SINGAPORE, 11 April 2024: Six Taylor Swift concerts hosted in Singapore delivered the highest March average daily rate (ADR) for hotels and pushed revenue per available room (RevPAR) to a new record, according to preliminary data from CoStar.
CoStar, a leading provider of online real estate marketplaces, information, and analytics in the property markets, released details yesterday measuring Singapore’s hotel performance during March.
March 2024 (year-over-year % change):
Occupancy: 79.1% (+5.1%)
Average daily rate (ADR): SGD358.91 (+12.7%)
Revenue per available room (RevPAR): SGD284.03 (+18.5%)
Historically, Q1 and Q2 daily occupancy levels are lower post-Chinese New Year and before events pick up in Q3. The Taylor Swift Eras Tour boosted Singapore hotel occupancy, with the highest daily levels seen during the six-concert dates (2 to 4 and 7 to 9 March). Saturday, 2 March, and Sunday, 3 March, led to Singapore’s hotels reporting occupancy at 92.7% and 92.5%, respectively.
Overall, the market’s daily occupancy levels were above 70% on all but three days. Swift’s performances also pushed ADR levels as high as SGD438.36 on Saturday, 2 March.
The Eras Tour in Singapore was described as a resounding success, evidenced by several factors outlined in post-tour evaluations.
Standout performance
Sold-out shows: All six nights at the National Stadium were completely sold out, indicating high demand and enthusiastic fan response.
Ticket sales alone were estimated to generate around SGD75.2 million (USD54.9 million).
Critical acclaim: Reviews highlighted the tour’s impressive production value, masterful setlists spanning her career, and energetic performances.
Social media buzz: The concerts generated significant online discussions, with fans sharing their experiences and praising the show on platforms such as YouTube and popular social media channels.
Economic impact: The tour likely brought a significant economic boost to Singapore through tourism, merchandise sales, and increased activity in hospitality sectors such as the Marina Bay Sands.
Increased spending occurred across various sectors, such as food and beverage establishments, retail stores (concert merchandise, souvenirs) and transportation services (taxis, rideshares). Economists projected additional revenue of around SGD300 million (USD225 million) to SGD400 million (USD296 million). Some estimates reached as high as SGD500 million (USD371.9 million).
A full APAC Eras Tour analysis can be found here
For more information about the company and its products and services, visit www.costargroup.com.
(Source: CoStar plus additional reporting.)
