Jakarta, CNBC Indonesia – Quite a lot of international locations nonetheless expertise excessive annual inflation. And one of many contributing components to excessive inflation is the excessive worth of live performance tickets.
That is additionally highlighted by economists. The reason being as a result of the followers virtually do not care concerning the sum of money they spend.
For instance, Beyoncé is at the moment on her first solo tour since 2016, “Renaisssance,” and Taylor Swift is on her Eras Tour. Elsewhere, there are Bruce Springsteen, Elton John, Harry Kinds, and Ed Sheeran who’ve thousands and thousands flocking to look at them, by no means thoughts the excessive costs to pay for tickets, planes, and motels.
As well as, inflation stays excessive in lots of developed international locations despite the fact that rate of interest hikes are designed to decrease costs. The newest figures for the UK are an inflation price of 8.7% on an annual foundation, whereas the US shopper worth index for Could rose by 4% from a yr earlier.
“One of many issues that positively struck me was how excessive the costs for live performance tickets have been. And people excessive costs weren’t only for tickets,” Klaus Baader, chief world economist at Societe Generale, advised CNBC Make It.
“All the costs round it have exploded. Not solely have the tickets gotten dearer, but additionally as a result of the beer or cider, Coca-Cola or sizzling canine within the venues live shows have gotten rather more costly,” he defined.
A phenomenon noticed by Filip Andersson, head of Swedish analysis at Danske Financial institution, states that the potential for journey and lodging prices can also be excessive.
In response to him, the influence of Beyoncé’s first tour in Stockholm, Sweden on the nation’s shopper worth index was already seen, particularly when it comes to lodging.
“In Sweden’s Could inflation figures, resort costs rose greater than common for Could. Motels within the Stockholm space have been reported to be totally booked within the weeks main as much as the occasion and costs skyrocketed,” Andersson mentioned.
Since almost a 3rd of Sweden’s resort rooms are within the Stockholm space, the worth hike is having a nationwide influence. This reveals that the price of live shows isn’t solely increased on account of inflation but additionally contributes to the rise in inflation.
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