The Event Tickets market in Singapore has been experiencing significant growth in recent years.
Customer preferences: Customers in Singapore have shown a strong preference for attending live events, such as concerts, sports matches, and theater performances. This can be attributed to the country's vibrant entertainment scene and the increasing disposable income of its residents. Singaporeans are known to be avid fans of both local and international artists, and they are willing to spend on tickets to experience these events firsthand.
Trends in the market: One of the key trends in the Event Tickets market in Singapore is the rise of online ticketing platforms. These platforms have made it easier for customers to browse and purchase tickets for various events. With just a few clicks, customers can compare prices, select their preferred seats, and make secure online payments. This convenience has contributed to the growth of the market, as more people are opting to purchase tickets online rather than through traditional channels. Another trend in the market is the increasing demand for VIP and premium tickets. Customers are willing to pay a premium for exclusive experiences, such as backstage passes, meet-and-greets with artists, and access to VIP lounges. This trend can be attributed to the desire for unique and memorable experiences, as well as the status associated with being a VIP ticket holder.
Local special circumstances: Singapore is known for hosting major international events, such as the Formula 1 Singapore Grand Prix and the Singapore International Film Festival. These events attract a large number of tourists and locals alike, further driving the demand for event tickets. Additionally, the government of Singapore has been actively promoting the country as a hub for arts and culture, which has led to an increase in the number of events being held in the country. This has created a favorable environment for the growth of the Event Tickets market.
Underlying macroeconomic factors: The strong economy of Singapore has played a significant role in the growth of the Event Tickets market. With a high GDP per capita and low unemployment rate, Singaporeans have more disposable income to spend on leisure activities, including attending events. Additionally, the government's efforts to promote tourism and attract international events have also contributed to the growth of the market. In conclusion, the Event Tickets market in Singapore is experiencing significant growth due to customer preferences for live events, the rise of online ticketing platforms, and the increasing demand for VIP and premium tickets. Local special circumstances, such as the hosting of major international events and government support for arts and culture, have further fueled this growth. The strong economy of Singapore and the government's efforts to promote tourism have also played a significant role in the development of the market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.
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