Thought soaring costs were caused by the Ukraine war or supply chain snarls? You must be unaware of Beyoncé.
The commencement of the singer’s world tour in Sweden last month caused such a rush for hotels and restaurant meals that it has been reflected in the country’s economic figures.
In May, Sweden reported higher-than-expected inflation of 9.7%.
The surprise was caused by rising hotel and restaurant prices.
According to Michael Grahn, economist at Danske Bank, Beyonce may have contributed to the increase in hotel costs. He believes she was also a driving force behind the unusually large increase in recreation and culture prices.
“I wouldn’t… blame Beyoncé for [the] high inflation print, but her performance and global demand to see her perform in Sweden apparently added a little to it,” he wrote to the BBC in an email.
There is little doubt that the singer’s first solo tour in seven years is a significant economic event. According to one estimate, the run may earn nearly £2 billion by the time it concludes in September.
Airbnb reported that searches for rentals in cities on the tour increased after the announcement. Many performances sold out in a matter of days, and resale prices skyrocketed.
60,000 people came on Cardiff in the United Kingdom, including fans from Lebanon, the United States, and Australia. Demand for hotel rooms associated with her London show was so high that some homeless families being accommodated in a hotel by the local authorities were reportedly kicked out to make space for her admirers.
The Stockholm performances, where Beyoncé performed to a crowd of 46,000 over two nights, apparently drew admirers from all over the world, particularly the United States, where a strong dollar against the krona made tickets in the Nordic country appear to be a relative deal.
Visit Stockholm termed the surge in travel to the city as the “Beyoncé effect” in an email to the Washington Post last month.
Sweden’s inflation rate peaked in December at 12.3%. Official numbers show that the rate was 9.7% last month, down from 10.5% in April. The financial markets had predicted a 9.4% increase.
Mr Grahn told the BBC that it is “very rare” for one celebrity to have such an impact, adding that large soccer tournaments can have a similar effect.
He predicted on social media that patterns would return to normal in June.