The concert scene in Singapore is booming, with much-anticipated gigs by Taylor Swift and Coldplay next year. OCBC trading strategist Samuel Wong looks at how these concerts will benefit Singapore's tourism, hospitality and entertainment sectors.
- they have acted as catalysts for economic growth in the regions where she performs.
According to Traveloka president Caesar Indra, flight bookings during the periods around Coldplay and Taylor Swift’s concerts next year have increased six-fold, indicating the immense popularity of concert-driven tourism. Additionally, hotel reservations at some three- and four-star hotels spiked by more than 20 per cent, according to local reports. may have something to cheer about, especially given the comparatively subdued performance this year. In the first quarter, the STI grew a modest 0.
Another big beneficiary would be stocks that traditionally gain from increased tourism, such as hotels. This has been reflected in the performance of Singapore’s hospitality REITs. Following Jacky Cheung’s concert announcement, CapitaLand Ascott Trust’s stock price rose 4.67 per cent between April and July. A similar pattern was observed for Far East Hospitality Trust’s stock price, which increased 4.88 per cent in the same period.
Likewise, the transport sector has similarly trended upward. From April to July this year, the share price of Singapore Airlines increased by 29.38 per cent. While the surge could partially be attributed to post-COVID"revenge travel," concerts have offered an added catalyst for travel. In-country travel stands to benefit as well; notably, ComfortDelGro stocks have gained 5.88 per cent between April and July.
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