Singapore’s economy boosted by Taylor Swift, Coldplay shows; over half of concertgoers ‘likely’ from overseas

SINGAPORE: Singapore’s economy used to be boosted by a “surge in tourism job” in the critical quarter of 2024 resulting from concert events by British rock band Coldplay and American pop star Taylor Swift, the Financial Authority of Singapore (MAS) said on Friday (Apr 26).

Both acts performed at the 55,000-ability National Stadium – Singapore’s splendid stadium – with Coldplay’s concert events taking space in January and Swift’s reveals taking place in March.

“These concert events took space over 12 days in total, with better than half the target audience likely coming from out of the country,” MAS said in its most fresh macroeconomic overview, which is released twice a twelve months.

Coldplay bought better than 200,000 tickets to their preliminary four reveals in Singapore, whereas better than 300,000 tickets to Swift’s concert events were snapped up.

In step with statistics from the Singapore Tourism Board (STB), there were 4,353,500 global customer arrivals in the critical three months of the twelve months. That also will likely be a 50 per cent develop from the an identical period closing twelve months and a 26 per cent develop from the closing quarter of 2023.

Singapore’s economy grew 2.7 per cent in the critical quarter of the twelve months from the an identical period a twelve months prior to now. Within the closing quarter of 2023, the economy grew 2.2 per cent.

The growth in the critical quarter used to be in spite of a pullback in manufacturing job, with the biomedicals and electronics clusters posting frail growth.

Exercise in the celebrated products and companies cluster used to be also dampened, essentially resulting from the finance and insurance sector, MAS said.

The trim-scale concert events also can include generated tourism receipts of between S$350 million (US$257 million) to S$450 million, fixed with estimates by non-public-sector analysts, MAS noteworthy.

The estimates differed based on assumptions such because the attendees’ dimension of discontinuance in Singapore.

“This represents a 6 per cent injection above the moderate quarterly tourism receipts recorded in Q1 to Q3 closing twelve months,” the document said. That can include equipped a intention terminate to sectors equivalent to air transport, accommodation, arts, retail and additional.

MAS pointed out lodge occupancies rose to 80 per cent in the critical two months of the twelve months, in contrast with 77 per cent in the outdated quarter.

CNA reported in February that seek info from for flights and accommodation elevated by as much as 30 per cent around Swift’s concert dates.