Visa Data Shows Affluent Leading Post-Race Tourism and Spending after the Singapore Grand Prix

PRNewswire

Singapore, October 31: Visa, the world leader in digital payments, revealed new data fans and visitors travelling further to the rest of Asia Pacific following the Formula 1TM Singapore Grand Prix race weekend.

Singapore the start line for post-race travel

Analysing VisaNet data, Visa found that travellers explored further into Asia Pacific:

- About 20%[2] made post-race travel plans after the Singapore Grand Prix. On average, travellers spent an average of 3.5 more days[3] on the move after the Singapore Grand Prix concluded.

- Post-race travel is especially prominent for long-haul travellers from outside of Asia. Visa data showed that about 35%[4] of them visited at least one other country after the race week, higher than the average.

- Top destinations included neighbouring countries Indonesia, Malaysia, and Thailand which are short flights away from Singapore, while Australia and Japan were also popular.

- Travellers spent about 40%[5] more per person than they typically do at home, with biggest spenders hailing from the United States, Australia, Mainland China, Germany, and France.[6]

- Restaurants and eateries top of travellers' spending in Malaysia, Indonesia, and Thailand, while spending on retail was higher in Australia and Japan.

Affluent travellers an engine of post-race tourism and spending

Beyond the overall lift to travel, Visa's global and always-on network also offers more in-depth insights on the profile of travellers, notably affluent travellers.

- About 25%[7] of affluent cardholders make further travel plans after the Formula 1TM weekend, higher than the 20% average for all cardholders.

Their preferred destinations also included long-haul trips to Europe and North America.

- Affluent travellers also spent about 20%[8] more per person than other travellers on their post-race journeys, contributing to the surge in travel spending.

- Compared to other travellers, they spent about 65% more in department stores and around 50% more on apparel and on their post-race itineraries.[9]

Travellers embracing contactless payments

Singapore's established digital and contactless payment infrastructure is a natural hotbed for contactless card payments, but Visa data found that the use and preference for contactless payments persisted no matter where travellers went after the Singapore Grand Prix:

- About 85%[10] of all face-to-face transactions made via contactless card payments by travellers who visited another country after the race.

- Travellers from markets like Australia and the United Kingdom saw near-universal usage, with contactless payments at about 95%[11] of all face-to-face transactions.

- However, use of contactless payments by travellers from regions including Japan, Cambodia, Indonesia, Malaysia, Thailand, Vietnam where contactless acceptance is still developing, exceeded 80%.[12]

Visa's findings highlight a continuing and growing preference for frictionless and secure payment experiences, especially in travel. Contactless payments let travellers consume, pay, and move seamlessly and safely regardless of where they go, matched by growing contactless payment acceptance in Asia Pacific and around the world - be it by restaurants, supermarkets, or even by open-loop transit systems that allow commuters to pay for bus and rail rides at a tap of their cards or smartphones.

Prateek Sanghi, Head of Visa Consulting and Analytics, Asia Pacific, said: "Major events do not only drive tourism but also create positive spillover effects in neighbouring cities and regions. Travellers from all segments have rapidly evolving preferences, with high-profile sports events becoming both a fixture and catalyst in their travel plans. Visa's global network and advanced data capabilities, including AI, allow businesses to understand the changing shape of travel and tailor strategies to critical segments such as affluent travellers, so that they can cast their nets wider and win the lion's share of tourism today and tomorrow."

Visa Consulting and Analytics (VCA) harnesses Visa's payments data, consulting services, in-house data science capabilities and latest tools, such as Agentic AI, to empower enable organisations with key insights to help them enhance visitor experiences, optimise business strategies, and drive economic growth across the travel and commerce ecosystem.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

[1] Identified as the proportion of international visitors who made at least one in-person transaction in Singapore during the event week and then made at least one in-person transaction in another country afterward.

[2] Identified as the proportion of international visitors who made at least one in-person transaction in Singapore during the event week and then made at least one in-person transaction in another country afterward.

[3] Calculated by taking the average duration between the first cross-border transaction and the last cross-border transaction of post-race travellers that is not in Singapore. Post-race travellers whose first and last transaction is on the same day is filtered out.

[4] Based on the proportion of visitors who travelled to another country post-event, broken down by flight haul.

[5] Based on the proportion of visitors who travelled to another country post-event, broken down by flight haul.

[6] Calculated by proportion of total cross border spend that is not Singapore in the post-race week.

[7] Calculated as the proportion of affluent or mass visitors who travelled to another country post-event.

[8] Calculated by the percentage uplift in post-event cross-border spending per card for affluent post-race travellers compared to mass post-race travellers.

[9] Calculated by the percentage uplift in post-event cross-border spending per card for affluent post-race travellers compared to mass post-race travellers within the specified merchant categories.

[10] Calculated as the proportion of contactless transactions out of all in-person transactions made by post-race travellers in their onward-travel destinations that is not Singapore.

[11] Calculated as the proportion of contactless transactions out of all in-person transactions made by post-race travellers in the specified onward-travel country.

[12] Calculated as the proportion of contactless transactions out of all in-person transactions made by post-race travellers in the specified onward-travel country.

(ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same.)

(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability for its accuracy, completeness, or content.)