Business events are an increasingly large share of Singapore's tourism economy. According to Singapore Tourism Board data cited by CNBC, receipts from meetings, incentives, conventions and exhibitions climbed 35% to S$2.3 billion in 2025, while total tourism receipts rose 10% to a record S$32.8 billion.
The gap in growth rates reflects a key difference in spending: MICE visitors typically outspend leisure travelers by a significant margin, the tourism board noted. That makes the sector a priority for organizers looking to maximize revenue per visitor.
Formula 1 has become part of that strategy. STB's Poh Chi Chuan said organizers are increasingly using the excitement around the race to extend delegates' stays, turning a business trip into a longer, higher-value visit.