Singapore’s tourism sector has achieved a historic milestone in 2024, with Tourism Receipts (TR) anticipated to hit the upper limit of the Singapore Tourism Board’s (STB) forecast, marking a new record in tourism expenditure. International Visitor Arrivals (IVA) surged by 21% from the previous year, reaching 16.5 million, underscoring robust growth in the sector.
Between January and September 2024, tourism receipts totalled $22.4 billion, a 10% increase compared to the same period in 2023. The growth was led by Sightseeing, Entertainment & Gaming (SEG), which saw a 25% rise, followed by Accommodation at 17%. Mainland China, Indonesia, and Australia were the top contributors to tourism receipts, generating $3.58 billion, $2.13 billion, and $1.44 billion, respectively.
Chief Executive of STB, Melissa Ow, attributed the success to the industry’s efforts in refreshing products and experiences and forming new collaborations. “These efforts elevated Singapore’s destination appeal and strengthened the sector’s capabilities and competitiveness,” she stated.
Singapore’s appeal was further enhanced by a robust calendar of events, including concerts by Coldplay and Taylor Swift, and major attractions like Gardens by the Bay and Sentosa. The city-state also hosted significant business events such as the World Economic Forum Young Global Leaders Summit 2024.
The hotel industry also saw positive growth, with Average Room Rate (ARR) and Revenue per Available Room (RevPAR) increasing year-on-year. The cruise industry contributed significantly, with 1.8 million passenger throughput from 340 ship calls.
Strategic partnerships with digital travel platforms and aviation partners have been pivotal in promoting Singapore as a preferred travel destination, ensuring continued growth in visitor arrivals and enhancing visitor experiences.
