Indonesia Considers 'Swiftonomics' Strategy To Boost Tourism Sector

In a bid to revamp its tourism sector, Indonesia is considering adopting the ‘Swiftonomics’ strategy, named after the singer Taylor Swift, to attract more visitors and extend their stays.

What Happened: The Indonesian government is contemplating offering more incentives for hosting music, sports, and cultural events to entice tourists to spend more time and money in the country, reported Bloomberg on Monday.

Tourism Minister Sandiaga Salahuddin Uno said, "We need ‘Swiftonomics' for Indonesian tourism." He also mentioned the example of Singapore, which is set to host a Taylor Swift concert, as a model to emulate.

The government has allocated a 1 trillion rupiah ($64 million) tourism fund to support its efforts to attract such events. Additionally, Indonesia plans to ease visa requirements for more nationalities and simplify event hosting permits. A new visitor levy for Bali has also been introduced to raise funds for the island’s environmental protection.

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These measures have already shown promising results, with the number of foreign tourists in December reaching 1.1 million, a figure close to pre-pandemic levels.

Uno expressed optimism about the future of Indonesian tourism, especially following the recent peaceful elections in the country, which could further boost visitor numbers.

Why It Matters: The “Taylor Swift Effect” has been acknowledged by several industry leaders. Uber CEO Dara Khosrowshahi confirmed the significant increase in business during the artist’s concerts, with Uber’s local teams preparing for a surge in ride requests. The Federal Reserve also revealed last year that Swift’s concert tour contributed an estimated $5 billion to the economy, leading to a rise in Airbnb and travel stocks.

Lyft also experienced a 35% increase in stadium rides in 2023, largely due to the successful tours of Swift and Beyoncé. These instances highlight the significant economic impact of cultural events and the potential for Indonesia to leverage such strategies.

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