Current:Home > MarketsBeyoncé single-handedly raised a country's inflation-LoTradeCoin
Beyoncé single-handedly raised a country's inflation
View Date:2024-12-23 10:37:40
When the Beyhive swarmed Sweden, they didn't just bring the buzz, they also brought inflation.
That's because fans' pilgrimage to Stockholm for Beyoncé's Renaissance World Tour sent hotel prices in the country's capital skyrocketing, Danske Bank Chief Economist Michael Grahn told the Financial Times.
The "Beyoncé blip," as he calls it, had a "very rare" effect on Swedish inflation, bumping it up 0.2% in May. Beyoncé played two shows in Sweden on May 10 and 11.
"Beyoncé is responsible for the extra upside surprise this month," Grahn told the Financial Times. "It's quite astonishing for a single event. We haven't seen this before."
Sweden's headline inflation was 9.7% in May, down from 10.5% the month prior, Swedish government data shows. But while consumer prices in Sweden are moderating, prices for a large swath of goods and services, including hotels and restaurants, rose. Hotel and restaurant prices increased 3.3% from April to May, according to Statistics Sweden, an organization that publishes the country's inflation reports.
Highest-grossing tour contender
The Renaissance World Tour is on track to clinch the title of highest-grossing tour of all time. The series of stadium performances, named after Beyoncé's new album, is the megastar's first time performing in seven years, Billboard reported. As a result, fans are clamoring to get their hands on tickets.
During the first round of ticket sales for Beyoncé's concerts, fan demand exceeded the number of available tickets by more than 800%, Ticketmaster said in a statement in February.
While Beyoncé's modest "blip" effect on an entire country's inflation is far from usual, it isn't the first time a singer's fanbase has pushed up consumer prices.
The cost of a one-night stay at some hotels in Nashville nearly quadrupled during Taylor Swift's Eras Tour performances in the city in May, the Tennessean reported. Her fans also smashed records for hotel bookings in Chicago.
- In:
- Beyoncé
- Inflation
- Sweden
- Stockholm
veryGood! (76)
Related
- Burger King is giving away a million Whoppers for $1: Here's how to get one
- Minnesota trooper charged in crash that killed an 18-year-old
- Great-grandmother who just finished radiation treatments for breast cancer wins $5M lottery prize
- As climate change alters lakes, tribes and conservationists fight for the future of spearfishing
- Jana Kramer’s Ex Mike Caussin Shares Resentment Over Her Child Support Payments
- Why Bachelorette Fans Are Comparing Jenn Tran's First Impression Rose Winner to This Controversial Star
- 2 people were injured in shooting outside a Virginia mall. They are expected to survive
- Teen dives onto shark and is bitten during lifeguard training camp in Florida
- College football top five gets overhaul as Georgia, Miami both tumble in US LBM Coaches Poll
- Record 3 million passengers passed through TSA checkpoints Sunday after July 4th
Ranking
- Threat closes Spokane City Hall and cancels council meeting in Washington state
- 2024 French election results no big win for far-right, but next steps unclear. Here's what could happen.
- What does a jellyfish sting look like? Here's everything you need to know.
- 2 former Missouri police officers accused of federal civil rights violations
- Larry Hobbs, who guided AP’s coverage of Florida news for decades, has died at 83
- Brett Favre is asking an appeals court to reinstate his defamation lawsuit against Shannon Sharpe
- Stock market today: Japan’s Nikkei 225 index logs record close, as markets track rally on Wall St
- Target launches back-to-school 2024 sale: 'What is important right now is value'
Recommendation
-
Can I take on 2 separate jobs in the same company? Ask HR
-
Stock market today: Japan’s Nikkei 225 index logs record close, as markets track rally on Wall St
-
The Biggest Bombshells From Alec Baldwin's Rust Shooting Trial for Involuntary Manslaughter
-
Meagan Good Reveals Silver Lining in DeVon Franklin Divorce
-
NATO’s Rutte calls for more Western support for Ukraine, warns of Russian alliances
-
Spain vs. France: What to know, how to watch UEFA Euro 2024 semifinal
-
Imagine Dragons' Dan Reynolds talks 'harm' of Mormonism, relationship with family
-
Under pressure from cities, DoorDash steps up efforts to ensure its drivers don’t break traffic laws