Saturday, February 3, 2024
Singapore tourism sector showcased remarkable resilience and a robust recovery in 2023. International visitor arrivals (IVA) reached 13.6 million, approximately 71% of the 2019 IVA, meeting the Singapore Tourism Board‘s (STB) forecast of 12.0 to 14.0 million visitors. Tourism receipts (TR) are estimated to be between $24.5 and $26.0 billion, representing 88-94% of 2019 TR, surpassing STB’s earlier forecast of $18.0 to $21.0 billion.
Ms Melissa Ow, Chief Executive, Singapore Tourism Board (STB), said: “The robust performance in 2023 signals a promising recovery for tourism, in line with increasing flight capacity and growth in international travel demand. Our strategy to attract a healthy and diverse visitor portfolio, comprising long and short haul markets, has significantly contributed to our overall visitor arrivals, longer length of stay and growth in tourism receipts. Singapore’s thriving pipeline of business and leisure offerings demonstrates our continued appeal as an attractive and trusted tourism destination, and reflects the unwavering confidence our partners have in Singapore.”
Key drivers of visitor arrivals included Indonesia (2.3 million), China (1.4 million), and Malaysia (1.1 million). Other markets showing strong recovery included Australia, South Korea, and the USA.
Tourism receipts for January to September 2023 reached $20.1 billion, exceeding or closely recovering pre-pandemic levels across spend categories. China, Indonesia, and Australia were the top TR generating markets for the first nine months of 2023.
The average length of stay increased to 3.8 days in 2023, compared to 3.4 days in 2019, indicating visitors spent more time in Singapore.
In the MICE and leisure events sector, Singapore maintained its position as a global-Asia node. Notable business events secured for the first time in 2023 included SILMO Singapore, transport logistic Southeast Asia, Bar Convent Singapore, the 25th World Congress of Dermatology, Million Dollar Round Table (MDRT) Global Conference, and the International Trademark Association (INTA) Annual Meeting Live+.
The hotel industry in 2023 saw encouraging performance, with Average Room Rate (ARR) and Revenue per Available Room (RevPAR) surpassing 2019 levels. Average Occupancy Rate (AOR) was 80.1% in 2023. The addition of 3,210 new hotel keys and the unveiling of establishments like Pan Pacific Orchard and The Singapore EDITION reflected confidence in Singapore’s tourism prospects.
Singapore’s position as a regional cruise hub strengthened in 2023, with 2 million passenger throughput from over 340 ship calls. The cruise industry demonstrated commitment to the potential of cruising in Singapore and the region.
Investments in destination attractiveness included new attractions like HyperDrive and TRIFECTA, innovative tours, and collaborations with Google for Augmented Reality experiences. Digital transformation initiatives, sustainability certifications, and global marketing efforts contributed to Singapore’s appeal.
As of September 2023, the tourism workforce recovered to around 88% of 2019 levels. STB remains committed to facilitating hiring and promoting careers in tourism.
For 2024, STB anticipates continued recovery driven by improved global flight connectivity and the mutual 30-day visa-free travel between China and Singapore. International visitor arrivals are expected to reach 15 to 16 million, generating $26.0 to $27.5 billion in tourism receipts. The outlook is positive, and STB plans to focus on quality tourism, strategic partnerships, new products, and supporting stakeholder capabilities for sustained growth. Exciting developments, including hotel openings, integrated resort experiences, and global events, are anticipated in 2024.
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