Okay ladies, now let’s get in…flation?
Two Beyoncé concerts in Stockholm last month were partly responsible for the rise of inflation in the country in May, a senior economist has said.
The American superstar kicked off her Renaissance world tour in Sweden, her first solo tour in seven years, playing two sold-out gigs in the Swedish capital on May 10 and 11.
Tens of thousands of fans flocked to Stockholm to watch the Bills, Bills, Bills singer, with an estimated 46,000 in attendance at each concert. Some fans were forced to stay 40 miles outside the capital as hotels quickly filled up.
Monthly inflation increased by 0.3 percentage points in Sweden from April to May, according to data published on Wednesday from Statistics Sweden.
According to Michael Grahn, chief economist for Sweden at Danske Bank, Beyonce’s visit to the Swedish capital could explain why the rate was higher than expected.
“Beyoncé’s start of her world tour in Sweden seems to have coloured May inflation, how much is uncertain,” Grahn said in a post to social media.
Hoards of fans reportedly travelled from overseas to see the shows, taking advantage of lower ticket prices due to the relatively weak Swedish currency.
Grahn said the tour opener in May probably accounted for 0.2 of the 0.3 percentage points added to inflation by hotels and restaurant prices.
Searches for accommodations in cities on the tour skyrocketed after it was announced, Airbnb reported. Tickets for most of the dates sold out within hours, while prices soared on the resale market.
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By the time the Renaissance tour comes to a close in September, its earnings could exceed $2bn (£1.6bn), according to Forbes magazine.
Grahn told the Wall Street Journal that situations like this are very rare and he expected inflation to return to normal in June.
Visit Stockholm described the boom in tourism to the city as the “Beyoncé effect” in an email to the Washington Post.
However, Sweden might not be out of the woods yet. One economist told the Financial Times that Bruce Springsteen’s three-night run in Gothenburg in June could produce a similar effect.
