One economist said Beyoncé’s performance in Stockholm caused Sweden’s May inflation to rise higher than expected.
Beyoncé performs on the opening night of her Renaissance tour in Stockholm. (Photo: Getty Images).
Sweden’s May inflation data was higher than experts predicted. Mr. Michael Grahn, an economist at Danske Bank, said part of the reason for this phenomenon is Beyoncé’s Renaissance tour in Stockholm.
The singer’s fans have flocked to the Swedish capital, driving up the city’s hotel room prices. Mr. Grahn estimated that Beyoncé’s tour on December 10 and 11 caused Swedish inflation to increase by 0.2 percentage points.
He commented: “This is a very rare phenomenon. Beyoncé fans booked hotels around Stockholm within a radius of about 60 km.”
Sweden recorded an inflation rate of 9.7% in May, lower than 10.5% in the previous month. Before the official figures were released, economists surveyed by FactSet expected inflation to fall to 9.2%. Statistics Sweden said hotel and restaurant prices in the month went up 3.3% compared to the previous month.
Mr. Carl Mårtensson, price statistician at Statistics Sweden, commented: “Perhaps Beyoncé had an impact on hotel room prices in Stockholm during the week of her performance, but I think the event This did not have a significant impact on Swedish inflation.
Fans line up to watch Beyoncé’s show in Stockholm. (Photo: Getty Images).
Beyoncé is touring around Europe before heading to the US next month. Her first tour in 7 years was held at football and sports stadiums.
Beyoncé set the record for the most Grammys in history after her new album “Renaissance” won best dance/electronic album in February. In total, she has been awarded 32 Grammys throughout her career. .
When tickets for the Renaissance tour went on sale, Beyoncé’s biggest fans tried to buy tickets in several cities, fearing they would quickly sell out.
One day after the tour schedule was announced, distribution company Ticketmaster said that fan demand for Renaissance tour tickets in the first sale was 800% greater than the number of available tickets.
Economist Grahn said the weak Swedish krona means the country is an attractive choice for Beyoncé fans looking to save money, as ticket prices and fees here will be cheaper than elsewhere. other country.
Other superstars who returned to tour this year after long breaks also created significant economic impacts in the cities they visited.
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