) by economic experts at the US Federal Reserve System (FED).

"Swiftonomics" (the term for the economic impact that Taylor Swift brings to each city with The Eras Tour) swept through Singapore after the American pop star performed six sold-out shows there. However, for small businesses, these benefits are not shared equally. Singapore's TODAY newspaper had an article reflecting on the situation of businesses in the country during the week of Taylor Swift's The Eras Tour.

While many people have benefited from Taylor Swift's presence - including hotels and retailers selling famous clothing and accessories - there are also some who have felt the decline in business. weekdays, especially for hotels located around the National Stadium where the concert is being held.

Minister for Communities, Culture and Youth Edwin Tong said in Singapore's Parliament on Monday (March 4) that Taylor Swift's concerts are expected to bring economic benefits greater than the scale of her finances. support for her promoters. It is known that Singapore spent about 18 million USD to keep Taylor Swift performing exclusively in Southeast Asia. After the concert, the estimated profit that Singapore earned is about 300 - 500 million USD, a not small number. However, not all businesses benefit from hundreds of thousands of audiences pouring in like this.

Employees at a seafood restaurant and a dimsum restaurant at the Kallang Wave Mall area right next to the stadium said their business activities dropped sharply by 80%. An employee at the dim sum restaurant told TODAY on the evening of March 8 (the fifth night of The Eras Tour) that many regular customers canceled their reservations when they heard about The Eras Tour, because they anticipated it would There are a lot of people and parking is difficult.

When Taylor Swift's concert arrived, the pubs and bars around the National Stadium were extremely excited and expected more crowds after the concert, leading to a surge in sales from The audience is thirsty after 3 and a half hours of concert. But it turns out the three bars at Kallang Wave Mall are doing slower business than they expected.

Mr. Andy Han, owner of Bar Soccer, said: "Maybe after a 4-hour concert, people feel tired and want to go home/ And the concert attendees are younger women, Football bars are not places they want to go."

He added that other concerts like Coldplay's have a higher average age of the audience and relatively more male attendance, which means his establishment's business will better. While the week Coldplay performed here in January saw sales quadruple, Taylor Swift's concerts only helped the bar double.

Taylor Swift receives privilege from Singapore, culture minister to US offers Gia Nhi16:54:13 02/03/2024The globally famous singer made world media waves with special information from Singapore officials. Before the opening of the concert, the news that the country's Minister of Culture came to the US to ask the singer made netizens stir.