Singapore Tourism Industry Sustained at a CAGR of 4.40% by 2034: Focus on Sustainable Tourism

Singapore Tourism Industry
Singapore Tourism Industry

Following a thorough examination of the worldwide tourist market, FMI has released a new research on Singapore’s tourism sector. According to the forecast, Singapore’s tourist sector will generate USD 29,288 million by 2024.

In an attempt to draw in tourists, Singapore’s hotels and lodging companies have responded by introducing individualized packages, loyalty reward schemes, and internet booking integration. If the pace continues at a compound annual growth rate of 4.40% until 2034, the industry’s total value may eventually approach USD 45,050 million.

In a country that has the world’s lowest crime rates, tourism in Singapore is a major industry and contributor to the country’s economy.

According to the Travel and Tourism Competitiveness Report 2015, Singapore’s international openness, business environment, and travel and tourism policy bestowed it with the 11th rank out of 141 countries. Singapore is safe and environmentally friendly and also preserves natural and heritage conservation programs.

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Singapore’s public transport system is one of the most convenient transport services across the globe. It has a well-known Mass Rapid Transit (MRT) transportation system that is extremely convenient for tourists. Fine dining, nature sightseeing, cultural and historical landmarks, island resorts, and several shopping belts are the main tourist attractions in Singapore.

Key Trends Shaping the Future of Singapore Tourism Market

The Singapore tourism market is experiencing a transformative phase, shaped by evolving consumer preferences, technological advancements, and global dynamics. As the city-state strives to maintain its status as a premier travel destination, several key trends are emerging, influencing the industry’s trajectory.

  • Sustainable Tourism: With an increasing focus on environmental consciousness, Singapore is aligning its tourism efforts with sustainable practices. Eco-friendly initiatives, such as green infrastructure, eco-tours, and sustainable accommodations, are gaining prominence. This shift reflects a growing demand among travelers for responsible and ethical tourism experiences.
  • Digital Transformation: The integration of technology is revolutionizing the tourism sector in Singapore. From digital platforms for seamless bookings to immersive augmented reality experiences, technology is enhancing overall visitor engagement. Smart tourism initiatives, including the use of AI and data analytics, are helping stakeholders make data-driven decisions for better visitor management and personalized experiences.
  • Wellness and Health Tourism: There is a noticeable rise in the demand for wellness and health-focused tourism in Singapore. Travelers are seeking holistic experiences, including wellness retreats, spa treatments, and health-conscious culinary options. The city-state is responding by expanding its offerings to cater to this growing niche market.
  • Culinary Tourism: Singapore’s diverse culinary landscape has become a major attraction for tourists. The city’s reputation as a food paradise is drawing food enthusiasts from around the world. To capitalize on this trend, the tourism sector is promoting culinary events, food festivals, and collaborations with renowned chefs, elevating the gastronomic experience for visitors.

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One of the main restraints is the cost factor. Singapore is very expensive. Compared to other Asian countries, hotels, shopping, taxis and eating is very expensive in Singapore. Tourists also feel that the beaches in Singapore are not happening as in Australia. These factors are hampering the growth of the Singapore tourism industry.

Singapore Tourism: Spend Analysis

According to the World Travel and Tourism Council (WTTC), travel and tourism generated a total impact of $US 66 billion of Singapore’s GDP in 2014. The total impact of the travel and tourism sector on the GDP is greater than other sectors such as retail, banking, manufacturing, and automotive. Travel and tourism is a significant source of export revenue for Singapore.

According to the WTTC, money spent by foreign visitors to a country is a key component of the direct contribution of travel and tourism. In 2014, Singapore generated SGD 23.9 billion in visitor exports

Also, spending on leisure travelling generated 51.0% of the travel and tourism GDP in 2014 (SGD17.6bn). This particular spending is expected to rise by 2.4% pa to SGD 22.6 billion in 2025. Domestic travel spending generated 30.7% of direct Travel & Tourism GDP in 2014 and is expected to grow by 3.0% in 2015 to SGD 10.9 billion, and rise by 3.1% pa to SGD 14.8 billion in 2025.

 According to the Singapore Tourism Board, fashion and accessories remained the most popular shopping item in terms of amount spent and popularity. Cosmetics, food items, consumer technology, souvenir and gifts, genuine jewellery and watches and clocks are the other items being shopped for.

This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.

Key Manufacturing Players:

  • Chan Brothers Travel Agency
  • CTC Travel
  • SA Tours
  • Dynasty Travel

Key Segmentation:

By Type:

  • Budget
  • Standard
  • Premium

By Service Type:

  • Accommodation
  • Food & Beverages
  • Others

By Occupants:

  • Solo
  • Group

By Region:

  • North America
  • Latin America
  • Asia Pacific
  • Middle East and Africa
  • Europe

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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