After the detailed analysis on global tourism market, FMI has recently published a new report on Singapore tourism industry. The outlook suggests tourism industry in Singapore to hit a mark of USD 29,288 million in 2024.
The hotels and accommodation providers in Singapore have reacted by offering personalized packs, loyalty rewards programs, and integration with online bookings in their effort to get the tourists. While the momentum is sustained at a CAGR of 4.40% by 2034, the overall industry worth could eventually reach USD 45,050 million.
| Attributes | Details |
|---|---|
| Singapore Tourism Industry Size in 2024 | USD 29,288 million |
| Expected Singapore Tourism Industry Size by 2034 | USD 45,050 million |
| Forecasted CAGR between 2024 to 2034 | 4.40% |
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The period from 2019 to 2023 was characterized by somewhat moderate growth of Singapore’s tourism industry. The market value amounted to USD 28,188.60 million, and the CAGR was 3.8%.
This moderate pace can be attributed to a decrease in global tourism industry, other destinations becoming more popular, and the organization’s inability to attract tourists for the second time successfully.
| Category | Historical Period from 2019 to 2023 |
|---|---|
| Market Valuation at the End of the Period | USD 28,188.60 million |
| CAGR | 3.80% |
| Key Trends | Sustainable tourism focus |
| Growth factors | Digital tech adoption |
The future predictions for 2034 seem more positive, as the CAGR is pegged to be at 4.4%. This period is likely to secure significant demand with developing niche markets. Also, advances in digital tools for optimizing the experience of tourists, increased attention to Eco practices could lead the market valuation to USD 45,050 million by 2034.
| Category | Forecast Period from 2024 to 2034 |
|---|---|
| Market Valuation at the End of the Period | USD 45,050 million |
| CAGR | 4.40% |
| Key Trends | AI-driven personalized experiences |
| Growth factors | Wellness tourism demand |
Principal Consultant
Role of the Singapore Tourism Board (STB)
Singapore Tourism Board (STB) works actively to promote the country via targeted campaigns and develop new tourism products and experiences. They specialize in unique industries such as deluxe tourism, medical tourism, and sustainable tourism to meet the needs of visitors of different types.
Travel agencies and tour operators are developing personal itineraries, adopting online booking and virtual tours through technology, and focusing on niche sectors such as culture and ecotourism.
The Singapore tourism industry is taking on this digital wave with open arms!
Online tourism booking sites, mobile applications, and contactless payment systems are making travel arrangements, booking, and in-destination experiences more convenient and effective. Technology is also being used by retail and F&B outlets through digital menus and online ordering, which are aimed at the same.
Theme parks, museums, and cultural attractions are never stagnant. They are always introducing something new. The goal is to create immersive and interactive experiences that are a perfect match for the digital generation.
Medical Tourism Central
First class health care facilities and highly specialized medical procedures make Singapore a leading destination for medical tourism. There are sophisticated hospitals, top ranked medical professionals and the name is familiar around the world in regard to healthcare services, which means that Singapore has become irresistible to those people who come from different parts of the world seeking the best treatment and operations.
MICE Tourism Boom
Singapore continues to be one of the leading MICE (Meetings, Incentives, Conferences and Exhibitions) destinations in Asia attracting business travelers and event organizers from all over the world.
The city-state boasts of first-rate conference centers with modern amenities as well as an investor-friendly environment making it a perfect venue for global conferences, corporate meetings, and exhibitions.
Culinary Tourism Transition
It is no longer about famous street food or hawker fare but rather food tourism based on new ways differing from old ones. The rise of food-related events, food festivals and culinary experiences that emphasize multicultural gastronomy as well as contemporary dining scene have been observed in Singapore presently.
Singapore’s gastronomic journey ranges from Michelin-starred restaurants to local neighborhood hidden gems that offer an experience of the taste buds of those tourists who want a gastronomic tour.
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The section offers an analysis of the dominant segments influencing the outlook for demand for tourism in Singapore.
| By Tourist Type | Domestic |
|---|---|
| The share held by the Segment in 2024 | 52% |
In 2024, the share of domestic tourism in the industry is expected to reach 52%. This surge can be attributed to several factors:
| By Booking Channel | Online Booking |
|---|---|
| Share held by the Segment in 2024 | 59% |
Online booking platforms are anticipated to get a substantial chunk of the industry, up to 59% in 2024.
The Tourism Industry of Singapore is powered by the coexistence of the established players and the new innovative entrants. Knowing their way of doing business is important to companies that want to become players in this thriving segment.
Recent Developments in the Singapore Tourism Sector
Singapore Tourism Board (STB)
This government organization is the driving force behind the transformation of Singapore into a world-class tourism destination. They use tailored marketing campaigns and create new tourism products, such as those that are luxury, medical, or sustainable, as well as work with industry partners. STB adopts data-driven marketing, demonstrates virtual reality experiences to attract tourism, and joins hands with influencers to engage new audiences.
Marina Bay Sands
A famous integrated resort that provides the finest in leisure accommodation, entertainment, conventions, and shopping. Marina Bay Sands extends its services by adding new attractions such as the ArtScience Museum extension and celebrity chef restaurants. Moreover, they use digital tools to develop guest experiences based on individuals.
Changi Airport Group
Managing Changi Airport, Singapore, which is consistently rated as one of the best in the world. Changi Airport is a combination of retail, entertainment, and leisure facilities, which include a butterfly garden, a movie theater, and a rooftop pool, among others. They also embed contactless technology for passengers to save time.
Trip.com
A leading and well-established online travel agency with a strong presence in Asia. Trip.com applies AI and big data to the personalization of travel recommendations and competitive pricing. They also pay much attention to mobile-oriented experiences and seek out their clients of a particular group of travelers, such as millennials.
Klook
A well-known travel online channel that provides tickets for tours, activities, and attractions. Klook has hand-picked the most unique and localized experiences, provides real-time booking options, and socializes marketing through social networks with the younger generation.
Byond Travel
The startup from Singapore gives people the opportunity to have tailored and eco-friendly traveling adventures. Beyond Travel brings together travelers and local specialists to create bespoke itineraries tailored to distinct interests and a travel approach centered on responsible tourism.
Embrace Targeted Niche Tourism! The throwing of pebbles won't yield any results. Singapore has a wide appeal to people with different tastes. Extensive research may lead to the identification of a particular niche for which a business can be a shining example - medical tourism, luxury trips, sustainable traveling, or specializing in families with young kids.
Understanding the ideal customer and fitting the offering to their individual needs is one of the most important factors. There is no doubt that partnership with local businesses and experts will be an essential means to create memorable and authentic experiences that are always of real value.
Through the concentration on a narrow segment, the business stands a chance to become the leader at this level and to get a devoted customer base.
Collaboration is Key! The tourism industry's success in Singapore is dependent on networking. After the implementation of the "Singapoliday" marketing strategy developed by the STB, businesses can easily get more customers by simply taking advantage of the exposure which is provided by promotional opportunities.
Partnering with business entities such as hotels, tourist sites, and local businesses is a crucial point to consider. Work together to create combined itineraries and at the same time advertise products that will ensure that travelers are not only provided with a variety of experiences but also a sense of uniqueness.
Local experts and guides collaboration will ensure that presentations are authentic, appropriate, and enriching in enabling the tourists to gain insight of the Singaporean culture.
The tourism industry in Singapore is poised to reach USD 29,288 million by 2024.
The industry is anticipated to surpass a valuation of USD 45,050 million by 2034.
The demand for tourism in Singapore is expected to increase at the rate of 4.40% CAGR from 2024 to 2034.
The domestic segment has had a monopoly over this sector since the year 2024.
The online booking segment is expected to lead the industry in 2024.
1. Executive Summary 2. Market Overview 3. Market Background 4. Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type 5.1. Budget 5.2. Standard 5.3. Premium 6. Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Service Type 6.1. Accommodation 6.2. Food & Beverages 6.3. Others 7. Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Occupants 7.1. Solo 7.2. Group 8. Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 8.1. Central Singapore 8.2. East Singapore 8.3. North Singapore 8.4. North-East Singapore 8.5. West Singapore 9. Central Market Analysis 2019 to 2023 and Forecast 2024 to 2034 10. East Market Analysis 2019 to 2023 and Forecast 2024 to 2034 11. North Market Analysis 2019 to 2023 and Forecast 2024 to 2034 12. North-East Market Analysis 2019 to 2023 and Forecast 2024 to 2034 13. West Market Analysis 2019 to 2023 and Forecast 2024 to 2034 14. Market Structure Analysis 15. Competition Analysis 15.1. Chan Brothers Travel Agency 15.2. CTC Travel 15.3. SA Tours 15.4. Dynasty Travel 15.5. Accor S.A 15.6. Four Seasons Hotels Ltd 15.7. Hilton Worldwide Holdings 15.8. Hyatt Hotels Corporation 15.9. ITC Ltd 15.10. Marriott International 16. Assumptions & Acronyms Used 17. Research Methodology
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Singapore Tourism Industry
