COTD: F1 Singapore GP sparks 20% rise in inbound travel, 30% in tourist spending

Hong Kong led traveller spending with over 200% increase.

The 2024 F1 Singapore Grand Prix led to an over 20% surge in international visitors, according to Visa.

The sharpest surge was seen from Malaysia, with over a 60% rise in outbound travels to Singapore, followed by Japan (57%), and Hong Kong (53%).

The race week also saw over a 70% surge in high-net-worth visitors, contributing to approximately 70% increase in overall spending from this segment. 

Visa revealed that traveller spending also rose over 30%, with Hong Kong, Japan, Malaysia, Australia, the UK, and the US accounting for over 40% of tourism expenditure.

Hong Kong led with over a 200% increase in traveller spending, whilst Australia and the UK saw an approximately 80% rise, followed by Malaysia (60%), and the US and Japan (over 40%).

Top spending by visitors from Hong Kong was on entertainment (over 40% of spend) and restaurants (over 15%). Visitors from the U.S., U.K., Australia, and Japan spent mainly on restaurants (over 20%) and lodging (over 20%).

Meanwhile, Malaysian visitors spent on entertainment (over 25%), retail goods (approximately 15%), and restaurants (over 10%).