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| Beyoncé effect': The singer's concert was so popular that inflation increased |
If you think inflation is caused by the Russia-Ukraine war and supply chain disruptions, you don't know Beyoncé.
Singer Beyoncé is currently on an international tour, during which she will perform concerts in various countries around the world, but during her visit to Sweden last month, the country caused so much commotion and saw an increase in demand for hotels and restaurants. It was found that this country was also seen in the economic data.
Inflation in Sweden was 9.7 percent in May, which was higher than expected. The main reason behind this surprise was the rise in prices of hotel and restaurant services.
Michael Grahan, an economist at Danske Bank, says he believes Beyoncé was also a major reason for the rise in hotel prices. He said that in his opinion, Beyoncé was the main reason for the increase in the prices of goods and services related to entertainment and culture.
"I don't blame Beyoncé for the rise in inflation, but her performances and the demand from around the world for her to perform in Sweden has helped," he said in an email to the BBC. Of course.'
There is no doubt that the singer's first tour in seven years is an important economic moment. According to an estimate, his tour could earn two billion pounds by the end of September.
According to Airbnb, when Beyoncé's tour dates were announced, there was a rush to find places to stay in the cities where her concerts were to be held. Tickets for the concerts sold out in a matter of days, and their resale market saw further price increases within days.
More than 60,000 people from different countries came for his concert in Cardiff city in Great Britain. Among them were Lebanese, Americans and Australians. Demand for hotel rooms was so high due to her concerts in London that at one point some homeless people who had been accommodated in a hotel by the local council were allegedly evicted and replaced by Beyoncé fans. Provided.
Stockholm, where Beyoncé performed two nights of concerts for 46,000 people, was attended by people from all over the world, especially from the United States because the dollar is more valuable than the local currency, so ticket prices are cheaper. are
In an email to The Washington Post last month, Visit Stockholm called the increase in tourism in the city the "Beyoncé effect."
Inflation in Sweden was 12.3% in December. Last month's 9.7 percent inflation was lower than April's 10.5 percent figure, but according to financial markets estimates, it should have been 9.4 percent.
Speaking to the BBC, Grahan said that it is rare for a single star to have such an impact, and it is usually the case with major football tournaments.
He wrote on his social media that he sees this trend returning to normal in June.