When Minister Augusto Valderrama called the attention of Panamanians to reconsider our spending behaviors and not complain so much about the precio the food, reactions were mixed – some agreed with the Minister, while others rejected his recommendations as indolent. In the opinion of the economist, Carlos Araúz, what is still true is that Panama it confronts what some have called the powerful “woman economy”. This especially in the world of entertainment, which has created truly unexpected situations due to the wave of expenses that movies and concerts have generated women. In his Financial Connection analysis, the financier gave the example of singers Taylor Swift and Beyoncé; who are revolutionizing the industry of entertainment and strengthening the economy.
Taylor Swift’s “Eras” tour has already surpassed $1 billion in box office sales, while Beyoncé’s “Renaissance” tour is sure to top this figure.
The question that can be asked is why now, why these concerts? Or why the movie Barbie directed by Greta Gerwig, also surpassed one billion in sales?
One school of thought suggests that there is a narrative in the conduct, especially of ladies, in what is becoming known as revenge spending in the face of the recent lockdown that restricted our lives. Inflation and the economy full of uncertainties have not been reasons for behavior patterns to be adjusted.
“Recent data analyzed by specialists point to the effect of Miss Swift’s concerts, in just over $5 billion dollars to the world economy,” said economist Carlos Araúz. “Recent data analyzed by specialists point to the effect of Miss Swift’s concerts, in just over $5 billion dollars to the world economy,” said economist Carlos Araúz.
Taylor Swift.jpg
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According to Araúz, analysts have noticed a behavior that is close to almost irrational, in which people spend on concerts, entertainment, trips even without having access to funds or worse still, going into debt to achieve these satisfaction objectives. In fact, the airline industry, which had moments of full uncertainty in 2020, is currently reporting robust growth.
“I fully understand Minister Valderrama’s message about caution, preference in spending or how to find ways to save. Regarding food and its costs, there were other actions that could be taken, but time has passed. Which is incredible and surprising it is the power that the entertainment economy is having in our daily life”, pointed out Carlos Araúz, economist. “I fully understand Minister Valderrama’s message about caution, preference in spending or how to find ways to save. Regarding food and its costs, there were other actions that could be taken, but time has passed. Which is incredible and surprising it is the power that the entertainment economy is having in our daily life”, pointed out Carlos Araúz, economist.
Brett House, a renowned economist at Columbia Business School recently said: I think Taylor Swift is the help that was needed to ensure a soft landing and avoid a complex recession. Can you imagine Taylor Swift or Beyoncé in Panama? For Carlos Araúz, dreaming costs nothing, but considering the power of these artists, it could even be considered a state mission for an energy shock to our economy.
2023-09-01 01:33:38
#Entertainment #industry #palliative #inflation
