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Everyone from brands to politicians have latched onto the zeitgeist that has been gaining momentum since the Singapore dates were announced last June.
The Singapore government was "proactive" in courting the American superstar, according to Edwin Tong, Minister for Culture, Community & Youth.
Tong told Mothership that a multi-agency team met with Swift's agents and promoters early on — before her international tour dates were announced — and struck a deal "quite quickly".
Included in the deal were reportedly US$2-3 million (S$2.69 to 4.04 million) in grant monies and an exclusivity arrangement which resulted in some annoyed words from Asean neighbours.
An estimated S$500 million in tourist spending
But unlike the hordes of Swifties who live and breathe Taylor Swift, the Singapore government has a different reason to relish the moment: the S$500 million in tourist spending that economists estimate Singapore will receive, courtesy of the foreign Swifties who fly here for the Eras Tour shows.
Next to it, the subsidies, which were administered through the Tourism Development Fund, look like peanuts.
But where is this S$500 million and how do we see the effects?
The economic boost brought about by "Swiftnomics" is quite real.
In Japan, Eras Tour-induced spending was estimated to be ¥34.1 billion (S$305 million) for four days of shows.
When Swift brought the Eras Tour across the United States in 2023, it generated an estimated US$5 billion in consumer spending, and reportedly saved the country from falling into a widely-predicted recession.
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09-Mar 2024 Saturday
10:27 AM (51 days ago)
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