– Swedish consumers can now point to Beyoncé as to blame for the costs they are paying. The chief economist at Danske Bank, the biggest bank in neighboring Denmark, said Wednesday that the artist’s decision to Kicking off her “Renaissance” world tour in Stockholm last month sent prices for area hotels and restaurants soaring as tens of thousands of fans poured into the city.
Michael Grahn estimated that the additional demand from Beyoncé’s fans, collectively known as the BeyHive, accounted for two-thirds of the price increase seen in the hotel sector in May.
Beyoncé stuns her “Renaissance” world tour in a custom Loewe bodysuit
This, in turn, contributed to a further decline modest in headline inflation than expected. Annual consumer price inflation eased to 9.7% in May from 10.5% the previous month, according to official statistics, while economists polled by Reuters forecast a sharper slowdown to 9.4%. %.
“This is not normal,” Grahn told CNN.
“The stars come here all the time, [pero] We rarely see effects like this.”
Grahn said many fans traveled to Sweden to attend the two sold-out concerts, as tickets were relatively cheaper than elsewhere and a “very weak” Swedish currency boosted their purchasing power. Some American fans of Beyoncé told BuzzFeed News in February that they had bought tickets to Beyoncé’s concerts in Sweden at a huge discount to her performances in the United States.
Grahn noted that “there are a limited number of hotels and accommodations in the Stockholm area,” adding that hotels as far as 50 kilometers (31 miles) from the capital raised their prices accordingly throughout June.
Bruce Springsteen will perform three concerts in the Swedish city of Gothenburg later this month, which could push prices up, according to Grahn, but not that likely.