Same old, same old: Singapore Grand Prix losing its magic on locals

More than 80% of attendees are non-residents.

Though ticket sales have been solid for the annual event, local attendance has been dwindling since its inception in 2008. The Grand Prix also does not seem to be a major point of conversation among Singaporeans, unlike it has been in its previous installments.

According to RHB, the decline may imply that the novelty of the motor race has worn off.

However, analysts say the strong international fan base of the sports are propping up the ticket sales for the event, and has been a reliable jolt for tourist numbers in the island nation every year.

"However, we firmly believe that the F1 Grand Prix has huge intangible benefits for Singapore as a major marketing tool. More than a few foreigners we know have spoken of the spectacular night skyline they saw on TV as their first positive impression of Singapore. This resulted in them wanting to either visit Singapore or consider relocating to the island nation to work. Singapore corporations also have a chance to promote their brands," RHB said.

Meanwhile, though the actual number of ticket sales have not been released publicly, analysts estimate an 11% year-on-year growth.

Earlier this week, organisers reported that the Grand Prix drew a total of 260,912 viewers at the Marina Bay Street Circuit over the three-day weekend. This is the third-highest attendance in the event’s eight-year history.