Singapore: The Singapore Tourism Board (STB) announced on February 4 that tourism spending in Singapore is expected to reach a record high in 2024, exceeding the pre-pandemic high of S$27.7 billion in 2019.
After hitting $22.4 billion between January and September 2024, tourism receipts for the entire year are expected to approach the upper end of the statutory board’s prediction of $27.5 billion to $29 billion. In its year-in-review report, STB stated that this represents a 10% increase over the same period in 2023.
The second quarter of 2025 will see the release of the entire year’s tourism receipts.
Arrivals of foreign visitors increased by 21% to 16.5 million in 2024, continuing their moderate comeback from 2023. 19.1 million people arrived in Singapore in 2019, the year before the pandemic.
The top three source markets for tourists were China (3.08 million arrivals), Indonesia (2.49 million), and India (1.2 million), although a variety of short-, mid-, and long-haul markets, including Japan, Taiwan, the United Kingdom, and the United States, demonstrated “healthy year-on-year growth,” according to STB.
The 30-day reciprocal visa exemption between China and Singapore, which began in February 2024, and Singapore’s “strong growth in air connectivity” were cited as reasons for the increase in visitor visits.
Changi Airport reported an impressive comeback in January, handling 67.7 million passengers, or 99.1% of pre-pandemic levels, which was just shy of a complete recovery.
All categories saw increases in spending, while the categories of sightseeing, entertainment, and gaming saw the biggest increases, rising by 25% and lodging by 17%, respectively.
At 6% and 5%, respectively, the food and beverage and shopping categories experienced slower growth. Tourism receipts were also influenced by other areas, including business spending and airfares.
Megapop artists’ 2024 performance schedule and Singapore’s annual calendar of lifestyle events increased both visitor numbers and expenditures.
“World-class performances by Taylor Swift, Ed Sheeran, and Coldplay created significant economic benefits and improved Singapore’s international reputation, with repercussions for nearby tourism sectors like dining, shopping, and lodging,” stated STB in a press release.
Events like the Formula 1 Singapore Airlines Singapore Grand Prix 2024 and Singapore Art Week, as well as family-friendly attractions like Disney and Pixar topiaries at Gardens by the Bay, Sensoryscape at Sentosa, and The World of Studio Ghibli at Marina Bay Sands’ ArtScience Museum, all contributed to an increase in visitor arrivals and spending in the tourism sector and associated industries.
“We will continue to concentrate on attracting a wide range of events across lifestyle and sports, as 2024 was an exceptional year for world-class entertainment,” STB continued.
1,421 rooms were added by new hotel openings, which ranged from family-friendly locations to lodging suitable for business travelers. The Mercure Icon Singapore City Centre on Club Street and The Standard, Singapore on Orchard Road were among the additions.
In comparison to 2023, the average room rate and revenue per room increased by 1.4% and 3.0%, respectively, in 2024. The average occupancy rate of 81.8% was still less than the 86.9% estimate for 2019.
Additionally, the Republic secured several important corporate conferences and events that were held here for the first time, such as the Global Sustainable Tourism Conference 2024 and the Young Global Leaders Summit 2024 of the World Economic Forum.
The cruise sector also had several first calls, such as Viking Cruises’ Viking Venus, Silversea Cruises’ Silver Nova and Silver Dawn, and Royal Caribbean International’s Anthem of the Seas. In 2024, Singapore received 1.8 million passengers from 340 ship calls.
Melissa Ow, the CEO of STB, stated that the tourist industry’s impressive 2024 performance is “a confirmation of the industry’s efforts to update our products and experiences, as well as embark on new collaborations this past year.”
“Taken together, these initiatives improved the sector’s competitiveness and capabilities while also increasing Singapore’s appeal as a travel destination.”
In 2025, more tourists are expected to arrive and generate more revenue.
It is anticipated that Singapore will welcome 17 million to 18.5 million foreign tourists, generating $29 billion to $30.5 billion in tourism revenue and outperforming 2024’s impressive showing.
“As we continue to develop tourism in the years ahead, STB remains focused on driving quality tourism growth to defend and extend Singapore’s global position, while acknowledging potential headwinds stemming from geopolitical tensions and macroeconomic challenges,” the agency stated in a media release.
Along with a strong schedule of leisure and Mice (meetings, incentives, conventions, and exhibitions) events in 2025, it further stated that Singapore will continue to welcome new initiatives, including new experiences and attractions.
This year, Resorts World Sentosa will welcome attractions like the much awaited Minion Land at Universal Studios Singapore and Singapore Oceanarium.
The Oceanarium, which is three times the size of the S.E.A. Aquarium and will have a deep ocean display as well as a research and learning centre, will open in the first half of 2025, while Minion Land will open on February 14.
A number of openings are also planned for Mandai Wildlife Reserve, beginning with the unveiling of its brand-new 3.3km boardwalk in mid-January. The premium hotel chain Banyan Tree’s nature-inspired Mandai Rainforest Resort is scheduled to open in April 2025, while Singapore’s fifth wildlife park, the 13-hectare Rainforest Wild Asia, is scheduled to open in March 2025.
Asia’s first Disney Cruise, the Disney Adventure, will cruise for the first time in December 2025. For a minimum of five years, Singapore will serve as its home port.
Ms Ow of STB pointed out that in the 60 years since Singapore gained its independence, tourism has boosted the country’s economy, improved its standing abroad, and given both locals and tourists more alternatives for how to live.
“By expanding Singapore’s market share and mind share, keeping a diverse market portfolio, and enhancing destination vibrancy, STB is dedicated to sustaining our tourism growth in collaboration with our industry partners,” Ms Ow stated.
“Our efforts to propel Singapore’s next phase of high-quality tourist growth will be guided by our tourist 2040 road map. By doing this, Singapore would be able to maintain its position as a top vacation destination that caters to the needs of modern, international tourists – ANN and The Straits Times
