Study On The Relationship Between Formula One Chinese Grand Prix And Shanghai Tourism Economy

With the success of a series of large-scale international sport events held more frequently as well as the tourism industry promoted actively, city marketers gradually realize that sport events have already become a new approach to stimulate the tourism economy development, as well as to integrate various resources. Meanwhile, it becomes extremely urgent to solve problems about how to use sport events to effectively improve the host destination tourism economy and how to select appropriate sport events for a certain city. Therefore, studies on the relationship between sport events and urban tourism economy not only help the government choose proper sport events but also provide the organizers with support in evaluating the effects of hosting sport events.It’s more important to coordinate the relationship between sports events and held city’s tourism economy, and promoting the future of sport events and the city’s long-term development of the tourism economy.Several research methods are adopted in this paper such as literature review, expert interview, mathematical statistics, logical analysis etc. With correlation analysis and regression analysis, this paper defines the relevant measures of sport events and urban tourism economy, analysis the results and conducts a further study on the relation between urban tourism economy and sports events.The main conclusions of this study are as follows:Firstly, as the huge economy entity of Shanghai and the limited continued attractiveness of Formula One Chinese Grand Prix as well as held on high season, the relationship between the audience’s number of Formula One Chinese Grand Prix and the total number of inbound tourism tourists relationship is not significant.Secondly, the relationship between the audience’s number of Formula One Chinese Grand Prix and the number of inbound tourism tourists from the Asia Pacific region is significant. Especially when the audience’s number of Formula One Chinese Grand Prix changes 1 unit, the number of overnight inbound tourism in the Asia Pacific Region will change 0.242 units.Thirdly, as affected by many factors, the relationship between the audience’s number of Formula One Chinese Grand Prix and the number of inbound tourism tourists from Europe and America region is not significant.Fourthly, the contribution of Formula One Chinese Grand Prix to Shanghai’s tourism economy is significant.Combined with the above conclusions, this study put forward the following suggestions to promote the interaction development of sport events and urban tourism economy.Firstly, city policy makers can change the held time of Formula One Chinese Grand Prix, to regulate seasonal tourism, which can better highlight the contribution to the tourism economy of Shanghai and make Shanghai’s tourism in off-season is no longer slack.Secondly, the destination marketers should create tourism synergies between sporting events and other events.Thirdly, Shanghai should make the Formula One Chinese Grand Prix more distinctive and develop more featured F1-related theme activities and travel routes, so that the Asia-Pacific tourism Market can develop stably.Fourthly, the Shanghai government should organize "joint recommendation" actively, planed and orderly organize special promotion to European and American markets. To improve the attraction of Shanghai to Europe and the United States, the government is required to open a way that is benefit to promote the communication between Shanghai and the European and American markets.Fifthly, Shanghai should use multiple channel and multiple tool to coordinate the development between Formula One Chinese Grand Prix and Shanghai hotel industry.