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Beyoncé blamed for inflation rise in Sweden

The Scandinavian nation reported higher-than-expected inflation of 9.7% around the time of the popstar's concert

By Lisa Henderson on 16 Jun 2023

The Renaissance world tour kicked off at Stockholm’s Friends Arena

The Renaissance world tour kicked off at Stockholm’s Friends Arena

image © Carlijn Jacobs

Beyoncé has been blamed for Sweden’s inflation rise after the start of her Renaissance tour in the country last month.

The 41-date world tour – her first in seven years – kicked off on 10 May at Stockholm’s Friends Arena, reportedly prompting a surge in restaurant and hotel pricing in the area as tens of thousands of fans arrived in the city.

Michael Grahn, the chief economist at Danske Bank, the biggest bank in neighbouring Denmark, told CNN the extra demand from Beyoncé’s fans was behind two-thirds of the price rises seen in the hospitality sector in May. As a result, Sweden reported higher-than-expected inflation of 9.7% during the month.

“Stars come here all the time, [but] we seldom see effects like this”

“[That’s] definitely not normal,” Grahn told CNN. “Stars come here all the time, [but] we seldom see effects like this.”

Grahn said many fans had travelled to Sweden for the two sold-out concerts in the country as tickets were relatively cheaper than elsewhere and a “very weak” Swedish currency boosted their spending power.

He noted that “there are a limited number of hotels and accommodation in the Stockholm area,” adding that hotels as far away as 50 kilometers (31 miles) from the capital put up their prices as a result.

He expects the “Beyoncé effect” to be short-lived, with hotel prices dropping over the next month.

Last month, Forbes reported that the pop icon’s ongoing Renaissance tour, promoted by Live Nation, could ​​gross nearly $2.1billion (£1.7billion).

The superstar will work her way through stadiums in Europe and the UK over the course of this spring and summer.


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