Singapore is the only Southeast Asian country to welcome Taylor Swift’s The Eras Tour. It is known that Singapore spent a large amount of money to sponsor each of Taylor’s concerts and this made some countries in the region unhappy.
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Cultural push
Thai Prime Minister Srettha Thavisin said at a business forum last month that Taylor Swift ‘s influence was so great that Singapore spent nearly $3 million per show to sign an exclusive deal with the singer for the show. Southeast Asia leg of her Eras Tour.
Singapore authorities said their tourism agency had disbursed a grant to support Swift’s event but declined to comment on the specifics of the agreement to Business Insider, citing business confidentiality. Edwin Tong, Singapore’s Culture Minister, told local news outlet Mothership on Thursday that the funding amount offered “is not what is being speculated online”.
Singapore’s Culture Minister said: “The Eras Tour has the potential to generate significant benefits for the Singapore economy, especially tourism activities such as hotels, retail, travel and dining, as has happened. out in other cities where Taylor Swift has performed.”
Taylor Swift is scheduled to perform 6 nights in Singapore from March 2 to 9. More than 300,000 tickets have been sold.
Tourism experts say big concerts like Swift’s help build Singapore’s status as an exciting place to visit rather than just a place to do business and host commercial events.
“Live music from some of the biggest names in the industry marks a slight shift in Singapore’s appeal as a tourist destination,” Yun Liu, an economist at HSBC, wrote in a report in February. ”.
Singapore’s culture minister told Mothership that the city is looking at what those concerts bring beyond economics.
“We look at this from the perspective of building Singapore into a cultural hub that has strong strategic value for us,” Tong told the agency.
“Such concerts help us stay in the minds of tourists and position ourselves,” Kevin Cheong, managing partner of Syntegrate, a tourism and destination development consulting firm, told BI. We are a luxury destination worthy of premium prices.”
Consumer travel launchpad
Wherever Swift’s tour goes, increased travel-related spending follows, known as the “Swiftonomics” (Taylor Swift economy). That ranges from airfare and accommodation to food and drink, as well as niche retail areas like selling friendship bracelets.
Singapore is no exception.
Economists estimate that Swift’s concert in Singapore could contribute up to 500 million Singapore dollars, or $372 million, in tourist revenue.
David Mann, chief economist for Asia Pacific at Mastercard, told BI that because Singapore is one of the most expensive cities in the world and has a strong currency, it is unlikely that tourists from places with weaker currencies will splurge on shopping in this country. .
Spending on experiences is another story – and it’s heightened because Singapore is Swift’s only stop in Southeast Asia.
Mann said those with money to spend on airline tickets, Swift concert tickets and hotels will likely continue to spend at other tourist destinations.
Since the Singapore Government collects a 9% tax on all goods and services, tourist spending also goes into the national treasury.
“It affects the entire ecosystem,” Cheong said.
Nomura economist Si Ying Toh wrote in a note in February that Swift and British band Coldplay – the first two big acts of 2024 in Singapore – were likely to contribute 0.25% to The country’s first quarter GDP.
Is Taylor Swift a temporary phenomenon?
Cheong said inviting Taylor Swift exclusively to perform was a smart short-term move by the Singapore government: “You need business now to help pay the bills and put us on the world map.”
The rich “neighbors” of the city are paying attention to this, and not all of them are happy about it. Many countries were “outraged” when they learned that Singapore “had spent a sponsorship” to convince Taylor Swift.
Singapore’s move to exclusively give Swift an appearance in the city was made “to the detriment of neighboring countries, which cannot attract audiences,” said Joey Salceda, a member of the Philippine House of Representatives. foreigners come to see their concerts and their fans have to come to Singapore.” Salceda pointed out that the notable thing about this agreement is that it made Taylor Swift agree to “not hold any more concerts anywhere else.” in the area”.
Thai Prime Minister Srettha expressed dissatisfaction with Singapore attracting tourists from neighboring countries thanks to the Taylor Swift phenomenon and said that the country should have spent heavily to invite the female artist to tour.
“If I had known this, I would have brought the show to Thailand,” the Bangkok Post quoted Srettha as saying, referring to Singapore’s sponsorship of Swift’s concert.
Sandiaga tourism minister Salahuddin Uno told Bloomberg TV last month that the country needs “Swiftonomics” for tourism and is considering more incentives for big events like concerts.
However, Cheong said large grants cannot be Singapore’s long-term solution to boosting tourism.
“It’s a smart move but is it sustainable?” Cheong asked, saying he thought Singapore was attracting big concerts as a short-term boost before big investments – such as eco-resorts and a new tower for the Marina Bay Sands hotel – brought symbolism – fulfilled.
Cheong said the more sustainable, long-term measure is to make Singapore so attractive that tourists and artists will attend its big-ticket events even without subsidies.
“It has to be as exciting as Las Vegas, where the performers are sure to stop by,” he added.
