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Affluent Travelers Drive Post F1 Race Travel Surge in Asia Pacific, Visa Data Shows – Image Credit Unsplash+
Visa has released data indicating a significant increase in post-race tourism and spending following the Formula 1 Singapore Grand Prix. The data reveal that many travelers extended their trips to explore other destinations in the Asia Pacific, with affluent travelers contributing notably to this trend.
According to Visa data, approximately 20% of travelers who attended the Singapore Grand Prix continued their journey to other destinations in the Asia Pacific region. On average, these travelers extended their trip by 3.5 days. The data also showed that long-haul travelers, particularly those from outside Asia, were more likely to visit multiple countries, with 35% doing so after the race week. Popular destinations included Indonesia, Malaysia, Thailand, Australia, and Japan.
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Spending Habits of Travelers
Travelers spent about 40% more per person compared to their typical expenses at home. The highest spenders came from the United States, Australia, Mainland China, Germany, and France. In Malaysia, Indonesia, and Thailand, spending was primarily focused on restaurants and eateries. In contrast, retail spending was more prominent in Australia and Japan.
Affluent Travelers’ Impact
Affluent travelers played a significant role in the post-race tourism boost. About 25% of affluent cardholders made additional travel plans after the Formula 1 weekend, surpassing the average of 20% for all cardholders. These travelers favored long-haul trips to Europe and North America, spending approximately 20% more per person than other travelers. Their expenditure on department stores and apparel was notably higher, with a 65% increase in department store spending and a 50% increase in apparel purchases.
Adoption of Contactless Payments
Singapore’s robust digital and contactless payment infrastructure facilitated a seamless payment experience for travelers. Visa data showed that 85% of face-to-face transactions by travelers visiting another country after the race were made using contactless card payments. In markets such as Australia and the United Kingdom, contactless payments accounted for approximately 95% of all face-to-face transactions. Even in regions where contactless acceptance is still in development, such as Japan, Cambodia, and other Southeast Asian countries, usage has exceeded 80%.
