In Singapore, some small businesses lament muted impact of Swiftonomics: ‘not the right audience’
- The net economic benefit of Taylor Swift’s concerts has been under the spotlight since it was revealed that Singapore struck an exclusivity deal with the star
- Some businesses had lower-than-expected earnings, as Swifties were much younger than their usual customers. Others such as craft and bead stores saw a boom
Swiftonomics has swept through Singapore after the US pop star performed six sold-out shows here, but for small businesses, the spoils are not equally shared.
While many have thrived in Taylor Swift’s presence – among them hotels and retailers that sell clothing and accessories popular with Swifties, there were also some that felt a swifter fall in business, especially for those located around the National Stadium where the concert was held.
The net economic benefit of Swift’s concerts in Singapore has been under the spotlight since it was revealed that the government had struck an exclusivity deal and provided grants to Swift’s concert promoter to make Singapore her only stop in Southeast Asia.
Minister of Community, Culture and Youth Edwin Tong had said in Parliament on March 4 that Swift’s concerts were expected to bring economic benefits that would outweigh the size of the grant given to her promoter.
Economists have estimated large gains for hospitality-related businesses like airline companies, hotel chains and retail stores.
At the same time, some commentators questioned about whether the spoils would trickle down to the small businesses or the man on the street.
Based on 15 businesses interviewed, ranging from food and beverage firms to healthcare businesses, the outcomes are mixed.
