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 tons of of thousands and thousands of {dollars} in tourism receipts.

“The Lion Metropolis has historically been extra a magnet for enterprise journey, however these large-scale international music occasions are a boon for Singapore’s travel-related companies that may add as much as 10% of its GDP,” HSBC’s ASEAN economist Yun Liu wrote in a latest be aware.

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 document for essentially the most tickets bought by an artist in a single day. Singapore was Asia’s essential cease for Coldplay’s Music of the Spheres World Tour — boosting the nation’s tourism trade.

Asia-Pacific journey platform Agoda recorded a “huge surge” in search site visitors for lodging in Singapore spanning Coldplay’s live performance dates. The corporate mentioned curiosity for these dates was 8.7 instances greater after the band started ticket gross sales in June. Agoda mentioned 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 12 months was estimated to generate round $4.6 billion in shopper spending.

“Taylor Swift can also be broadly anticipated to generate a large financial enhance, given her previous document,” Liu added. 

Shortly after the singer introduced her live performance dates within the city-state, Singapore lodge bookings for March 2024 surged 10%, information 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 very best occupancy ranges out of the primary eight months in 2024, based on STR information.  

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

Each the nation’s flagship provider Singapore Airways and funds airline Scoot informed CNBC that demand for flights to Singapore in March has jumped, significantly 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 — mentioned Erica Tay, director of macro analysis at Maybank.

“If she didn’t have Singapore as a cease, I won’t purchase a ticket,” mentioned 22-year-old Singaporean pupil Mavis Mook, who spent virtually SG$300 ($223.38) for a Taylor Swift live performance ticket.

“I need to expertise this with the buddies who’ve additionally grown up with me. It might be so arduous to fly over collectively only for one live performance,” 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.

Singapore has additionally attracted the likes of Ed Sheeran, Bruno Mars, Blackpink and different marquee performers. A star-studded live performance slate grants Singapore a brand new shine as a tourism vacation spot.

“Historically it has been a MICE sector – conferences, incentives, conferences and exhibitions – which tended to draw prosperous enterprise vacationers,” mentioned HSBC’s Liu.

Singapore has heavy publicity to tech manufacturing and finance, however travel-related companies make up 10% of the nation’s GDP, she mentioned.

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

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

“Scenes of her having fun with herself in Singapore – whether or not it is attempting iconic dishes or trying out heritage structure – will go a great distance,” mentioned Tay.

“If she falls in love with hen rice, it might put the dish, and Singapore, on the map for a brand new viewers globally.”