Swedish central bankers and economists are pointing fingers at none other than pop superstar Beyoncé for causing a spike in local hotel prices and subsequently driving up inflation in the country.
The economists at Danske Bank have identified Beyoncé’s decision to kick off her highly anticipated world tour in Stockholm as the catalyst behind the unexpected surge in prices, media reports said.
The opening two sold-out concerts of Beyoncé’s Renaissance tour drew thousands of fans from all corners of the globe to Stockholm.
Many attendees faced the challenge of finding accommodation outside the city, leading to a noticeable increase in hotel prices. The demand for lodging reportedly far exceeded the available supply, resulting in significantly elevated prices.
Financial Times reported that Michael Grahn, the chief economist at Danske Bank in Sweden, estimated that Beyoncé’s concerts were responsible for a staggering 0.2 percentage points increase in inflation.
Grahn also expressed his astonishment at the substantial impact of a single event, highlighting that such a phenomenon had never been witnessed before.
While economists expect the effects of this inflation surge to subside in the coming months, some experts are expressing concerns about the potential impact of future concerts in Sweden.
Andreas Wallstrom, the head of forecasting at Swedbank, specifically mentioned Bruce Springsteen’s upcoming three-night performance in Gothenburg at the end of June. He raised concerns about a similar effect on prices and inflation.
Beyoncé’s highly anticipated tour sparks excitement
Beyoncé, the ‘Single Ladies’ and ‘Crazy in Love’ hitmaker and multiple Grammy winner, is currently on her first tour in seven years. This long-awaited return has generated immense demand for tickets in Europe, with fans eagerly awaiting her performances.
Next month, she will commence her tour in the US, where ticket prices are significantly higher compared to those in Europe.
Many American fans have taken advantage of the weak Swedish krona and comparatively lower ticket prices in Sweden. Face value tickets for Beyoncé’s Stockholm concerts ranged from SEK650 to SEK1495, while Ticketmaster prices for standard admission to her Las Vegas shows range from $91 to $689.
This stark contrast in prices has prompted numerous American fans to travel to Sweden, driving up demand even further.
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