13.6 million visitors and $24.5-26.0 billion in revenue: tourism in Singapore was actively developing in 2023

By TravelWiseFeb 23, 2024 17:56 PMNews
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13.6 million visitors and $24.5-26.0 billion in revenue: tourism in Singapore was actively developing in 2023
Singapore's tourism sector has shown remarkable resilience and sustained recovery in 2023. Source: @tawatchai07, Freepik

Singapore's tourism sector demonstrated remarkable resilience and sustained recovery in 2023. International visitor arrivals (IVA) reached 13.6 million, representing approximately 71% of 2019's IVA, in line with the Singapore Tourism Board's (STB) forecast of 12.0-14.0 million visitors.

Tourism receipts (TR) are estimated to be between $24.5 and $26.0 billion, representing 88-94% of 2019 TR, exceeding the STB's previous forecast of $18.0-21.0 billion. Ms. Melissa Ow, Chief Executive Officer of the Singapore Tourism Board (STB), said: "The strong performance in 2023 indicates a promising tourism recovery in line with increased airline capacity and rising international travel demand," according to Travel and Tour World.

The main drivers of growth in the number of visitors were Indonesia (2.3 million), China (1.4 million), and Malaysia (1.1 million). Other markets showing significant recovery include Australia, South Korea, and the United States. Tourism receipts for January-September 2023 reached $20.1 billion, exceeding or almost restoring pre-pandemic levels in all categories of spending.

China, Indonesia, and Australia were the largest markets generating tourist arrivals in the first nine months of 2023. The average length of stay increased to 3.8 days in 2023, up from 3.4 days in 2019, indicating that visitors spent more time in Singapore.

In the MICE and entertainment sector, Singapore has maintained its position as a global Asian hub. Notable business events secured for the first time in 2023 included SILMO Singapore, Southeast Asia Transportation Logistics, Bar Convent Singapore, the 25th World Congress of Dermatology, the Million Dollar Roundtable (MDRT) Global Conference, and the International Trademark Association (INTA) Annual Meeting in Live+ format.

The hotel industry showed encouraging results in 2023, with both average room rate (ARR) and revenue per available room (RevPAR) exceeding the level of 2019. The average occupancy rate (AOR) in 2023 was 80.1%. The addition of 3,210 new hotel keys and the opening of properties such as Pan Pacific Orchard and The Singapore EDITION reflects confidence in Singapore's tourism outlook.

Singapore's position as a regional cruise hub was strengthened in 2023: 2 million passengers were served by more than 340 ship calls. The cruise industry has demonstrated its commitment to the potential of cruising in Singapore and the region.

Investments in the destination's appeal included new attractions such as HyperDrive and TRIFECTA, innovative tours, and collaboration with Google in augmented reality. Digital transformation initiatives, sustainability certification, and global marketing efforts have contributed to Singapore's attractiveness.

As of September 2023, the number of employees in the tourism sector has recovered to 88% of the 2019 level. STB remains committed to promoting employment and career advancement in tourism.

In 2024, the STB expects the recovery to continue with improved global air connectivity and a reciprocal 30-day visa-free regime between China and Singapore. The number of international visitors is expected to reach 15-16 million, generating $26.0-27.5 billion in tourism receipts. The outlook is positive, and the STB plans to focus on quality tourism, strategic partnerships, new products, and supporting stakeholder capabilities to ensure sustainable growth. Exciting developments are expected in 2024, including hotel openings, integrated resort experiences, and global events.

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