Inflation in Sweden turned out to be lower than expected in May as huge numbers of fans flocked to Stockholm for Beyonce’s world tour. That’s what economists at Danke Bank doubt.
The American singer, who is currently touring with her Renaissance tour, managed to attract over 100,000 visitors with two concerts in Stockholm, writing Luck And this new York Times, Economists suspect that the fans contributed to the steep rise in hotel and entertainment prices.
Due to the low exchange rate of the Swedish krona, Beyonce’s concerts were extra attractive to foreign fans. They also needed hotel rooms and crowded Stockholm’s restaurants and bars en masse. Hotels far outside the capital were full. Higher demand pushed up prices in those areas.
Ajax also provided the Beyonce effect.
Michael Grahn, chief economist at Danske Bank, took to Twitter to suspect that inflation, which was 0.3 per cent higher than expected, has been ‘coloured’ by fans of the superstar.
The Beyoncé effect is only temporary, and while rare, Stockholm has experienced it before. Then footballers from Ajax and Manchester United, who played in the Europa League final, were responsible for a run on Stockholm and a similar rise in inflation figures.
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