While high-profile events generate immediate attention and revenue, their lasting impact on economic development may be limited. Over-emphasis on MICE (Meetings, Incentives, Conventions and Exhibitions) events for economic growth may overshadow more strategic and sustainable long-term initiatives and pose risks in the face of changing market dynamics and external factors.
Hence, navigating these risks requires a delicate balance between fostering growth and ensuring social equity as well as responsible governance.
SALIENT EXAMPLE OF STAYING COMPETITIVE
Singapore must undoubtedly distinguish itself from its competitors. Countries feeling left out of the Eras Tour, like Thailand and Indonesia, have already said they will do more to attract world-class acts and leverage Swiftonomics to their advantage.
In tourism, it is important to recognise that Singapore’s status as a stop-over rather than a stay-over destination requires innovative strategies.
Beyond events that are exceptions that prove the rule, the industry will likely benefit more from collaboration. Singapore must offer compelling experiences domestically (across segments including hospitality, food, leisure, outdoor and indoor wellness activities, cruise holidays and heritage experiences) but also foster regional partnerships for cross-border tourism to enhance appeal and broaden its reach.
And therein lies a larger important lesson: Taylor Swift has made salient just how important it is for Singapore to find ways to stay competitive, beyond the tourism or MICE sectors. Singapore had the element of surprise with the Eras Tour, but it may not be sufficient for the next star act or business it wants to attract.
Samer Elhajjar is Senior Lecturer from the Department of Marketing, National University of Singapore Business School. The opinions expressed are those of the writer and do not represent the views and opinions of NUS.