F1 Race in 2008 set to push Singaporean Tourism Industry
Released on = June 10, 2007, 10:25 pm
Press Release Author = Shushmul Maheshwari
Industry = Media
Press Release Summary = Next year is going to be quite significant for the tourism industry in Singapore, as the city is all set to host the grand event - F1 race 2008.
Press Release Body = As per the key findings of RNCOS report “Opportunities in Singapore Tourism Industry (2007-2009)\", “Innovative products & concepts often catch the fancy of youths. Owing to this reason, the tourism industry considers youths - population falling in the age group between 15 and 64 years - as its potential customers. And, this youth population is expected constitute almost 77% of the total population in Singapore by the year 2011. Therefore, targeting this particular age group can be a great opportunity area for tourism industry.”
Happening events such as F1 race are something that can drive the youth crazy. With Singapore all set to host F1 race in 2008, retail industries, nightspots, and hotels are in celebration mood. The main reason behind this is that during the event, there’s going to be parties galore – virtually by each participating team & its sponsors. Also, the tourism industry will likely earn above US$ 100 Million from this event.
Hoteliers are expected to benefit from this because room rates should multiply during the event as a direct result of tourists’ and spectators’ influx. Govt. will also benefit from this, as it will impose an exclusive F1-cess on the revenues earned by the hotels, not more than 30% during the event so that hosting costs are defrayed.
\"I believe F1 is going to bring a lot of people here, the right people, the right tourists...the world\'s paparazzi will be here, it will put us on the world map alongside major sporting venues. It will not just make Singapore a destination for nightlife, it will propel Singapore to be a world-class lifestyle destination\", Dennis Foo, The St James’ CEO said this, as reported by CHANNEL NewsASIA on May 12, 2007.
As per the RNCOS report on “Opportunities in Singapore Tourism Industry (2007-2009)\", “Singaporean tourism industry has observed tremendous growth in terms of inbound tourism, outbound tourism, and revenues generated through tourism over the past few years. Tourism arrival is expected to grow at a CAGR of roughly 4% during 2007-2011, departure will grow at approximately 6.20% during the same period, also per head inbound tourist expenditure should reach 865.49 by 2011.”
Key issues analyzed in this report include: emerging trends in the tourism industry in Singapore, future outlook of the tourism industry in Singapore in terms of Inbound Tourism, Outbound tourism, expenditure by Inbound tourists, expenditure by outbound tourists, and so on.
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RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today\'s globally competitive environment.
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