SINGAPORE: Singapore’s economy was boosted by a” surge in tourism activity” in the first quarter of 2024 due to concerts by British rock band Coldplay and American pop star Taylor Swift, the Monetary Authority of Singapore ( MAS ) said on Friday ( Apr 26 ).
Both functions played at the 55, 000- power National Stadium- Singapore’s largest venue- with Coldplay’s music taking place in January and Swift’s displays happening in March.
More than half of the audience, according to MAS’s most recent economic review, came from abroad, and” these recitals took place over the course of 12 days in total.”
Coldplay sold more than 200, 000 cards to their first four shows in Singapore, while more than 300, 000 cards to Swift’s music were snapped up.  ,
In the first three weeks of the year, there were 4, 353, 500 foreign visitors immigrants, according to figures from the Singapore Tourism Board (STB). That is a 50 % increase over the same period last year and a 26 % increase over the same quarter in 2023.
In comparison to the same period last year, Singapore’s market increased by 2.7 % in the first quarter of the year.  , In the last quarter of 2023, the business grew 2.2 per share.
Despite a rebound in producing activity, the first quarter saw modest growth, with the clusters for biomedicals and electronics experiencing subpar progress.
According to MAS, activity in the modern solutions cluster was likewise slowed, mainly as a result of the financing and healthcare sectors.  ,
The huge- scale music could have generated tourism records of between S$ 350 million ( US$ 257 million ) to S$ 450 million, according to projections by private- industry experts, MAS noted.
Based on faulty assumptions, such as the spectators ‘ length of stay in Singapore, the estimates were made.
This is a 6 percent increase over the typical monthly tourism receipts from Q1 to Q3 of last year, according to the report. That would have provided a boost to areas such as air travel, hotel, art, financial and more.
In contrast to 77 % in the previous quarter, hotel occupancy increased by 80 % in the first two months of the year, according to MAS.  ,
CNA reported in February that demand for flights and hotel increased by up to 30 per cent , around Swift’s musical times.  ,