Beyoncé Caused Inflation? ‘Renaissance’ Tour May Have Boosted Sweden’s Costs, Economist Says

TOPLINE

Beyoncé’s “Renaissance” world tour—which launched with two nights in Stockholm last month—may have contributed to Sweden’s increased inflation rate in May, according to an economist from Danske Bank, after the tour resulted in increased hotel, restaurant and recreation prices.

KEY FACTS

Michael Grahn, Danske Bank’s chief economist, said Beyoncé’s tour “probably” added between 0.2 and 0.3 percentage points to Sweden’s inflation rate, which fell from 10.5% in April to 9.7% in May.

The Swedish government noted in its inflation report that the inflation rate was affected by hotel and restaurant prices, which rose 3.3% over the previous month, and prices for “recreational services,” which include concert tickets.

Grahn—who said the scenario was “very rare”—told the Wall Street Journal that increased prices were most likely affected by Beyoncé’s fans, who “vacuumed hotels around Stockholm” while “bidding” for hotel rates.

The added percentage points are expected to be “reversed” in June as hotel and ticket prices “reverse back to normal,” Grahn added.

Beyonce performed both Stockholm shows before sold-out audiences of 46,000, including many who flew in from around the world.

CRUCIAL QUOTE

“Beyoncé is responsible for the extra upside surprise this month,” Grahn told the Financial Times, adding, “It’s quite astonishing for a single event. We haven’t seen this before.”

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TANGENT

Ticketmaster warned in February that demand for “Renaissance” tour tickets in “Group A” cities—including Atlanta, Chicago, Houston, Las Vegas, Toronto and Washington D.C.—exceeded the number of tickets available by 800%.

BIG NUMBER

$2.4 billion. That’s how much Forbes estimates Beyoncé’s tour could gross in revenue.

FORBES VALUATION

Beyoncé has a net worth of $540 million, according to our most recent estimates.

KEY BACKGROUND

Beyoncé—who has won a record 32 Grammy Awards—announced her long-anticipated “Renaissance” world tour to coincide with the release of her Renaissance album, which debuted No. 1 on the Billboard 200 last August. The tour—Beyoncé’s first since 2018—opened in May in Stockholm before subsequently reaching other European cities. The tour will start its North American leg in July. “Renaissance” is Beyoncé’s first solo tour since 2016, when she grossed $256 million with “The Formation World Tour.”