Singapore’s Swiftonomics: Some businesses swiftly grew in sales, while others swiftly dropped in sales

SINGAPORE: Taylor Swift’s arrival in Singapore has stirred excitement among fans and economic ripples, even prompting economists to upgrade Singapore’s GDP forecasts.

However, TODAY reported that although some small businesses swiftly grew in sales, some also swiftly saw less in customer traffic.

Businesses whose revenues grew swiftly

Swiftonomics leaned toward businesses catering to Swifties’ fashion needs, such as apparel and accessory shops, which have seen growth in sales.

Stores in Bugis Street selling sequinned apparel, previously targeting an older clientele, experienced a 30% boost in revenue during the concert period.

Ross Boutique, typically serving an older demographic, found its sales soaring due to the influx of younger locals and foreigners seeking outfits mirroring Swift’s style.

According to Ross Yeo, the owner, “It’s the first time we are having such a concert where everyone is trying to copy her style.”

Similarly, jewellery and accessories shops like Koi Ming Enterprise, located at People’s Park Centre in Chinatown, reported a 30% increase in business revenue during Swift’s stay in Singapore.

Despite the temporary surge, businesses are now witnessing a gradual decline in sales post-concert frenzy.

Businesses whose revenues fell swiftly

However, the narrative takes a different turn for businesses in the food and beverage sector, especially those near the National Stadium.

While some, like hawker stalls offering affordable options, experienced a surge in sales, others faced significant challenges.

Establishments like Ji Xian Seafood and Hong Kong Dim Sum Express at Kallang Wave Mall reported an alarming 80% drop in business.

Regular customers cancelled bookings anticipating large crowds and parking woes associated with Swift’s concert.

The demographic mismatch further exacerbated the situation, as younger concertgoers lacked the spending power to dine at pricier outlets.

Bars and pubs around the stadium also felt the pinch. The demographic skew towards younger females during Swift’s concerts resulted in slower business for establishments like Bar Soccer and Good Cheer at Stadium.

As per Mr Andy, the Bar Soccer owner, “Maybe after a four-hour concert, people get tired and they want to go home. And the concert demographic being younger females, a soccer bar isn’t a place that they want to go.”

Parking issues deterred regular patrons, leading to a noticeable decline in sales compared to events with an older audience demographic.

Traditional businesses like the Kin Teck Tong TCM Clinic faced a 50% fall in appointments due to traffic disruptions and crowd congestion around the stadium area.

The challenges posed by large-scale events following the pandemic have further exacerbated the situation for such establishments.

Despite the mixed outcomes, the Minister of Community, Culture and Youth, Mr Edwin Tong, emphasised the anticipated economic benefits of Swift’s concerts in Parliament last Monday, March 4.

Economists predicted significant gains for hospitality-related businesses, including airline companies, hotel chains, and retail stores. /TISG

Read also: UOB: Taylor Swift fans drew over 23,000 transactions in 3-day ticket sale

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