Taylor Swift, Beyoncé, and Other Top Music Concerts Fueling Inflation?

Taylor Swift, Beyoncé, and Other Top Music Concerts Fueling Inflation?
Cover Image Source: Getty Images | Kevin Winter

As inflation continues to rise in many countries, financial experts have attributed the towering numbers to the very many music concerts going on in those countries. Beyoncé who is currently performing on her first solo tour, Renaissance since 2016, and Taylor Swift whose The Eras Tour people are flocking to could be the reason behind the rising numbers. 

Klaus Baader, an economist at Societe Generale said that the prices of the tickets really "struck him." "All the prices around it too have exploded...It’s not just that the tickets become more expensive. It’s also that your beer or cider or your Coca-Cola or your hot dog at the venue has also gotten a lot more expensive," he told CNBC. Other concerts by Ed Sheeran, Harry Styles, Elton John, and Bruce Springsteen have also taken over the fans and the economy.

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Getty Images | 	Kevin Winter
Image Source:  Kevin Winter/Getty Images

In May 2023, the star was linked to Sweden's towering 9.7% inflation. Michael Grahn, an economist took to Twitter to write that Beyonce was responsible for 0.4% of the total rise. The concert drew thousands of fans to Stockholm. It was also reported that many of the fans faced trouble trying to find accommodation in the city, which led to a noticeable surge in hotel prices.

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Many Americans also took advantage of the cheaper tickets in Sweden as compared to the U.S. which also added to the chaos. According to CNBC, the price surge in the hotel sector impacted the whole country despite it being a local event. "I wouldn't solely blame Beyoncé for the high inflation rate, but her performance and the global demand to see her perform in Sweden seemingly added a little to it," economist Michael Grahn said in an interview with the BBC.

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Experts have noticed a consistent increase in concert ticket prices all over the world. The hike is not only limited to tickets but also to other goods and services related to the music sector. Experts are now analyzing if the growth in prices has something to do with fueling inflation.

Cover Image Source: Pexels | Karolina Grabowska
Cover Image Source: Pexels | Karolina Grabowska

 

The fact that fans are willing to splurge thousands of dollars to watch their favorite star perform is also contributing to the never-ending surge. "People are willing to splurge because they know that they will get their money's worth," said London-based Beyoncé fan Mario Ihieme. People are doing whatever it takes to get their hands on the tickets. Joel Barrios, a fan from LA said that he got nine phone numbers and three accounts on Ticketmaster under three different credit cards all in an effort to watch Beyonce. Barrios spent approximately US $7,000 on three US shows for himself and friends and another US $6,650 for several shows in Europe, per Today Online. The cheapest seat for a July Taylor Swift show in Seattle is US $1,200 on reseller Stubhub while August Mexico City show tickets are priced at US $500 each, per the outlet.

 

Image Source: GettyImages/Kevin Winter
Image Source: GettyImages/Kevin Winter

The fact that people were deprived of attending massive events like these because of the pandemic has also a lot to do with these economic alterations. "People haven’t been to a concert in a long time and the artist hasn’t been touring for a long time," Klaus Baader said. Another thing to consider is that inflation is already very high and it has nothing to with the extravagant converts and showbiz but problems like Covid-19 and the war in Ukraine.

While the high concert prices are here to stay, the impact of them on the economy will likely fade away with time. In Sweden's case, inflation already started easing in June 2023. Baader believes that any effect caused by the concerts is short-lived and will have no permanent effect. He then clarified that even though this effect will fade soon, concerts affecting the economy are inevitable and a recurring phenomenon.

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