Who runs the world: Beyoncé’s Sweden tour date blamed for spiralling inflation

IN an unconventional twist, one leading economist has suggested that Beyoncé is to blame for rising inflation rates.

As the curtains rose on Beyoncé’s highly anticipated world tour in Sweden in May, the country experienced a surge in economic activity, which also led to a spike in inflation rates. Sweden reported a 9.7 per cent inflation rate in May, exceeding expectations.

Now, some economists have placed the blame squarely on the shoulders of the global superstar.

Michael Grahn from Danske Bank released a statement on Wednesday, June 14, blaming the singer for the higher-than-expected inflation rate. The economist wrote “Beyonce’s start of her world tour in Sweden seems to have coloured May inflation”  in a tweet.

🇸🇪 Beyonce's start of her world tour in Sweden seems to have coloured May inflation, how much is uncertain, but probably 0.2 p.p. of the 0.3 p.p that hotels/restaurants added. Perhaps also hiked concert ticket prices (recreation). Otherwise as expected.

1/ pic.twitter.com/GZgjqDBK6y

— Michael Grahn (@MichaelGrahn1) June 14, 2023

The economist believes that Beyoncé’s Stockholm performances were the driving force behind skyrocketing hotel rates and an uptick in leisure and cultural activity prices.  Beyoncé’s Stockholm show opened her long-awaited RENAISSANCE tour.

Her solo tour, after a seven-year hiatus, is set to shatter records, with estimates suggesting it could gross more than €2 billion by September.

The impact was felt long before the tour even began. Accommodation searches in cities along the tour route surged the moment it was announced, according to Airbnb. Concert tickets sold out within days, causing prices on the resale market to soar.

In a controversial move, homeless families were even moved out of hostels during Beyoncé’s appearance.

Beyoncé’s magnetic pull reached far beyond Sweden’s borders, attracting fans from around the world, particularly from the US, where a strong dollar made Scandinavian concert tickets seem cheap.

While current inflation rates in Sweden remain higher than expected, economists expect a return to normality throughout the month of June.

Economists highlight that global current affairs including the war in Ukraine and lingering supply chain issues are causing inflation rates to remain high.

Other economists highlighted that an economic impact of this scale is rare from one single artist, comparing to major sports events.

It appears that Beyoncé’s reign extends beyond the music world, but even affects the global economy.