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- Singapore is Taylor Swift’s only Southeast Asian stop on her Elas tour.
- The concert is part of Singapore’s efforts to boost tourism post-pandemic.
- However, some countries in Southeast Asia are not satisfied with the way things are progressing.
Taylor Swift isn’t just a celebrity on a world tour, she’s literally fueling the economy.
Thai Prime Minister Sureta Thabisin said at a business forum on February 16 that her influence is so great that Singapore is willing to pay 3 million yen per performance to sign her exclusively on the Southeast Asia leg of the Elas tour. He said he paid close to $100.
Singaporean authorities announced that the Singapore Tourism Board had disbursed the grant money to support Swift’s event, but declined to comment to Business Insider on the details of the deal, citing trade secrets. Singapore’s Culture Minister Edwin Tong told local media outlet Mothership on February 28 that the amount of the grant awarded was “not what is being speculated on the internet”.
Singapore’s Ministry of Culture and Tourism said: “Similarly in other cities where Taylor Swift has performed, this is likely to bring significant benefits to Singapore’s economy, particularly tourism activities such as hospitality, retail, travel and dining. ” he said. Joint statement.
Swift is scheduled to perform six shows in Singapore from March 2 to March 9, and more than 300,000 tickets have been sold.
But it’s not just about money.
cultural influence
Experts say big concerts like Swift’s show help establish Singapore as a fun place to visit, not just a place to do business or hold trade events. It is said that it is useful for
After all, austere Singapore isn’t known as the most exciting tourist destination.
“Live music from the industry’s biggest names signals a slight shift in Singapore’s attractiveness as a tourist destination,” HSBC economist Yun Liu wrote in a Feb. 22 note.
Singapore’s Culture Minister Tong told Mothership that the city-state is looking at Swiftomics “beyond just its economic impact.”
“We are looking at it from the perspective of building Singapore into a cultural hub that has strong strategic value for us,” Mr Tong told the media.
Kevin Chong, managing partner of destination and tourism development consultancy Syntegrate, said: “Concerts like this put us in the spotlight with tourists and strengthen our position as a luxury destination that commands a premium.” “It’s helping us establish this,” he told BI.
tourist spending
Tourism spending continues to rise wherever Swift’s tour takes her. These range from flights and accommodation to food and beverages and even niche retail areas such as selling friendship bracelets.
Singapore is no exception.
Economists estimate that a Swift concert in Singapore could contribute up to S$500 million, or $372 million, in tourist revenue.
David Mann, chief economist for Asia Pacific at Mastercard, said Singapore is one of the most expensive cities in the world and its strong currency encourages tourists from places with lower currencies to splurge on retail therapy in the country. He told BI that it was unlikely.
Spending on experiences is a different story, even more so as Singapore is Swift’s only stopover in Southeast Asia.
Mann said people who have the money to pay for plane tickets, Swift concert tickets and hotels are likely to continue spending in other tourist destinations.
The Singapore government collects a 9% tax on all goods and services, so tourist spending also flows into the national treasury.
“It affects the entire ecosystem,” Cheong said.
Nomura economist See Ying To said in a Feb. 15 note that Singapore’s first two major acts of 2024, Swift and British mega-band Coldplay, were expected to perform in the country’s first quarter. It said it is likely to contribute 0.25 percentage points to GDP.
Taylor Swift will ‘pay the bill’ in the short term
Gaining exclusive access to Swift was a smart short-term move by the Singapore government, Chong said, adding: “We need business now to pay the bills and put us on the world map. ” he said.
The wealthy city-state’s neighbors are getting attention, but not all of them are happy about it.
The move to subsidize Swift’s appearances in the city-state of Singapore “is being done at the expense of neighboring countries, which are unable to attract their own foreign concert-goers, and whose fans are I had to go to Singapore,” said Philippine lawmaker Joey Salceda. Thursday Philippine Star.
Thai Prime Minister Suretta also threw some shade at Singapore, suggesting that the country may have spent some money to attract Swift to perform there.
“If I had known about this, I would have taken the show to Thailand,” Sletta said, referring to Singapore’s subsidies for Swift’s concerts, according to the Bangkok Post.
FOMO appears to be spreading to Indonesia, with Tourism Minister Sandiaga Salahuddin Uno telling Bloomberg TV on February 19 that the country needs “swiftnomics” in tourism, with more incentives for mega-events like concerts. He said he is considering it.
Still, Mr Chong said large-scale performance subsidies could not be a long-term solution to boost Singapore’s tourism.
“It’s a smart move, but is it sustainable?” Mr Chong said Singapore could use the short-term option before major investments such as eco-resorts and a new tower at the iconic Marina Bay Sands hotel are completed. I asked if they were inviting mega concerts as a way to stimulate the economy.
Mr Chong said a more long-term, sustainable solution is to make Singapore attractive to tourists and artists to come for large-scale events, even without subsidies.
“It has to be as attractive as Las Vegas, where the performers always stop,” he added.
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