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Singapore's economy boosted by Taylor Swift, Coldplay shows; over half of concertgoers 'likely' from overseas

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Concerts,Monetary Authority Of Singapore,Taylor Swift

SINGAPORE — Singapore’s economy was boosted by a “surge in tourism activity” in the first quarter of 2024 due to concerts by British rock band Coldplay

Singapore's economy boosted by Taylor Swift, Coldplay shows; over half of concertgoers 'likely' from overseas

Coldplay sold more than 200,000 tickets to their initial four shows in Singapore, while more than 300,000 tickets to Swift’s concerts were snapped up. The growth in the first quarter was despite a pullback in manufacturing activity, with the biomedicals and electronics clusters posting weak growth. MAS pointed out hotel occupancies rose to 80 per cent in the first two months of the year, compared with 77 per cent in the previous quarter.

Representative Joey Salceda, a lawmaker in the Philippines, reportedly said “this isn’t what good neighbours do”, in reference to Singapore’s actions.told media that Singapore paid the American singer-songwriter up to US$3 million for each of her concerts in order to keep the shows exclusive to Singapore.as reports suggest. CNA understands that the figure is closer to US$2 million to US$3 million for all six shows.

Meanwhile, the financial sector should continue recovering when central banks start to cut interest rates, which is expected to happen in the second half of the year.

 

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