SINGAPORE — Swiftonomics has swept through Singapore after the American pop star performed six sold-out shows here, but for small businesses, the spoils are not equally shared.
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The net economic benefit of Swift’s concerts here has been under the spotlight since it was revealed that Singapore struck an exclusivity deal and provided grants to Swift’s concert promoter to make Singapore her only stop in Southeast Asia. Based on 15 businesses that TODAY spoke to ranging from food and beverage firms to healthcare businesses, the outcomes are mixed.
At the same time, she said that most of the concertgoers are younger and do not have the spending power to dine at a seafood restaurant before or after the concert. A stallholder at the Malaysian street food stall said that sales had increased by “significantly more” than when Coldplay was in town, believing that it is because younger fans prefer to eat cheap.
“And the concert demographic being younger females, a soccer bar isn’t a place that they want to go.” Bar regulars simply did not want to contend with the large crowds and lack of parking and went to other bars away from the area instead, said one staff member. “Good Cheer is a darts bar, so it is probably not the right target audience,” he added.
But the influx of younger locals and foreigners over the last two weeks has boosted business by 30 per cent.
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