Music stars including Beyonce, Taylor Swift and Elton John have thrown a curveball at economists; their concerts have caused inflation in the US, Europe and Asia.
- Two weeks back, Beyonce’s World Renaissance Tour in Sweden garnered 80,000 fans over two days, spiking hotel and recreation prices and increasing the country’s overall inflation.
- The UK witnessed a similar effect when Queen Bey performed there. The country’s recreation and culture prices rose 6.8% in May 2023, their fastest in three decades.
- In the US Swifties spent $1,300 on average on concert tickets, travel and clothing for Taylor Swift’s Eras tour, driving up prices.
- In India and Asia, fans are ready to spend more on travel and stay for quality content and to catch a glimpse of stars like Bruno Mars, Coldplay and the Backstreet Boys. According to Owen Roncon, chief of business for Live Entertainment at BookMyShow, “The average ticket price for Backstreet Boys DNA World Tour - India, was between $85-$98, which is a very healthy growth,” referring to the concert in May.
UBS Global Wealth Management chief economist Paul Donovan says the effect of concerts might not be over since most artists are still touring.
Some analysts even say it is time for economists to include Spotify playlists in their econometric models.