Visa Data Reveals Travel Spending Boost During Annual Signature Race Week
SINGAPORE, Oct. 3, 2024 /PRNewswire/ -- As Singapore's premier international night racing event concludes, Visa, the world leader in digital payments, today unveiled data[4] demonstrating consumer behaviours and spending patterns during the week-long September spectacle.
The data, based on Visa's analysis of the spending patterns of Visa cardholders during the this period, revealed over 20% increase in international visitors, driving close to a 30% uplift in overall spending.[5] Such benefits extended to local spending as well, resulting in a 10% uplift during the same period.[6]
High-Octane Night Race Demonstrates International Appeal
Top spending and international visitor trends identified in relation to Visa cardholders include:
Decoding Visitor Behaviours: Capturing the Impact of Event-Driven Tourism
To assess the overall impact of major international events on the local business landscape, Visa takes a closer look at visitor behaviours, spending patterns and payment preferences by Visa cardholders during the Night Race week:
Unlocking New Opportunities in Travel with Data Insights
Prateek Sanghi, Head of Visa Consulting and Analytics, Asia Pacific, said: "Our findings underscore Singapore's enduring appeal as a premier destination for major international events, as demonstrated by the marked increase in visitors and spending across various sectors during the Night Race week. Visa's data unlocks more than just current trends, providing valuable insights into tourist behaviour and spending patterns, which can empower businesses of all sizes to not only maximise opportunities during event-driven travel periods but also predict future behaviours."
Visa's payments data, consulting services and in-house data science capabilities enable organisations with key insights to help them enhance visitor experiences, optimise business strategies, and drive economic growth across the travel and commerce ecosystem.
[1] Identified by non-resident cardholders making in-person transactions within Singapore. [2] Identified as Visa Infinite and Visa Signature cardholders for all countries except Japan (Visa Gold and Visa Platinum in Japan). [3] Figures compare the period from September 14 to 22, 2024, with the weekly average of the preceding 12 months. [4] Based on anonymised aggregated transaction data from September 14 to 22, 2024. [5] Figures compare the period from September 14 to 22, 2024, with the weekly average of the preceding 12 months. [6] Figures compare the period from September 14 to 22, 2024, with the weekly average of the preceding 3 months. [7] Figures compare the period from September 14 to 22, 2024, between 12 a.m. to 6 a.m. daily with the weekly average of the preceding 12 months. [8] Figures compare the period of September 14 to 20, 2024, of contactless transactions with the weekly average of the preceding 12 months. Contactless payment usage is defined by the percentage of total face-to-face transactions made using contactless technology. |
Top spending by merchant category
Contactless payment usage
Increase in spending
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, 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.