Beyoncé’s “ENERGY” appears to have made a significant impact on the Swedish economy during her “Renaissance World Tour” stop in Stockholm. According to economist Michael Grahn, the demand for her performance led to an increase in the cost of hotels and restaurants in the city.
Grahn noted that this effect on inflation is not common, stating, “Stars come here all the time, but we seldom see effects like this.” This surge in prices was unexpected, with a modest decline in overall inflation reported compared to estimated numbers.
The increase in prices is believed to be primarily caused by Beyoncé’s tour, although Grahn acknowledges that there may have been other contributing factors. He stated, “It’s not just out of the blue, we did hear a month ago that it was very hard for her fans to get accommodation and that hotel rates went up.”
However, Grahn predicts that this inflationary effect will be temporary. He expects hotel and ticket prices to return to normal in June, reversing this upside surprise.
The influx of U.S. fans flying to Sweden for the cheaper tickets also contributed to the inflation number. A BuzzFeed News story from February highlighted the affordability of Beyoncé’s Sweden concert compared to prices in the U.S.
Demand for tickets in several U.S. cities, including Chicago, Atlanta, and Washington, D.C., exceeded 800%. This high demand is reflected in the massive price difference between floor tickets in Sweden and New York.
Overall, Beyoncé’s impact on the Swedish economy and the surge in inflation demonstrate the immense popularity and influence of her tour.
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