Synopsis
Singapore’s tourism sector experienced a robust recovery in 2023, with international visitor arrivals reaching 13.6 million and tourism receipts reaching $24.5 to $26.0 billion, surpassing forecasts.
In 2023, the tourism industry in Singapore demonstrated exceptional resiliency and a strong rebound. The number of foreign visitor arrivals (IVA) exceeded the Singapore Tourism Board’s (STB) prediction of 12.0 to 14.0 million tourists, totaling 13.6 million, or almost 71% of the IVA for 2019. The expected tourism receipts (TR) for 2019 will exceed the $18.0 to $21.0 billion STB had previously forecasted, coming in between $24.5 and $26.0 billion, or 88-94% of total TR.
The hotel business performed admirably in 2023, exceeding 2019 levels in both Average Room Rate (ARR) and Revenue per Available Room (RevPAR). In 2023, the Average Occupancy Rate (AOR) was 80.1%. Confidence in Singapore’s tourist prospects was demonstrated by the opening of hotels like Pan Pacific Orchard and The Singapore EDITION, as well as the addition of 3,210 new hotel keys.
With 2 million passengers and more than 340 ships in 2023, Singapore solidified its status as a major regional cruise center. The cruise industry showed a strong dedication to the potential of cruise travel in Singapore and the surrounding area.
According to Statista between 2024 and 2028, the travel and tourism industry in Singapore will generate a total of 78.9 million U.S. dollars (+23.42 percent) in income from the “Cruises” segment. The indicator is predicted to reach 415.8 million US dollars, a new top in 2028, following the eighth year of increases. One of the most prominent ferry is the Sindo Ferry. They operate on a number of popular cross-border routes between Singapore and Indonesia for both residents and tourists.
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Innovative tours, partnerships with Google for Augmented Reality experiences, and brand-new attractions like HyperDrive and TRIFECTA were among the investments made to make the resort more appealing. Singapore’s appeal was enhanced by global marketing campaigns, sustainability certifications, and digital transformation projects.
It is anticipated that between 15 and 16 million foreign tourists will arrive, between $26.0 to $27.5 billion in revenue. The future looks bright, and STB intends to concentrate on innovative goods, strategic alliances, high-quality travel, and bolstering stakeholder capacities for long-term expansion. Exciting developments, including new hotels, integrated resort experiences, and international events, by 2024.
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