Singapore is set to earn big money and a big reputation from hosting global pop sensation Taylor Swift’s Eras Tour, analysts are calculating.
Swift’s six sold-out concerts, which run from March 2 to 9, are expected to bring in an estimated $260 million to $375 million in tourism receipts, Erica Tay, Maybank director of macro research, told The Washington Post.
The city-state is the latest beneficiary of “Swiftonomics,” the phenomenon named for the economic boost experienced by destinations of the record-breaking tour, which has surpassed $1 billion in global sales. Singapore’s GDP is likely to expand by 2.9 percent in the first quarter of the year — its highest in six quarters — Bloomberg News reported Friday, with economists raising predictions for annual growth from 2.3 percent to 2.5 percent.
With Singapore the only Southeast Asian stop on the tour — something that caused no end of grumbling from its neighbors — fans from China to Malaysia have flocked to the city-state. Japan is the only other East Asian destination. Arrival passenger traffic between March 1 and 7 alone increased by more than 20 percent compared to the same period last year, Changi Airport told The Post.
Businesses of all sizes have caught the cruel summer fever, with enterprises ranging from big brands to small bead shops and photo studios cashing in on the pop star’s visit.
Marina Bay Sands, a luxury destination and a tour sponsor, set up a Swift-focused light show and mall trail with installations themed for each of the artist’s albums. Packages ranging from $7,500 to $35,000 were sold out, with 90 percent of the guests coming from overseas, “an indication of the strong tourism appeal of the Eras Tour,” said Chief Marketing Officer Irene Lin.
Travel company Klook tracked a 50 percent increase in bookings for its Singapore Pass, which offers access to the city’s most famous attractions. “Based on our data … a tourist attending a concert or event can hit an incremental spending of five times the face ticket value,” said Sarah Wan, Klook general manager for Indonesia, Malaysia and Singapore. A traveler can spend an additional $800 on local experiences, she added.
