ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Why Is Beyonce Being Blamed For Surprise Inflation In Sweden?

Demand for accommodations shot up within days and the prices soared like never before. 
UPDATED JAN 22, 2024
Cover Image source: Getty Images | Ezra Shaw
Cover Image source: Getty Images | Ezra Shaw

While the war between Ukraine and Russia and supply chain disruptions are behind the rising inflation, Beyonce may also have a role to play. Confused? Well, Beyonce started her Renaissance World Tour with Sweden last month and her presence surged the demand for hotels and restaurants to such an extent that it has started to show up in the country's economic data.

The country reported higher-than-expected inflation of 9.7% in the month of May. Michael Grahn, an economist, says that Beyonce helped raise the prices of hotels. She is also the reason behind the unexpected strong upswing in recreational and cultural prices.

"I wouldn't ... blame Beyoncé for [the] high inflation print, but her performance and global demand to see her perform in Sweden apparently added a little to it," he wrote in an email to the BBC.

"[The Inflation is ] definitely not normal," Grahn told CNN. “Stars come here all the time, [but] we seldom see effects like this.”

The singer is on tour after seven long years and it comes as no surprise that it is a huge economic event. Demand for hotels shot up within days and the prices soared like never before. BBC reported that this run could very well gross £2 billion by the time it ends.

In the UK, 60,000 people descended on Cardiff, including fans from Lebanon, the US, and Australia. Demand for hotel rooms tied to the concert soared to such an extent that some homeless families being housed in a hotel by the local council were removed to make room for the fans, as reported by The Guardian.

Getty Images | Larry Busacca
Getty Images | Larry Busacca

Michael Grahn says that the inflation figure only decreased by 0.2% in May. "Perhaps all that isn’t just down to her as there are other events taking place, but when you think about what was the cause, she is the prime suspect," he said, as per NBC.

"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. It seems to be a reasonable guess," he added. 

Grahn also talked about how the economists predicted inflation to drop from 8.4% to 7.8%, however, it only reached 8.2%. One of the reasons that it didn't decline as much as it should have is because of the influx of foreigners to Sweden. 



 

The rise in inflation isn't all to do with ticket sales. Rather, it’s got to do with the boost the hospitality sector got from this concert. Beyonce performed in Stockholm twice on May 10 and 11 and the fans flocked like there's no tomorrow to both the shows. 

The fans came from every corner of the world to take advantage of the weak Swedish currency and also the cheap ticket prices in this country compared to the others. 

Grahn assessed that the concert days accounted for 0.2 of the 0.3 percentage points addition to the inflation figure.

As per The Washington Post, visitors from US, Germany, and Britain accounted for the most number of bookings in the city in that period of time.

You need to register as a verified fan. Shows are grouped together in order to make the registration easier. Deadlines for the registration may vary by city, to be sure check the dates for your desired tour stop.

MORE ON MARKET REALIST
The star of Boyz II Men got sentimental after looking at the item from their first album cover.
5 hours ago
The answer on the survey board made Harvey put up a funny skit.
7 hours ago
It wasn't an ordinary ring but the 2004 Patriots Super Bowl Ring, which Harrison refused to let go.
1 day ago
Harvey was in disbelief after he misheard what Ming-Na Wen's teammate said.
1 day ago
Harvey could feel the pain as he collected the answers from the contestants.
1 day ago
The owner of Harry Karstens' First Ascent Denali Ice Axe was shocked to learn how valuable it was.
2 days ago
As model Rachel Reynolds slammed on the brakes, fellow presenter Alexis Gaube nearly fell over.
2 days ago
Harvey couldn't believe his eyes when an answer did not show up on the board.
2 days ago
The winner, Trish yelled "This cannot be happening!" as she sat in her new car.
2 days ago
Harvey was shocked to see some of the answers show up on the board.
2 days ago
The seemingly tough puzzle cost contestant, Kelly Amodio a brand new Mini Cooper.
3 days ago
The contestant, Jodi Hope took home $75,000, using her puzzle solving skills.
3 days ago
The guest had to promise on camera to share the profits with her friend who gifted the item.
3 days ago
Harvey just couldn't seem to understand what Giuliana Rancic's mother was saying.
3 days ago
Harvey had to take a moment to school the contestant on how the game is played.
3 days ago
It seemed like Veronica forgot she was holding the host's hand after the win.
3 days ago
The owner of the Jean-Michel Basquiat Oil Stick Painting made it clear that it wasn't going anywhere
4 days ago
The player, Jason Warren missed out on taking home more than $86,000.
4 days ago
The TikTok creator @thebiteo87 stirred a debate on social media by exposing the new tactic.
4 days ago