Taylor Swift´s tour could fuel inflation, say the experts at Sweden´s Danske Bank.
The bank authorities issued a warning that similarly to Beyonce´s past European tour, the consequences of inflation, are likely to repeat with Taylor Swift´s arrival.
“Everyone knows that we had Eurovision in Malmö, and now Taylor Swift is visiting Stockholm.” Stated the Bank´s economist, Miael Gran. “There is a risk that rising prices for hotels, restaurants and tickets will push up inflation more than during Beyonce’s visit last year.”
Yet, many economists argue that with the Swedish krona having less currency than the euro, foreign visitors could leave a positive mark on the local economy.
“In total we will see approximately 150,000 people attending the concerts in Stockholm. Of them, 120,000 will be traveling to Stockholm,” stated the chief economist of Stockholm Chamber of Commerce, Carl Bergkvist to the Press. “They will be spending approximately half a billion Swedish kronor (€42 million) during their stay here in Stockholm.”
Sweden´s latest research on inflation in April was lower than expected but the data for May has not yet been published. Alongside the Eurovision Contest, however, the economists have issued rising concerns.
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