The Singapore Tourism Board (STB) has unveiled a robust performance
in the tourism sector for 2023 with international visitor arrivals
reaching 13.6 million, accounting for around 71% of the 2019 figures, in
line with STB’s initial project of between 12.0 and 14.0 million
visitors. Meanwhile, tourism receipts are projected to range between
S$24.5 and S$26 billion, outstripping the earlier forecast of S$18 to
S$21 billion.
Key takeaways from 2023
Diverse visitor portfolio: The recovery was fuelled
by demand from key markets, including Indonesia, China, and Malaysia,
with notable contributions from Australia, South Korea, and the US.
MICE and leisure events: Singapore continued to
strengthen its position as a global MICE hub, securing significant
business events and hosting impactful leisure events, such as the ART SG art fair and sporting events like the Capcom Pro Tour.
Hotel industry: Encouraging performance in the hotel
industry with Average Room Rate and Revenue per Available Room
surpassing 2019 levels. The industry welcomed 3,210 new hotel keys in
2023.
Cruise industry: Singapore's role as a regional
cruise hub strengthened in 2023, with a record 2 million passengers and
several new cruise partnerships, including a five-year collaboration with Disney Cruise Line from 2025.
Sustainability: Singapore achieved certification as a
sustainable destination and ranked second in Asia Pacific and 17th
globally in the 2023 Global Destination Sustainability Index.
Industry-specific roadmaps for hotels and MICE sectors were developed to
guide sustainability efforts.
Global marketing: The 'Made in Singapore' global marketing campaign,
launched in September 2023, aimed to capture the minds of travellers,
emphasising Singapore's ability to transform everyday moments into
extraordinary experiences.
Collaborations and partnerships: Strategic
partnerships with leading companies and influencers, including
collaborations with Warner Music Singapore and a foray into the popular
online game platform Roblox with Singapore Wanderland.
Manpower and capability building: The tourism
workforce recovered to 88% of 2019 levels, and initiatives like the
Career Conversion Programme and Tourism Careers Campaign continue to
support the industry.
What 2024 holds for Singapore
STB anticipates continued recovery in 2024, driven by improved global
flight connectivity and the implementation of mutual 30-day visa-free
travel between China and Singapore.
International visitor arrivals are expected to reach 15 to 16
million, bringing in S$26 to S$27.5 billion in tourism receipts.
However, there are concerns that recovery will be impacted by factors
such as geopolitical uncertainty, global economic conditions, and
ongoing efforts to restore flight connectivity.