An Economic Analysis of the Singapore F1 Race - 2008 to 2009

Chequered Flag:
An Economic Analysis of the Singapore F1 Grand Prix in 2008 and 2009

Author: Parvez Javeed Batch # MBBD5 0909A FIN: G0890278Q

UoB #: 09031632 Module: Business

I certify that this assignment is the result of my own work and does not exceed the word count noted below. Number of Words: 1742 (Excluding appendices/references, tables and diagrams)

Economics Lecturer: Chi Ching

FIN: G0890278Q

Note: This paper answers Assignment Questions 1a and 1b
(1a : Key Demand‐Side Drivers of Price) (1b : Discounting to raise revenues during a recession)

Table of Contents
Note: This paper answers Assignment Questions 1a and 1b.............................................................. 2 List of Tables and Figures .................................................................................................................... 2 Introduction ........................................................................................................................................ 3 Demand‐Side Price Drivers in 2008 .................................................................................................... 3 Demand‐Side Price Drivers in 2009 .................................................................................................... 7 Conclusion ........................................................................................................................................... 9 Appendix A – Tourist Arrivals due to the F1 Night Race ................................................................... 10 Appendix B – List of References ........................................................................................................ 11 Bibliography .................................................................................................................................. 11 References

References: 1. The China Post 2009, ‘Singapore facing worst ever recession; Cuts 2009 Outlook’, January 22,  viewed December 12, 2009,  http://www.chinapost.com.tw/business/asia/singapore/2009/01/22/193199/Singapore‐ facing.htm  2. CIA World Factbook 2008, Singapore – Economic Overview and Statistics, viewed December  10, 2009,  https://www.cia.gov/library/publications/the‐world‐factbook/geos/sn.html  3. Singapore Statistics 2009, ‘Key Annual Economic Indicators’, viewed December 5, 2009,  http://www.singstat.gov.sg/stats/keyind.html#econind  4. Top News Singapore 2008, Grand Prix gives a boost to Singapore’s tourism, November 4,  viewed January 3, 2010,  http://www.topnews.com.sg/content/grand‐prix‐gives‐boost‐singapore%E2%80%99s‐ tourism  5. AsiaOne Motoring 2008, ‘Big hotel discounts draw F1 fans in big way’, September 15, viewed  December 28, 2009,  http://www.asiaone.com/Motoring/News/Story/A1Story20080915‐87876.html  6. Smart Investor Singapore Edition 2008, ‘Executive Class – Conversation with Michael Ma’,  September 2008 issue, pp. 86‐87  7. Shah 2009, Singapore F1 Ticket Price Hike, viewed December 5, 2009  http://www.singaporegp.org/grand‐prix/singapore/singapore‐f1‐ticket‐price‐hike  8. Burton, J  2009, Singapore recession set to deepen, FT.com, January 2,  http://www.proquest.com/ (accessed December 5, 2009)  9. Yan Bo, N 2009, ‘S 'pore upgrades 2009 GDP forecast to a contraction of 4‐6%’, Channel News  Asia Online, July 14, viewed December 20, 2009,  http://www.channelnewsasia.com/stories/singaporebusinessnews/view/442214/1/.html      11    FIN: G0890278Q    10. Singapore GP News 2009, ‘Singapore Grand Prix to offer early‐bird pricing on race tickets’,  March 23, viewed on December 10 2009,  http://www.singaporegp.sg/media/news_090323.php  11. Taragana Sports News 2009, ‘In Singapore, novelty of F1 Race wears off’, September 23,  viewed December 12, 2009  http://blog.taragana.com/sports/2009/09/23/in‐singapore‐novelty‐of‐f1‐race‐begins‐to‐ wear‐off‐30980/  12. Singapore Ministry of Manpower 2009, ‘Labour Market, Third Quarter 2009’, December 15,  viewed January 3, 2010,  http://www.mom.gov.sg/publish/momportal/en/press_room/press_releases/2009/200912 15‐Labour_Market__Third_Quarter_2009.html  13. Smart Investor Singapore Edition 2009, ‘Lukewarm Response for F1’, September 2009 issue,   pg. 11  14. Aquino, M 2009, ‘2009 Singapore Grand Prix Hotel Packages Are Here!’, About.com, July 30,  viewed on January 5, 2010,  http://goseasia.about.com/b/2009/07/30/2009‐singapore‐grand‐prix‐hotel‐packages‐are‐ here.htm  15. Xinyi, L 2009, ‘F1 Tickets to Cost More’, Straits Times.com, March 24, viewed on December  12, 2009,  http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_353929.html  16. Singapore GP News 2009, ‘Extra Grandstand Seats Added as Ticket Sales Hit 80%’,  September 1, viewed on December 10 2009,  http://www.singaporegp.sg/media/news_090901.php  17. Dorrough‐Tan, G 2009, ‘Value of F1 Success Remains Unclear’, February 19, viewed on  January 2, 2010,  http://www.cei.asia/Industry‐Analysisarticle/2009_02/Value‐of‐F1‐success‐remains‐ unclear/34385      12