Singapore in recent times has been well placed on the bucket list of millions of international visitors’dairies. With super-fast transport systems, diversity in culinary tourism attracted more visitors in the past few years. Sky-high retail centers, nature parks, and national reserves providing outdoor and adventure activities are major engaging factors tourist attractions. Singapore was known to be a good place for the short-stay destination, however, now the country working keenly to break that jinx and have long-stay visitors and it makes them heavily invests in tourism infrastructure.
The market research overview provides a comprehensive insight into industry performance and forecast
Rise of Subcontinent visitors
The market study on Singapore tourism reveals the growth in visitor numbers surged from India, China and Indonesia totaling 7.88 million. India tops the list with a 13% increase in growth, where China and Indonesia recorded 6% and 2% increase in visitors in 2018. The market report shows that Singapore encourages subcontinental visitors with frequent flights which directly increases the strong travel demand.
Malaysia, Australia, Japan, Philippines, US, South Korea, Vietnam, United Kingdom, Thailand, Hong Kong, Taiwan, and Germany are the other countries with more visitor arrivals which boosted overall visitors to 18.5 million visitors, a 6.2 percent increase to previous years.
Hotel and Cruise industry performance
Singapore hotel industry being home to several numbers of domestic and international hotel groups and caters to all sectors of the market has seen strong growth with S$ 4 billion with a 7.4% increase in the room per revenue in 2018. The room occupancy rate rose to 86% with a 1.2% increase to last year. The investment potential of Singapore’s expanding hotel market is further demonstrated by expected increases in the value of the domestic hotel and restaurant industry.
Cruise industry made a tremendous contribution with a 35% increase in a year supporting Singapore tourism. It carried 1.87 million total passengers in 2018, this number shows the Cruise industry as a potential area of growth with a number of passengers expected to increase each year.
Market Forecast
The market report showcases in 2019, 18.7 to 19 .2 million international visitors to be expected in this year and tourism receipts to be maximum at SGD$ 27.9 billion.
The market forecast of the hotel industry shows until 2021, the hotel industry Singapore will have high occupancy rates in the Asia Pacific region. This high occupancy rate is a green sign to yield more potential investments to the hotel market.
Our forecast projects that, Singapore will see Europe origin of traveling over 1.7 million visitors and the Middle East could be over 235,800 visitors in 2021. China will hold its first position with more inbound travels to Singapore and forecasted to see 5.5 million visitors from China in 2021.
With a larger number of Airlines operating in the region and several popular destinations within easy short-haul flights will keep Singapore as a popular destination for those who do Air travel often.
Investment Opportunities
Singapore tourism board’s constant investment in new attractions, successful marketing campaigns and transportations are ongoing and mean Singapore is well placed to support the expected growth in inbound tourism. Sentosa island continues to pull over more investments which will be purposed to attract international and domestic tourists. Changi airport is named as the best airport in the world for 5 years and is set to hold the record by further investments.
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