Following the conclusion of Singapore’s premier international night racing event, Formula 1 Singapore, world-leading digital payments provider Visa has released data, demonstrating consumer behaviours and spending patterns during the week-long September spectacle.

According to the Visa analysis, during the week of the night race with figures compared during September 14 to 22, the spending patterns of its cardholders revealed over 20 pc increase in international visitors. This drove close to a 30 pc uplift in overall spending.

The report says that such benefits extended to local spending as well, resulting in a 10 pc uplift during the same period.

High-Octane Night Race demonstrates International appeal

The analysis says that top spending and international visitor trends identified in relation to Visa cardholders include a substantial influx of visitors from the region and beyond.

The report says that tourists from Hong Kong led the way with more than 200 pc increase in traveller spending. Visitors from Australia and the United Kingdom also saw a significant 80 pc jump in spending, while the United States and Japan recorded a growth of over 40 pc each, and Malaysia with 60 pc also saw substantial growth. Together, these markets accounted for over 40 pc of tourism spend during the race week.

The report says that in terms of top spending preferences by country, visitors from Hong Kong spent most on entertainment with over 40 pc of spend and restaurants with over 15 pc. 

The statement adds that visitors from US, UK, Australia and Japan spent mainly on restaurants and lodging, with over 20 pc accounting for each. 

Malaysian visitors spent over 25 pc on entertainment, 15 pc on retail goods and over 10 pc restaurants. The biggest spending increase was in food and beverages and lodging.

The local small and medium business sector in Singapore experienced an approximate 10 pc spending uplift

The top merchant categories were entertainment with an uplift of nearly 100 pc, followed by quick service restaurants for approximately 70 pc visitors, restaurants for approximately 60 pc, lodging for over 45 pc and food and grocery for over 30 pc.

The statement adds that the night race week saw over 70 pc surge in high-net-worth visitors, contributing to approximately 70 pc increase in overall spending from this segment.

The local small and medium business sector in Singapore experienced an approximate 10 pc spending uplift. This translates to a spending increase of over 50 pc by tourists.

Visa says that surrounding areas like Kallang experienced over 170 pc growth in spending, followed by 120 pc for Outram, close to 80 pc Rochor and over 90 pc for Downtown Core.

To assess the overall impact of major international events on the local business landscape, Visa has assessed a closer look at visitor behaviours, spending patterns and payment preferences by Visa cardholders during the Night Race week.

According to the survey, for lodging, hotels near the event location experienced 70-100 pc increase in spending, underscoring the premium visitors place on convenience and proximity to the action. 

Visitors increased their spending by approximately 130 pc across common nightlife spots such as Chinatown, Bayfront Subzone, City Hall and Clarke Quay

In the restaurants sector, bars and lounges experienced a 130 pc increase while restaurant chains specialising in Asian cuisine and Singaporean seafood saw an approximately 30-40 pc increase. 

The statement adds that in the entertainment category, bay-facing recreational services saw over 150 pc uplift, while tourism attractions across the city-state saw more than 90 pc increase in spending.

Visa survey further adds that Singapore’s late-night activities experienced a significant boost, particularly in dining and entertainment. Visitors increased their spending by approximately 130 pc across common nightlife spots such as Chinatown, Bayfront Subzone, City Hall and Clarke Quay between midnight and 06:00.

Of which, late-night dining saw a surge of approximately 170 pc in spending while entertainment venues enjoyed an uplift of over 130 pc during these hours.

The statement adds that over 35 pc visitors from Taiwan, 30 pc from Japan and close to 30 pc from South Korea showed a notable increase in their contactless payment usage while in Singapore. 

Prateek Sanghi

This highlights the growing global adoption of contactless technology, facilitated by Singapore’s advanced digital payments infrastructure.

“Our findings underscore Singapore’s enduring appeal as a premier destination for major international events, as demonstrated by the marked increase in visitors and spending across various sectors during the Night Race week,” says Prateek Sanghi, Head of Visa Consulting and Analytics, Asia Pacific.

“Visa’s data unlocks more than just current trends, providing valuable insights into tourist behaviour and spending patterns, which can empower businesses of all sizes to not only maximise opportunities during event-driven travel periods but also predict future behaviours,” Sanghi adds.