Visa has revealed that the recent F1 Singapore Night Race significantly boosted tourism and commerce, with a marked rise in visitor arrivals and spending. The event, known for its global appeal, saw a substantial increase in digital payment adoption and nighttime economy activities, according to VisaNet data.
During the race period, travel-related spending in Singapore surged compared to the previous year, with international visitors primarily from China, Australia, the US, and Malaysia. These visitors contributed to a double-digit percentage increase in transaction volumes across hospitality, retail, and entertainment sectors. Notably, affluent travellers, who comprised 30% of visitors, accounted for 40% of the total spending, highlighting their impact on the local economy.
Visa’s data also indicated a significant rise in corporate travel during the race week, coinciding with various conferences and exhibitions. Business cardholder visits increased by 80%, with their spending nearly tripling. The unique timing of the race led to a 90% surge in late-night spending, particularly in areas like Marina Bay, Clarke Quay, and Tanjong Pagar.
Small and medium-sized businesses (SMBs) in Singapore benefited greatly, with traveller spending rising by 65%, especially in retail and dining. Local eateries, cafes, and SMBs in electronics and groceries saw notable spending increases.
Adeline Kim, Visa’s Country Manager for Singapore and Brunei, stated, “The F1 Singapore Night Race is a showcase of Singapore’s vibrancy and global appeal. Our data shows that the event not only attracts a diverse group of affluent travellers but also drives significant uplift for local businesses.” Visa’s insights aim to help merchants tailor their offerings and marketing strategies to maximise engagement and spending.
