Taylor Swift’s concerts could boost March retail sales by $150m: expert

The pop star will hold six concerts in Singapore in March.

Economists are expecting the six-night concert of pop star Taylor Swift in Singapore to boost retail sales in March by $150m, mainly from shopping and F&B receipts.

UOB Senior Economist Alvin Liew added that the event also triggered a spike in demand for hotels and airlines.

Major events like Swift’s concerts and Business Travel and Meetings, Incentive Travel, Conventions and Exhibitions activities will continue to support retailers in Singapore in 2024, said Liew.

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The recent S$1.9b enhancement to the Assurance Package (AP) announced during Budget 2024 could also increase retail sales, said Jester Koh, associate economist at UOB.

The impact of the AP will likely be reflected within 1-3 months from the timing of the measures. 

Taking these factors into account and downside risks like the challenging external environment and a greater-than-anticipated easing in domestic and regional labour market conditions, UOB forecasts a retail sales growth of 1.0% in 2024, a moderation from the 2023 record of 2.2%.

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