Singapore tourism revenue to exceed pre-pandemic levels in 2024

Tourism revenues in Singapore could exceed all forecasts in 2024 and match pre-pandemic levels.

Tourism revenue totaled S$27.2 billion last year, higher than earlier forecasts of S$24.5 billion to S$26 billion.

The Minister for Sustainability and the Environment expressed optimism about the outlook for 2024, expecting continued growth in arrivals of international visitors despite the challenges of an unstable global environment and intense competition.

By April 2024, Singapore received 5.7 million tourists, representing 90% of 2019 figures. Tourist arrivals from more than half of Singapore’s 15 largest markets, including Malaysia, Germany, Australia and the UK, have either reached or exceeded pre-pandemic levels. Particular attention is paid to the growth in arrivals from China, which has reached 80% of pre-pandemic levels, thanks to holidays and visa-free benefits.

This year, the Singapore Tourism Board (STB) expects between 15 and 16.5 million tourists and tourism revenue of between S$27.5 and S$29 billion. The Minister highlighted Singapore’s strategy for a sustainable recovery, unveiling plans for Tourism 2040 and highlighting upcoming events such as the Wellness Festival Singapore, the Rotary International Convention 2024, which is expected to attract more than 13,000 delegates, and the inaugural CeMAT South-east Asia 2024 logistics trade show.

While Singapore continues to recover, the country plans to continue strengthening its competitiveness through a three-pronged strategy:

• New infrastructure projects: Plans include a wellness attraction near Marina Barrage and the launch of a Porsche experiential center in Changi by 2027, where visitors can test-drive Porsche’s cars at speeds of 200 kmh.
• Partnerships to refresh tourism offerings and increase marketing: STB forged partnerships with key entities like Marina Bay Sands, UOB, Sentosa Development Corporation, Resorts World Sentosa, and DBS to enhance tourism offerings and marketing strategies.
• Developing Industry Leaders: STB will launch a Tourism Leadership Programme (TLP) to support local leaders’ development, offering initiatives like the Tourism Leadership Excellence and Advancement Programme for C-suites, higher potential leaders and business owners.

STB CEO emphasized the board’s commitment to improving the skills of workers and increasing the competitiveness of enterprises. Initiatives include expanding the Tourism Sustainability Programme, partnering with NTUC LearningHub to offer courses in new areas, and revising licensing courses for tour guides and travel agents.