Concert economics has sparked Singapore to consider it as the country’s new growth driver with expectations for consumer spending of more than hundreds of millions dollars.
Yun Liu, an ASEAN economist from HSBC stated that even though Singapore was traditionally more attractive for business travel, large-scale global music events has given the country positive sentiments for travel-related services that can add up to 10% of its GDP.
The Coldplay’s Music of the Spheres World Tour, which was performed at Singapore National Stadium in January, left an impression by selling out 200,000 tickets within hours, while also stimulating an enormous amount of search traffic for accommodations in the country through Agoda.
Moreover, this coming weekend, Singapore will host Taylor Swift’s Eras Tour, which caused demand for flights to the country and hotel bookings to jump. The tour was expected to generate about 350 million to 500 million Singaporean dollars ($260.3 million to $371.9 million).
