, economists and business experts have told TODAY that while the concerts will bring benefits to the tourism and related sectors, its impact on inflation will be limited.
Last November, a Bloomberg report also described the phenomenon of “Swiftonomics”, where demand for American artist Swift’s concerts shows how consumers are willing to spend on what they missed out on during the pandemic, even as a recession looms. Associate Professor Lau Kong Cheen, from the Singapore University of Social Science’s School of Business, said that major concerts in Singapore will draw regional fans here and directly increase revenue for sectors such as hospitality, F&B and retail.
Since its debut in 2008, the night race in Singapore has generated more than S$1.5 billion in incremental tourism receipts. He estimated that conservatively, the Coldplay concert alone would contribute a revenue of S$96 million to Singapore. The CPI measures the average price changes over time of a fixed basket of consumption goods and services commonly purchased by the resident households here.
CIMB Private Bank economist Song Seng Wun said that inflationary pressure can occur from the “multiplier effect” of organising concerts.
Source: Holiday News (holidaynews.net)
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