Tourism spending in Singapore set to surpass all-time high record

SINGAPORE: The Singapore Tourism Board (STB) has projected that tourism spending in 2024 will surpass the all-time high of $27.7 billion recorded in 2019, reflecting the sector’s robust recovery and continued growth.

According to STB’s latest report, the strong tourism performance is expected to push total tourism receipts (TR) to the upper bounds of its 2024 forecast, estimated between $27.5 billion and $29 billion.

Between January and September 2024, TR reached $22.4 billion, marking a 10% increase compared to the same period in 2023. Notably, all tourism spending categories experienced year-on-year growth, with Sightseeing, Entertainment & Gaming (SEG) leading at 25%, followed by Accommodation at 17%.

Other key spending categories also saw increases: Food & Beverage (F&B) grew by 6%, Shopping rose by 5%, and other contributions to TR included airfares and business-related spending.

Mainland China, Indonesia, and Australia emerged as the top contributors to Singapore’s tourism receipts (excluding SEG), generating $3.58 billion, $2.13 billion, and $1.44 billion respectively.

Notably, both Mainland China and Japan recorded significant year-on-year growth in tourism spending. Similarly, visitor arrivals were led by Mainland China with 3.08 million visitors, followed by Indonesia with 2.49 million and India with 1.20 million.

Other markets, including Japan, Taiwan, the UK, and the USA, demonstrated solid growth, with contributing factors such as Singapore’s 30-day mutual visa exemption agreement with Mainland China and enhanced international air connectivity playing a key role.

Singapore’s aviation sector also saw significant recovery in 2024, with Changi Airport handling over 41 million international seats, reflecting a 15% increase from 2023 and a 98% recovery to 2019 levels.

Looking ahead, STB forecasts international visitor arrivals in 2025 to range between 17 million and 18.5 million, with expected tourism receipts projected between $29 billion and $30.5 billion.