Ticket sales strong as Singapore Grand Prix promises economic benefits despite capacity drop
Singapore’s Formula 1 Grand Prix is set to occur from September 15 to 17, with an expected attendance of about 250,000 spectators, a 17% decrease from the record 302,000 attendees in 2022. Despite this drop in capacity, Second Minister for Trade and Industry, Dr. Tan See Leng, remains optimistic, noting that additional activities surrounding the event will help offset the reduced capacity.
As of early September, 16 out of the 23 ticket categories have already sold out, with the remaining seven categories selling quickly. The drop in capacity is due to the closure of the Bay Grandstand as part of The Float at Marina Bay redevelopment, but approximately 10,000 seats have been added in other areas to mitigate the loss.
Dr. Tan highlighted the significant economic benefits of the event, noting that 90% of outsourced work is directed to local enterprises, leading to considerable spillover effects on the economy. Alongside the F1 race, 28 high-profile meetings, incentives, conferences, and exhibitions (MICE) events are expected to take place in Singapore, contributing to business growth, especially in sectors like private equity and hedge funds.
Since its debut in 2008, the Singapore Grand Prix has been a major economic driver, generating over S$1.5 billion in tourism receipts and supporting over 700 local businesses each year. Despite concerns about potential manpower shortages, Dr. Tan assured that no shortages are anticipated, thanks to government support schemes already implemented for the hospitality and services sectors.
With the return of high-profile international visitors, the F1 race continues to be a major event for both tourism and business in Singapore, providing a vital boost to the local economy.
