Singapore is the latest beneficiary of “Swiftonomics,” the phenomenon named for the economic boost experienced by destinations of Taylor Swift’s record-breaking tour, which has surpassed US$1 billion in global sales. Her six sold-out concerts from 2 to 9 March could boost Singapore’s economy by up to S$500 million (US$372 million) in tourism receipts, according to economists’ estimates.
The Eras Tour in the U.S. was estimated to generate around $4.6 billion in consumer spending in 2023 as reported by Fortune.
“Assuming that the majority of concertgoers are flying in from other parts of Asia, the tourism receipts related to Taylor Swift’s tour in Singapore can come in at S$350 million to S$500 million,” Erica Tay, director of macroeconomic research at Maybank told The Business Times.
Beyond the direct one-off impact of these six shows, Swift’s tour could provide a longer-lasting boost to Singapore’s reputation, said Tay. “The real prize is the value of Taylor Swift’s endorsement of Singapore as the place to visit,” she added. “Given her outsized cultural influence, if she is seen taking in the sights and pronouncing Singapore ‘cool’, this will benefit the economy for years to come”.
With Singapore the only Southeast Asian stop on the tour (after Australia), fans from China to Malaysia have flocked to Singapore. Japan is the only other Asian destination. A total of 22 million users had registered to vie for 330,000 tickets made available during the ticket sale in Singapore, which sold out immediately despite website crashes, as reported in Inquirer.net.
Eras sparking a tourism boom in Southeast Asia
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 Washington 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. The six-day event is also expected to boost Singapore’s hospitality, food & drink, and retail sectors.
Marina Bay Sands set up a Swift-focused light show and mall trail with installations themed for each of the artist’s albums. Packages ranging from US$7,500 to US$35,000 were sold out, with 90 percent of the guests coming from overseas.
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 US$800 on local experiences, she told The Washington Post.
Wan also told Skift that this is just scratching the surface. The tour opens up an entirely new growth segment beyond music tourism, into mega events including concerts, festivals, and major sporting events. Wan noted that destinations have yet to effectively upsell tourism products with these mega events, and travelers have to purchase individual elements separately.
She also said that the bundling of offerings on a platform, rather than selling separate tickets, holds potential in providing a seamless booking and entertainment experience and increasing tourism spending within a destination.
Singapore’s advantages
“Singapore’s strategic location as the gateway to Southeast Asia and strong fundamentals — our infrastructure, connectivity to the region, business culture and track record in delivering high-quality events — make us a suitable destination for hosting events,” said Ashlynn Loo, director, attractions, entertainment & tourism concept development at the Singapore Tourism Board to Skift.
Malhi said Singapore’s world-class infrastructure, boasting of one of the best airports and an extensive public transport network, makes it easily accessible for both event organizers and attendees.
Singapore was Asia’s main stop for Coldplay’s Music of the Spheres World Tour where the band played six sold-out concerts in January 2024. Ed Sheeran also performed in Singapore In February 2024. The show was fully sold out with a 60,000 strong crowd, setting a record as Ed’s largest show in Asia.
Coming up next are Bruno Mars who will perform three concerts in April and former One Direction member Niall Horan’s concert in May.
