Singapore’s tourism spending to hit record high in 2024, with more growth in 2025

SINGAPORE: Singapore’s tourism spending is expected to reach the upper limit of the Singapore Tourism Board’s (STB) forecast 2024, ranging between S$27.5 billion and S$29 billion. By September, tourism receipts had already hit S$22.4 billion, marking a 10% increase compared to the same period in 2023.

The city-state also recorded 16.5 million International Visitor Arrivals (IVA), a 21% year-on-year (YoY) increase from 2023, as announced by the board on Feb 4.

Mainland China led with 3.08 million arrivals, followed by Indonesia (2.49 million) and India (1.20 million).

STB attributed the surge in tourism to the 30-day mutual visa exemption with Mainland China, the city-state’s strong growth in air connectivity, and Changi Airport’s higher seat capacity of over 41 million in 2024, a 15% increase compared to 2023.

Other factors that contributed to Singapore’s visitor arrivals, STB mentioned, include its year-round lifestyle events and concerts, family-friendly attractions like Gardens by the Bay, Sentosa, and Mandai Wildlife Reserve, major events such as the Formula 1 Singapore Airlines Singapore Grand Prix 2024, and Singapore Art Week.

Mainland China also led in tourism spending with S$3.58 billion in receipts, followed by Indonesia with S$2.13 billion and Australia with S$1.44 billion, excluding Sightseeing, Entertainment & Gaming (SEG).

STB noted that the biggest boost in tourism receipts came from SEG, which grew by 25%. Accommodation spending followed, rising 17%. Food and beverage and shopping saw smaller 6% and 5% increases, respectively.

Other categories, including airfares and business spending, also contributed.

The tourism surge also created local jobs. According to STB, by September 2024, the tourism workforce had recovered to around 76,000, a 4% increase from the previous year.

STB projects international visitor arrivals in 2025 to reach between 17.0 and 18.5 million, generating around S$29.0 to S$30.5 billion in tourism receipts.

While acknowledging potential challenges from geopolitical tensions and economic factors, Melissa Ow, chief executive of STB, said, “Our Tourism 2040 roadmap will guide our efforts to drive the next phase of quality tourism growth for Singapore. This will ensure Singapore continues to thrive as a world-class destination that meets the needs of the evolving global traveller.” /TISG

Read also: Changi Airport passenger traffic soars to 16.8M in September, up 10% YoY

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