Visa, a global leader in digital payments, has unveiled data showing a significant rise in post-race tourism and spending following the Singapore Grand Prix. Travellers extended their stays by an average of 3.5 days and spent 40% more per person compared to their usual expenditure at home. This trend was particularly notable among affluent travellers, who spent 20% more than their counterparts.
Visa’s analysis highlighted that 20% of visitors made further travel plans after the Grand Prix, with popular destinations including Indonesia, Malaysia, Thailand, Australia, and Japan. Long-haul travellers, particularly from outside Asia, were more inclined to explore additional countries, with 35% visiting at least one other nation post-event.
Spending patterns revealed that restaurants and eateries were the top choice for visitors in Malaysia, Indonesia, and Thailand, whilst retail spending was higher in Australia and Japan. Affluent travellers, who made up 25% of those extending their trips, also favoured long-haul destinations such as Europe and North America, spending 65% more in department stores and 50% more on apparel.
The report also noted a strong preference for contactless payments, with 85% of face-to-face transactions made using this method. This trend was especially prevalent among travellers from Australia and the UK, where contactless usage reached 95%.
Prateek Sanghi, Head of Visa Consulting and Analytics Asia Pacific, stated, “Major events do not only drive tourism but also create positive spillover effects in neighbouring cities and regions.” Visa’s data capabilities enable businesses to tailor strategies to key segments, such as affluent travellers, enhancing visitor experiences and driving economic growth.
