High airfare and hotel room rates due to the Singapore Grand Prix have not impacted the number of business travellers visiting Singapore. According to FCM Consulting travel trends report, during Q1-2023, a night in Singapore averaged SGD$366 while in Q2-2023, it reduced marginally to SGD$354.
But this is not the case for the upcoming Singapore Grand Prix. Business travellers who pre-booked 3 to 6 months prior to visiting Singapore during the Singapore Grand Prix, had rates averaging SGD$693 in 2022 but are now paying an average of SGD$880 this year.
“Hotel room rates in Singapore have skyrocketed since early this year but that has not deterred Singapore’s Hotel Occupancy levels. Q1-2023 was an average of 87 per cent but Q2-2023 is at 122 per cent. This reflects the demand for business travellers coming to Singapore for both meetings and events albeit Singapore being the 3rd most expensive city to stay in Asia, said Scott Reddie, Chief Business Officer, FCM Asia.
“The reopening of China has been the catalyst for travel resurgence globally including Singapore. This is reflected by the increase of business class fares of 37 per cent from Shanghai Hongqiao International Airport to Singapore and 20 per cent from Shanghai Pudong International Airport to Singapore,” added Reddie.
