Swedish consumers can now attribute their high bills to Beyoncé, as her decision to start her “Renaissance” world tour in Stockholm last month resulted in increased hotel and restaurant prices in the area.
Tens of thousands of fans flocked to the city, causing a surge in demand.
Michael Grahn, the chief economist at Danske Bank, the largest bank in Denmark, estimated that the BeyHive, the collective term for Beyoncé’s fans, was responsible for about two-thirds of the price hikes in the hospitality sector during May.
Consequently, this contributed to a less significant decrease in overall inflation than anticipated.
Official statistics indicate that annual consumer price inflation eased to 9.7% in May from 10.5% the previous month, whereas economists surveyed by Reuters had predicted a more pronounced slowdown to 9.4%.
Grahn expressed surprise at the extent of the impact, stating that while celebrities frequently visit the area, such effects are seldom observed.
The economist noted that many fans travelled to Sweden for the sold-out concerts because tickets were comparatively cheaper than in other locations, and the Swedish currency was particularly weak, thereby increasing their purchasing power.
Buzz Feed News reported in February that some of Beyoncé’s American fans managed to acquire tickets to her Swedish shows at significantly discounted prices compared to her US performances.
Grahn acknowledged that there is a restricted availability of hotels and accommodations in the Stockholm region. As a consequence, even hotels located up to 50 kilometers (31 miles) away from the capital raised their prices due to the Beyoncé phenomenon.
However, Grahn anticipates that the impact of Beyoncé’s concerts on hotel prices will be temporary, expecting a decline in prices throughout June.
He also mentioned that Bruce Springsteen is scheduled to perform three shows in Gothenburg later in the month, which could potentially exert upward pressure on prices, but Grahn believes it is less probable.