Positive Impact of Taylor Swift Concerts in Singapore: Economic Improvement and Tourism Promotion
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| Taylor Swift's concert in Singapore not only left a strong cultural impression, but also had a significant economic impact(AFP) |
SINGER Taylor Swift is currently taking a two-month break before continuing her Eras Tour to Europe, but the impact she left behind is still being felt. Not only the impression left by his 3.5 hour stage performance, but also the economic impact on the country he visited, which in this case was Singapore.
A Bloomberg survey showed an increase in Gross Domestic Product (GDP) of 2.9%, the fastest growth rate in six quarters. Additionally, economists raised their annual growth estimates to 2.5%, compared with the previous 2.3%, nearing the upper limit of the government's forecast of 1%-3% for 2024.
The positive impact of the six-day Eras Tour was revealed by a DBS Bank Ltd economist. Han Teng Chua, is very positive for Singapore's hospitality, food & beverage and retail sectors. Chua said that the amount spent by foreign tourists who came to watch the concert was the main factor in improving the economy of the Lion Country.
"The concerts will contribute around IDR 3 trillion - IDR 4 trillion, or around 0.2 percent of GDP, to the country's economy in the first quarter," said Chua.
Concert tickets that sold out in a matter of minutes became a catalyst for economic activity starting from the hotel and tourism industries. Hotels in Singapore reported near perfect occupancy rates during the concert period. The reason is that many viewers come from various countries outside Singapore.
Restaurants, cafes and shopping centers also experienced an increase in visitors and made profits. Don't forget that sales of official merchandise, consumption at eating places around the concert location also contribute to this astonishing economic figure.
It's not just an economic impact. Indirectly, Taylor Swift's concert also promoted Singapore as a tourist destination. International coverage and posts on social media show the beauty of the city of Singapore.
Even the beauty of Singapore was acknowledged by Taylor Swift's lover, Travis Kelce, in the New Heights podcast with his brother Jason Kelce. "But yeah, apart from that, I got to enjoy some delicious Singaporean food and just enjoy the view."
Travis Kelce was very impressed during a visit to the Cloud Forest at Gardens by the Bay. “I got to see the world's largest greenhouse. What do you think about that? That was really cool. They also have the world's largest waterfall inside the greenhouse. It was amazing normal, friend. The way the whole place is laid out.”
These positive comments about Singapore strengthen the country's position as a rich cultural and entertainment destination.
Singapore shows how much influence a concert can have on the world of entertainment and the economy of a country. The popularity of international stars such as Taylor Swift means Singapore has succeeded in attracting significant investment and consumption, which ultimately increases overall economic growth. (Z-3)