BTS concert did not trigger a hotel booking boom, economic effect not comparable to Taylor Swift? | Lianhe Zaobao

The South Korean boy band BTS will return to Singapore for a concert after seven years, expected to attract a large number of fans and inject vitality into the local economy, particularly boosting the hotel, retail, and dining sectors. However, compared to American pop stars Taylor Swift and Lady Gaga, who have chosen Singapore as the only stop in Asia for their tours, BTS will also perform in Bangkok, Kuala Lumpur, and Hong Kong, meaning the economic impact generated in Singapore may not match that of the two American divas, but it is still expected to bring over SGD 100 million in tourism revenue to Singapore. BTS's management company BigHit Music announced the tour dates on social media last week, confirming performances in Singapore on December 17, 19, 20, and 22 this year. This is an important stop on BTS's world tour and the longest stay in the Asia region outside of Korea and Japan. In addition to performing in Busan, the hometown of some members, they will also head to cities such as Kaohsiung, Bangkok, Kuala Lumpur, Jakarta, Hong Kong, Manila, and Tokyo. Industry insiders interviewed pointed out that since Singapore is not the only Asian stop for BTS's tour, the economic effect of this concert in Singapore is not expected to surpass that of Taylor Swift and Lady Gaga's concerts held locally in the past two years. According to hotel market data analysis company STR, the hotel booking data for Singapore shows that there has not yet been a surge in hotel bookings during the BTS concert period. From confirmed bookings, the hotel occupancy rate during the concert period is only 3.3%. STR's Vice President for the Asia-Pacific region, Ye Pengqin, told Lianhe Zaobao that there is still some time before the year-end performances. Moreover, the impact of this concert may not be as significant as Taylor Swift's, as the band will be touring multiple cities in Asia. American pop diva Taylor Swift will perform in Singapore for six days in March 2024, marking her only Southeast Asia stop; Lady Gaga will hold her only Asian concert in Singapore in May 2025, with a total of four shows. Both divas will attract a large number of overseas fans from Japan, China, and other places to fly to Singapore for the shows. Analysts estimate that these two concerts will contribute up to SGD 750 million to Singapore's economy. Ye Pengqin noted that although the dates surrounding the BTS performances may drive hotel demand and dining consumption, the overall hotel occupancy rate is unlikely to rise significantly as it did in the past. Additionally, the demand for hotels during the BTS concert is more likely to be concentrated in mid-range hotels rather than high-end ones, with limited impact on overall room rates. Further Reading [BTS to perform four shows in December, resale posts already appearing on secondary platforms] ](https://www.zaobao.com/news/singapore/story20260114-8101603) BTS concert approaching, Busan hotels cancel orders, raising room prices draws attention The local hotel industry showed resilience last year. Data from STR indicates that the occupancy rate of local hotels increased from 77.7% to 79.2% last year, with average revenue per room rising slightly by 0.7% to about 250 yuan. BTS concert may bring an economic contribution of approximately 115 million to 165 million yuan Associate Professor Liu Guangqian from the Singapore University of Social Sciences pointed out that the BTS concert will be held in December, and this event may become an important decision factor for fans in the region when planning their December holidays, listing Singapore as a travel destination. Considering that BTS has a massive fan base of about 150 million, many from Indonesia, the Philippines, and India, it is expected to attract a large number of tourists and fans to Singapore, driving local economic growth through tourism spending. If we refer to the case of Taylor Swift and Coldplay performing for 12 days in 2024, assuming the ticket prices for the BTS concert are the same and sold out, the four performances of BTS could potentially generate an economic effect of approximately 115 million to 165 million yuan. Liu Guangqian stated that compared to pre-pandemic times, concert tourism adds a new dimension to the local tourism industry and provides additional considerations for visitors or repeat visitors. "The concert industry has a freshness; each artist or performer is unique, with different fan bases and backgrounds." OCBC Bank's Chief Economist Selena Ling said that more major concerts landing in Singapore help enrich the entertainment landscape of Singapore, providing more reasons for international tourists to visit. If leisure tourism, as well as meetings, incentives, conferences, and exhibitions (MICE) tourists continue to grow, it will benefit related industries such as hotels and dining However, she believes that due to some members of BTS temporarily resting from the group to fulfill military service, the band has been relatively low-key recently, and it is uncertain how much appeal they still have, especially since the Korean pop scene may have changed. Nevertheless, there are still many upcoming local events expected to attract a large number of tourists. Artists confirmed to hold concerts in Singapore this year include the American band OneRepublic, the popular Korean group Seventeen, and Chinese R&B singer David Tao. The biennial Singapore Airshow will also take place in February, featuring over 1,000 companies from more than 50 countries and regions, and for the first time, a space summit will be held