Home » Blog » Singapore hopes to rev up tourism industry with Upcoming F1 Grand Prix
The world’s inaugural F1 night race held in Singapore last year was hailed as a success and described as “the jewel in the F1 crown” by the F1 owner Bernie Ecclestone. Needless to say Singapore had its own share of benefits to reap by playing the role of host city. It was one of the biggest advertisements for the Singapore brand, out beating any other tourism campaign launched by the city-state. The event was a revenue generator on more than one level. 100% ticket sales was only the tip of the ice berg. The spill over effect was felt in the entire gamut of the travel and tourism industry – hotels, tour operators, F&B establishments, retailers, airlines, transportation service providers, event management companies et al.
With the current economic recession, Singapore has seen fewer sponsorships for its night race this year. Added to that was the Renault scandal which was recently uncovered. While ticket sales may not be 100% sold-out (as yet), the industry outlook seems positive. So what if the investment banks are taking a backseat in picking up the corporate hospitality suites and scaling down parties for its clients? Other industries like shipping, logistics, energy, transportation etc. are more than willing to step in and make up the shortfall.
While corporate guest numbers have dwindled, foreign tourist numbers are on the rise. This doesn’t necessarily spell doom. In fact tourists tend to stay longer after the race and by applying the simple law of proportion, the longer they stay, the more they spend. The more they spend, the more Singapore earns. Luxury brand retailers, jet sellers, property developers, gourmet restaurants and exclusive clubs are banking on the 35,000 odd HNIs expected to attend this year’s race, according to this report.
Mega events like the F1 Grand Prix create a number of business opportunities in tourism-related industries and also provide a platform for existing businesses in Singapore to gain access to a large and wealthy foreign customer base.
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