Tourism spending in Singapore last year likely reached an all-time high, according to the Singapore Tourism Board (STB), as visitor arrivals grew by 21 percent yearly, reaching 16.5 million.
In a release, the STB’s Chief Executive Melissa Ow, noted that “In 2024, Singapore’s tourism sector posted a strong performance, an affirmation of the industry’s efforts in refreshing our products and experiences, as well as embarking on new collaborations this past year”.
While whole year data is still under evaluation, the first three quarters of 2024 saw tourism receipts rise by 10 percent yearly, to SG$22.4 billion ($16.6 billion). This was led by spend on Sightseeing, Entertainment & Gaming (SEG) – which rose by 25 percent yearly.
SEG spend made up 21 percent of the total, at SG$4.6 billion ($3.41 billion).
It was closely followed by spending on accommodation – totaling SG$3.9 billion, a yearly increase of 17 percent. Shopping also totaled SG$3.9 billion ($2.9 billion), a 5 percent yearly rise.
China continued to be the largest market for visitor arrivals, amounting to 3.08 million, followed by Indonesia – 2.49 million, and India – 1.2 million.
One strong element contributing to Chinese visitation was the 30-day mutual visa exemption between the two nations and the increase in air connectivity. Changi Airport saw international seat capacity hit 41 million, a 15 percent yearly increase and 98 percent of 2019 levels.
Also helping boost Singapore’s attractiveness were numerous exhibitions hosted at the country’s two integrated resorts. The STB highlighted Resorts World Sentosa’s Harry Potter exhibition as well as the Studio Ghibli exhibition at Marina Bay Sands.
Cruise visitation also helped contribute, with Singapore securing renewed commitment for numerous cruise lines to homeport in the city for a longer term. These include Resorts World Cruises, Royal Caribbean International and Silversea Cruises. During the year, there were 1.8 million passengers received from 340 ship calls.
Looking to this year, the STB is anticipating international arrivals to reach between 17 million and 18.5 million, while bringing in between SG$29 billion ($21.5 billion) and SG$30.5 billion ($22.6 billion) in tourism receipts.
Speaking of the 2025 expectations, STB’s Chief Executive noted that “Together with our industry partners, STB is committed to sustain our tourism growth, by increasing Singapore’s mind share and market share, maintaining a diversified market portfolio and strengthening destination vibrancy”.
