Celebrity Taylor Swift recently performed in Singapore on her overseas Eras Tour. Towns, cities, and countries from the U.S., South America, Europe, and Southeast Asia have benefited from the Eras Tour as her web fans spend a lot of money on tickets and hotel stays, restaurants, bars, and tourism-related activities. Taylor’s Eras Tour boosts nations’ GDP by billions or millions, and Singapore is the latest nation to benefit from what has been dubbed the ‘Taylor Effect.’
Singapore’s economy is forecasting growth of 2.4 percent, up from 2.3 percent in December. Bloomberg reported that the island nation’s first quarter will be boosted as Taylor Swift has performed there.
On March 9, Bloomberg reported that Singapore’s economists upgraded the island nation’s first-quarter growth forecasts after Taylor Swift’s mega tour. DBS Bank economist Han Teng Chua said that Taylor Swift’s Eras Tour concerts are expected to add $300 to $400 million to the country, an increase of 20 base points.
Some also refer to this economic growth after Taylor Swift’s Eras Tour in a country as Taylornomics. She performed exclusively in Singapore, and her sold-out performances were attended by local and neighboring web fans who visited from countries including Indonesia and the Philippines.
Over 300,000 concert tickets were sold, and Taylor Swift performed in Singapore at the National Stadium from March 2 through March 9. She performed in six concerts, and Singapore was the only South Asian country in her Eras Tour, as the government successfully secured an exclusive performance deal. So, web fans from neighboring countries had to visit Singapore to watch her perform live.
Overseas and local fans spent money on food, beverages, and hotel stays. Retail sales, including crafts, were boosted as web fans bought beads and other supplies to make friendship bracelets. Leisure activities also received a boost.
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