Spalding is famous as a centre of the bulb industry, and has close links with the Netherlands (origin of the Geest family, major local employers). The annual Tulip Parade takes place on the first Saturday in May, and is a major tourist attraction. The event is a procession of floats, on various themes, each decorated with tulip petals, a by-product of the bulb industry. In years when the tulips are late, daffodils are sometimes used in their place. When the tulips are early, crepe paper has to be substituted.
The town's best-known building is Ayscoughfee Hall, formerly a large country house and now a museum and tourist information centre.