If you have recently spent less time on social media, you will probably have missed the frenzy Beyoncé's fans were in about her Renaissance tour. Beloved for her ability to leave Easter eggs in music videos, song lyrics and stage performances, her devotees have posted stories and threads in honour of the icon's latest live album.
Apart from dominating social media, Beyoncé has quickly amassed fans across the globe during the tour. This has resulted in an unexpected boost to the economies of countries the star has visited.
While this has meant greater profits, here's a look at the ups and downs of "tourflation", which boosts or topples economies the world over.
WHAT IS TOURFLATION?
Speaking to CNBC, chief economist at Societe Globale Klaus Baader said hiked hotel and small food business rates have contributed to global inflation.
"It’s not just that the tickets become more expensive. It’s also that your beer or cider or your Coca-Cola or your hot dog at the venue has also gotten a lot more expensive," he said. While this might not be the sole contributor, he believes it's part of the problem.
ARE FANS CAUSING RISING COSTS?
Fans of pop stars have long contributed to economic boosts. The Beatles became a national treasure in the UK not only for their musical contribution, but for how they pumped up the British economy. The Guardian reports that the "Fab Four" helped stave off the country's devaluation in the ’60s, thanks to worldwide tour sales.
This has been replicated by the likes of Taylor Swift, whose Eras Tour is projected to make $1bn (about R19bn), making it the highest selling of all time. Her fans, the Swifties, are said to spend upwards of $1,300 (about R25,000) when she performs.
TOUR EFFECT ON ECONOMIES
Results of the "tourflation" scourge were evident in Sweden, where consumer prices rose by 9.7% in May year on year, down from 10.5% in April, the first time inflation has come in under 10% in more than six months, according to The Guardian. Beyoncé played two shows in Sweden that month. This is the first time the country has seen these lows and Renaissance is viewed as contributing to that.
WHAT ABOUT SPORTS INFLATION?
Sports tournaments also bring in hungry fans ready to rain money, but the key difference is a shift to outbound tourists ready to risk it all in the name of their favourite stars.
In a podcast interview for NPR, economist Mara Klaunig said there is a lot more to buy into. "You're seeing themed menus at bars and restaurants. We're seeing pop-up friendship bracelet stores coming into town ... themed spin classes. So it really is a different basket of goods you're seeing with these diehard Swifties than you would for a run-of-the-mill concert."
WHY IS THIS HAPPENING?
The New York Times reports that it might be the final bit of revenge spending. This is a phenomenon where people buy large numbers of products, having not been able to do so for prolonged periods. This has been linked to the lifting of Covid-19 restrictions.
It has not only happened with Beyoncé and Swift fans, who go out of their way to match the singers' wardrobes, but can be seen since the release of Barbie, which has seen millions flock back to cinemas. Other than helping the movie break records, it has also helped Mattel and its affiliates to cash in on the merchandise they sell.
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