Swiftonomics in Singapore: Taylor Swift’s concerts bring economic boost and challenges for small businesses

Taylor Swift’s concerts have brought significant revenue to the country, but small businesses say the concerts are both a blessing and a curse for them.

Swiftonomics, a term that refers to Taylor Swift’s economic influence and impact on various sectors, has spread to Singapore. Although six sold-out concerts were a huge plus for economics, the profits were unevenly distributed for small businesses.

Businesses such as hotels and retail stores, which are popular among Swifties, have not seen any negative effects. But those located around the National Stadium, where the concert took place, suffered the most.

According to Minister of Community, Culture and Youth, Edwin Tong, the concerts were expected to generate economic benefits that would be greater than the size of the grant given to Swift’s promoter. However, many businesses at Kallang Wave Mall have seen their business plummet by as much as 80%.

TODAY surveyed 15 businesses ranging from food and beverage manufacturers to healthcare providers, and the results were mixed.

One employee at the Hong Kong Dim Sum Express restaurant said many regular customers had canceled their orders due to expected large crowds and parking difficulties.

According to the employee, it doesn’t matter whether the restaurant warns about the concert or not, the outcome will be the same – the client either gets angry because of the long 1-hour waiting time or chooses to attend the concert and the restaurant loses clientele.

She noted that on the nights when Swift performed, the restaurant could only fill two tables, although when there were no events, the restaurant filled 10 tables. Such slow business was the worst thing the restaurant had seen since the pandemic.

She also mentions that almost all concertgoers are younger and do not have the spending power to dine at a seafood restaurant before or after the concert.

“This was unlike the Jacky Cheung concerts (held last year), where attendees were older and had more spending power, we had seen an uptick in businesses back then,” she said.

On the other hand, cheaper hawker fare enjoyed great success among the young audience of concertgoers. For example, the food stalls at the My Kampung food court in Kallang Wave Mall saw unprecedented growth in sales.

The owner of a Malaysian street food stall said that sales during Swift’s concerts surpassed those during Coldplay’s performance in Singapore earlier this year.

The Japanese fusion food stall next to hers also reported double sales during the nights when Swift performed.

The most profitable enterprises turned out to be the beads, crafts and apparel businesses. This merchandise is very popular among Swifties and was sold before and during Swift’s concerts.

At Bugis Street, several shops that sell sequined clothing often worn by Swift concertgoers saw a rise in revenue even though their businesses have traditionally catered to the elderly.

One such store was Ross Boutique, which saw a 30% increase in business in the last two weeks due to young locals and foreigners. During normal event times, this store sells such outfits for seniors for dinners, dances or other social events.

Jewelry and accessories store Koi Ming, located in Park Center in Chinatown, also boasted a 30% business growth.

However, with the conclusion of Swift’s concerts in Singapore, owners and co-owners have observed a rhythmic decline in business growth for such businesses.