Coldplay and Taylor Swift concert events to contribute to Singapore’s development

Coldplay, Ed Sheeran, and now Taylor Swift. Singapore is eyeing live performance economics as its new development driver, which is about so as to add a whole lot of thousands and thousands of {dollars} in tourism receipts.

“The Lion City has traditionally been more a magnet for business travel, but these large-scale global music events are a boon for Singapore’s travel-related services that can add up to 10% of its GDP,” HSBC’s ASEAN economist Yun Liu wrote in a latest notice.

In January, British band Coldplay carried out six reveals at Singapore’s Nationwide Stadium. Followers purchased 200,000 tickets because the reveals bought out inside hours, breaking the city-state’s record for probably the most tickets bought by an artist in a single day. Singapore was Asia’s main stop for Coldplay’s Music of the Spheres World Tour — boosting the nation’s tourism trade.

Asia-Pacific journey platform Agoda recorded a “massive surge” in search visitors for lodging in Singapore spanning Coldplay’s live performance dates. The corporate stated curiosity for these dates was 8.7 occasions increased after the band started ticket gross sales in June. Agoda stated the rise was pushed largely by neighboring international locations Malaysia and Indonesia.

And beginning this weekend, Singapore will host American popstar Taylor Swift, whose Eras Tour within the U.S. final yr was estimated to generate round $4.6 billion in consumer spending.

“Taylor Swift is also widely expected to generate a sizable economic boost, given her past record,” Liu added. 

Shortly after the singer introduced her live performance dates within the city-state, Singapore hotel bookings for March 2024 surged 10%, knowledge from lodge analytics firm Smith Journey Analysis confirmed. Swift is scheduled to carry out six reveals in early March and the month is on observe to hit the highest occupancy levels out of the primary eight months in 2024, in accordance with STR knowledge.  

Demand for flights into Singapore additionally soared. Swift’s blockbuster tour is simply touring to 3 international locations in Asia-Pacific: Japan, Australia and Singapore. Final week, the Singapore Tourism Board stated it provided a grant to convey Swift’s Eras Tour to the nation.

Each the nation’s flagship provider Singapore Airlines and finances airline Scoot informed CNBC that demand for flights to Singapore in March has jumped, notably from Southeast Asia. Jetstar Asia additionally confirmed it noticed demand surge roughly 20% for routes connecting locations like Bangkok, Manila, Jakarta to Singapore.

Swift’s concert events are anticipated to generate about 350 million to 500 million Singaporean {dollars} ($260.3 million to $371.9 million) in tourism receipts — assuming that round 70% of concertgoers are flying in from abroad — stated Erica Tay, director of macro analysis at Maybank.

“If she did not have Singapore as a stop, I might not buy a ticket,” stated 22-year-old Singaporean pupil Mavis Mook, who spent virtually SG$300 ($223.38) for a Taylor Swift live performance ticket.

“I want to experience this with the friends who have also grown up with me. It would be so hard to fly over together just for one concert,” she added. Mook informed CNBC she spent an extra SG$150 on a live performance outfit and beads for friendship bracelets, which concertgoers have swapped at each tour cease. She’s additionally put aside funds to purchase tour merchandise.

Event tourism is reshaping the journey trade post-pandemic as extra individuals are prepared to fly to attend concert events or sporting events, Maybank’s Tay noticed. 

Past the direct live performance income, A-listers may additionally convey longer-lasting reputational boosts by endorsing host international locations.

“Scenes of her enjoying herself in Singapore – whether it’s trying iconic dishes or checking out heritage architecture – will go a long way,” stated Tay.

“If she falls in love with chicken rice, it can put the dish, and Singapore, on the map for a new audience globally.”