Beyonce's Renaissance tour bumps up inflation in Sweden

Beyonce’s Renaissance world tour kicked off in Sweden last month, causing a surge in the Swedish inflation rate according to some experts. The pop icon played two sold-out shows in Stockholm on May 10 and 11.

The waves of excited fans, by some counts over 80,000, making their way to Sweden for the tour's debut bring with them a demand for services like hotels, restaurants and other areas of the recreational sector. Some fans are reportedly booking hotels as far as 40 miles away from the venue for a chance to see the pop icon in-person for her first tour since Formation in 2016.

Michael Grahn, Sweden's Chief Economist at Danske Bank, estimates that the Renaissance tour may have accounted for 0.2 of the 9.7 inflation rate. Though the number may seem insignificant, it makes up two thirds of the 0.3 increase in the restaurant and hotel sector.

🇸🇪 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 overall inflation rate for Sweden is down from 10.5 percent in April according to Statistics Sweden due in part to falling energy prices.

The Swedish Central Bank is forecasting an overall decrease of 0.7 percent to the country's economy through 2023, and a rise in unemployment. Though Sweden's unadjusted inflation rate is projected at 8.9 percent, that number is still down from their record high of 12.3 percent last December.

There are five more dates in Europe for the Renaissance tour, including a performance on the 15th in Cologne before heading to Amsterdam on the 17th.

She begins her North American leg of the tour with dates in Toronto, Canada on the 8th and 9th of July.