Sweden's inflation rate came in hotter than expected in May. An economist with a Danish investment bank came up with a possible explanation: Beyoncé.
For a city of under a million people, the crush of potentially more than 100,000 members of the Bey-hive caused restaurant business to boom, and hotel rooms were sold out even far beyond the outskirts of the city., is estimated to have a total economic impact of more than $2 billion US. And Michael Grahn, chief economist with Danske Bank, said the impact of all that spending is already being felt.
"Beyoncé's start of her world tour in Sweden seems to have coloured May inflation," he said on Twitter. "How much is uncertain, but probably 0.2 of the 0.3 percentage points that hotels/restaurants added."Beyoncé announces 2023 Renaissance tour including 3 Canadian shows Genevieve Roch-Decter, CEO of Toronto-based investment firm GRIT Capital, said the idea isn't far-fetched. "It's almost like she's the one controlling the economy, not the central banks," she told CBC News. "You can't make this stuff up.", noting that the majority of hotel bookings were taken from visitors from the U.K., Germany and the United States.
While that spending blip was as short-lived as the title aspirations of Canadian pro sports teams that year, time will tell if Beyoncé-related spending has more staying power.Pete Evans is the senior business writer for CBCNews.ca. Prior to coming to the CBC, his work has appeared in the Globe & Mail, the Financial Post, the Toronto Star, and Canadian Business Magazine. Twitter: @p_evans Email: pete.evans@cbc.
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