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Singapore bets big on tourism amid global turmoil
SINGAPORE: The world is going through very tough times, what with trade sanctions, geopolitical tensions, and wobbling economies. Still, Singapore strives to make its tourism sector a one-size-fits-all solution to its current difficulties. Tourism is critical to the future of the tiny city-state, and the Singapore Tourism Board (STB) is leading the charge.
During its yearly Tourism Industry Conference (TIC), the STB presented a comprehensive strategy to keep tourism buzzing, even as the economic gales and gusts gather.
Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations Grace Fu said, “We expect a more challenging global environment,” and added, “As countries revise their growth rates downwards, we expect consumer confidence to be adversely affected. We will continue to monitor and assess the impact to the tourism sector.”
A bold target amidst global uncertainties
Despite current political ambiguities and economic complications, the government sets a daring objective – to raise tourism receipts by 1.7 times to S$47 to $50 billion by 2040, and the vehicle for that target growth is MICE (Meetings, Incentives, Conferences, and Exhibitions).
In 2024, Singapore received 16.5 million guests, up 21% from 2023, with receipts striking S$29.8 billion. For 2025, the goal is even more high-powered, that is, 17 to 18.5 million visitors and receipts of up to $30.5 billion.
However, it’s not just about the number of people who come to Singapore but also about who they are and what they spend.
Fu said it would concentrate more on receipts than arrivals. Thus, it would be chasing high growth and quality visitors, like MICE guests, who spend twice as much as leisure visitors.
Melissa Ow, CEO of STB, revealed a schedule of initiatives intended to stimulate, enliven, and lure people and spending:
- 3-year alliance with Pop Mart to bring adored character Labubu to Singapore’s parks;
- Teaming up with Klook to explore emerging markets and events;
- Blockbuster themes and events such as Jurassic World, NBA Rising Stars, Botero Immersive, and the Festival of Football.
- Return of the World Robot Olympiad International Finals.
- Lady Gaga’s tour similar that of the Eras Tour, aiming to duplicate the Swift-like impact; some 200,000 fans are projected to come from four sold-out shows at the National Stadium.
Singapore is also preparing to host the following:
- Passenger Terminal Expo Asia 2026, the first APAC edition of the world’s leading passenger terminal event;
- SIBOS 2027, bringing in 7,000 global finance leaders.
- The return of the World Robot Olympiad.
A new suburban MICE centre is also on the drawing board, signalling Singapore’s sustained gamble on business events as economic multipliers.
To propel tourism innovation, STB announced:
- A stretched-out Kickstart Fund (four years now).
- A new Hotel Rejuvenation Fund, offering up to 70% support for sustainability upgrades.
- An increased Experience Step-Up Fund.
- A renewed $300 million addition into the Tourism Development Fund.
“Through agility, hard work, and innovation, we transformed Singapore into a clean, green, and safe destination with an exemplary airline and an award-winning airport,” said Fu. “Time and again, we’ve overcome the odds.”
