World

Surprising Increase in Inflation in Sweden Linked to Beyoncé

Published

11 months ago

June 15, 2023

According to a leading economist, the commencement of Beyoncé’s world tour in Sweden last May may have contributed to an unexpected increase in the country’s inflation rate. The American superstar kickstarted her Renaissance World Tour in Stockholm, performing two sold-out shows in the capital on May 10th and 11th as reported by Sky News.

The demand for hotel accommodations and restaurant bookings during these concerts was so substantial that it boosted official inflation statistics. Michael Grahn, the chief economist for Sweden at Danske Bank, took to Twitter to suggest that Beyoncé’s tour launch had influenced inflation in May. While the exact impact remains uncertain, Grahn stated that the concerts likely contributed approximately 0.2% to the 9.7% inflation rise.

This figure accounts for two-thirds of the 0.3% increase attributed to the hotel and restaurant sector. Speaking to the Financial Times, Grahn described this occurrence as “astonishing” and unprecedented in Sweden’s history. He noted that some fans even booked hotel rooms up to 40 miles outside of Stockholm. Grahn stated on Twitter that they anticipated this unexpected inflation spike to be reversed in June as hotel and ticket prices returned to normal.

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Visit Stockholm acknowledged the significant influence of the “Beyoncé effect” on the city’s tourism, attributing high levels of visitor activity and near-full hotel occupancy to the concerts. In an email to The Washington Post, Visit Stockholm revealed that visitors from the United States, Germany, and Britain accounted for the largest bookings.

Forbes magazine estimates that earnings from Beyoncé’s tour could surpass $2 billion (£1.6 billion), although it acknowledges that this figure is based on optimistic assumptions. Following her performances in Stockholm, Beyoncé proceeded to Brussels before heading to the United Kingdom, where she played shows in Cardiff, Edinburgh, and Sunderland. The tour concluded with five dates at the Tottenham Hotspur Stadium in London.

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