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.

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.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Visa Data Reveals Travel Spending Boost During Annual Signature Race Week

Visa Data Reveals Travel Spending Boost During Annual Signature Race Week

Visa Data Reveals Travel Spending Boost During Annual Signature Race Week

MOSCOW, Oct. 3, 2024 /PRNewswire/ -- From October 3rd to 5th, Moscow, Russia will be the central hub setting the course for the future of fashion and textile industries in emerging countries. The BRICS+ Fashion Summit will bring together leading industry experts from a record-breaking 100 countries, uniting them in one place for strategic decision-making. The Summit's Business Program will appeal to both industry professionals and emerging designers, featuring insightful discussions on developing exports, leveraging innovation, and navigating the complexities of global markets.

Hayden Ng, President of Asean International Fashion Week, aptly describes the BRICS+ Fashion Summit as "a crucial communication platform for emerging countries, as it amplifies their voices on the global stage, fosters cross-cultural exchange, and enables collaboration in fashion innovation".

This BRICS+ Fashion Summit will see leaders and experts from 24 Asian countries including China, India, Indonesia, Malaysia, and Vietnam, as they come together to discuss the challenges and opportunities facing the rapidly-growing Asian textile and apparel market, which is projected to reach a staggering US$236.8 billion by 2024.

"The BRICS+ Fashion Summit can play a crucial role in driving the development of the global fashion industry by creating a diverse platform for emerging countries. These nations can learn from one another, gain access to new technologies, and expand their influence through international cooperation. This is particularly beneficial for emerging countries, helping them build a stronger national brand and compete more effectively in the international fashion market", shares Nguyen Huu Canh, Head of Fashion Department of Vietnam Design Association.

A key highlight of the Summit will be the international exhibition 'Heritage', showcasing the cultural diversity of over 40 countries. One of the featured brands is KENSUN from China, whose collection draws inspiration from traditional Chinese painting technique. The designer skillfully translates it into their fabrics and clothing, creating visually striking and culturally rich pieces. LeLao, a Laotian brand, embodies a beautiful fusion of traditional heritage and sustainable innovation. Their collections celebrate Laotian culture while supporting local communities, highlighting the brand's commitment to both creativity and social responsibility. Le Ferris from Myanmar will showcase intricate tapestry fabrics reflecting the rich diversity of their ethnic groups and unique textile traditions.

The Summit will run alongside Moscow Fashion Week, held from October 4th to 9th. This exciting event will provide a stage for talented Asian designers like KENSUN from China, RAEGITAZORO from Indonesia, and NITIN BAL CHAUHAN from India. 

The BRICS+ Fashion Summit is poised to shape trends within the creative market of emerging nations, fostering innovation, collaboration, and global impact.

For more information visit fashionsummit.org

About BRICS+ Fashion Summit

The BRICS+ Fashion Summit will take place from October 3rd to 5th, 2024 in Moscow. With delegations from over 100 countries confirmed, the event is set to be a global platform for the emerging countries. It will bring together key creative industry CEOs and stakeholders, emerging designers, journalists and leading fashion schools from different parts of the world, including Asia, Latin America, Africa, Europe, the Middle East, and the CIS region.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Fashion Leaders from Asian countries to Attend BRICS+ Fashion Summit