Thursday, October 3, 2024 As Singapore’s iconic international night racing event wrapped up its highly anticipated 2024 edition, Visa, the global leader in digital payments, released an in-depth analysis of spending behaviors during the week-long festivities. The data highlighted the event’s wide-reaching impact on both international and local consumer spending, showing a significant boost in tourism-driven economic activity. According to Visa’s findings, international visitor spending increased by over 20%, while total spending surged by nearly 30% compared to the same period in previous years.
The Race Week, an annual spectacle combining the excitement of high-octane motorsport with the allure of world-class entertainment, demonstrated Singapore’s continued global appeal as a premier travel destination. Visa’s analysis revealed not only which markets contributed most to this increase, but also identified spending categories that saw the largest growth. The data revealed a substantial influx of international visitors during the race week, with Visa cardholders from Hong Kong SAR , Australia , the UK , and the US contributing significantly to the boost in spending.
Overall, these six markets—Hong Kong SAR, Australia, the UK, the US, Japan, and Malaysia—accounted for over 40% of the total tourism spend during the race week, showing the event’s broad international draw. Visa’s data also shed light on consumer preferences during the race week, with entertainmen.
