Swedish consumers can now attribute their increased bills, bills, bills to Beyoncé The chief economist at Danske Bank, the largest bank in neighboring Denmark, stated that the start of Beyoncé’s “Renaissance” world tour in Stockholm last month caused a surge in hotel and restaurant prices as thousands of fans flocked to the city, reports CNN.
Michael Grahn, the chief economist, estimated that about two-thirds of the price hikes in the hospitality sector during May were a result of the high demand from Beyoncé’s devoted fanbase, known as the BeyHive.
This, in turn, contributed to a less significant decline in overall inflation than anticipated. Official statistics reveal that annual consumer price inflation decreased to 9.7% in May from 10.5% the previous month, contrary to the 9.4% forecasted by economists polled by Reuters.
“[That’s] definitely not normal,” Grahn told CNN. “Stars come here all the time, [but] we seldom see effects like this. Many fans traveled to Sweden for Beyoncé’s sold-out concerts as ticket prices were comparatively lower and the weakened Swedish currency increased their purchasing power. Some of Beyoncé’s American fans mentioned acquiring tickets for her Swedish concerts at significantly discounted prices compared to her shows in the United States.
Grahn emphasized the limited availability of hotels and accommodations in the Stockholm area, resulting in establishments located up to 50 kilometers (31 miles) away from the capital raising their prices. However, Grahn anticipates that the Beyoncé effect will be short-lived, with hotel prices likely to decrease in June.
Source: eNCA
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