Spiking prices in Sweden coincided with Beyonce playing in Stockholm - could the same happen when Taylor Swift is in Dublin?
is to play two concerts at the Aviva Stadium next June will not have been well received at the Central Bank of Ireland. They’ll know all about the “Beyoncé effect”; how two of the American singer’s concerts in Stockholm have been blamed for a sudden rise in Swedish inflation. Soaring hotel and restaurant prices caused the spike. “It’s quite astonishing for a single event,” Michael Grahn, Danske Bank’s chief economist, said. “We haven’t seen this before.
We’re likely to see it again once the Swifties secure tickets for the Dublin shows on June 28th and 29th, 2024 and start booking accommodation. In a newsletter for the New York Times this week, economist Paul Krugman wrote: “I wouldn’t be surprised if Taylor Swift concerts are producing hotel and restaurant booms in the cities in which she performs. Live music is big business.”
Dublin missed out on most of that business this summer, with the touring Beyoncé, Madonna and Coldplay all giving it a miss. You can be sure some hotels are planning Swift retribution, but can anything be done to stop them? Paschal Donohoe, the Minister for Public Expenditure who saw Swift perform the last time she was here, says he takes “pretty seriously the need for the hospitality sector to do the right thing” by her fans.
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