In Singapore, some small businesses lament muted impact of Swiftonomics: ‘not the right audience’

Swiftonomics has swept through Singapore after the US pop star performed six sold-out shows here, but for small businesses, the spoils are not equally shared.

While many have thrived in Taylor Swift’s presence – among them hotels and retailers that sell clothing and accessories popular with Swifties, there were also some that felt a swifter fall in business, especially for those located around the National Stadium where the concert was held.

The net economic benefit of Swift’s concerts in Singapore has been under the spotlight since it was revealed that the government had struck an exclusivity deal and provided grants to Swift’s concert promoter to make Singapore her only stop in Southeast Asia.

Minister of Community, Culture and Youth Edwin Tong had said in Parliament on March 4 that Swift’s concerts were expected to bring economic benefits that would outweigh the size of the grant given to her promoter.

Economists have estimated large gains for hospitality-related businesses like airline companies, hotel chains and retail stores.

At the same time, some commentators questioned about whether the spoils would trickle down to the small businesses or the man on the street.

Based on 15 businesses interviewed, ranging from food and beverage firms to healthcare businesses, the outcomes are mixed.

A sharp 80 per cent fall in business was observed by staff members at Ji Xian Seafood and Hong Kong Dim Sum Express at Kallang Wave Mall, which is next to the stadium.

One staff member at the dim sum restaurant said on Friday that many regular customers had cancelled bookings upon hearing about Swift’s Eras Tour, having anticipated the large crowds and difficulties in parking.

“If we don’t warn them about the concert, some customers get angry