Over this year’s Singapore Grand Prix weekend, a 20 percent increase in the number of international visitors was observed, while the number of high-net-worth visitors surged by over 70%. According to data from Visa’s Formula One Travel Spending Data Report, the exciting and busy weekend drove close to 30% spending uplift. 

With several high-value tourist events happening this year besides the Singapore Grand Prix, such as concerts featuring music icons Taylor Swift, Coldplay and Bruno Mars, what is the economic significance of the international visitor influx?

Ken Wong, Head of Data Science for Asia Pacific at digital payments firm Visa, tells us more.