Tourism spending in Singapore set to hit all-time high for 2024; bullish outlook for 2025: STB

SINGAPORE – Tourism spending in Singapore in 2024 is on track to hit an all-time high, surpassing the pre-pandemic high of $27.7 billion in 2019, said the Singapore Tourism Board (STB) on Feb 4.

Tourism receipts for the full year are likely to reach the upper bound of the statutory board’s forecast of $27.5 billion to $29 billion, having already hit $22.4 billion between January and September 2024. This is up 10 per cent from the same period in 2023, said STB in its year-in-review report.

The full year’s tourism receipts will be available in the second quarter of 2025.

International visitor arrivals continued their steady recovery from 2023, increasing by 21 per cent to 16.5 million in 2024. Singapore’s pre-pandemic peak in 2019 saw 19.1 million arrivals.

China (3.08 million arrivals), Indonesia (2.49 million) and India (1.2 million) emerged as the top three source markets for visitors, with a mix of short-, mid- and long-haul markets such as Japan, Taiwan, the United Kingdom and the United States showing “healthy year-on-year growth”, said STB.

It attributed the growth in visitor arrivals to factors such as the 30-day mutual visa exemption between Singapore and China that kicked off in February 2024 and Singapore’s “strong growth in air connectivity”.

In January, Changi Airport announced that its passenger traffic had rebounded strongly,

with 67.7 million passengers handled

 – or 99.1 per cent of pre-pandemic levels – just short of a full recovery.

Spending grew across all categories, but was led by the sightseeing, entertainment and gaming category, which increased by 25 per cent, and accommodation, which grew by 17 per cent.

The food and beverage, and shopping categories grew in smaller measure, at 6 per cent and 5 per cent, respectively. Other categories, such as airfares and business spending, also contributed to tourism receipts.

Singapore’s slate of concerts in 2024 by mega pop stars and year-round calendar of lifestyle events also boosted visitor arrivals and spending.

“World-class concerts by Coldplay, Ed Sheeran and Taylor Swift generated substantial economic benefits and enhanced Singapore’s global brand, with spillover effects to adjacent tourism industries such as retail, dining and hotels,” noted STB in a media release.

Family-friendly attractions such as Disney and Pixar topiaries at Gardens by the Bay, Sensoryscape at Sentosa and The World of Studio Ghibli at Marina Bay Sands’ ArtScience Museum, as well as events like the Formula 1 Singapore Airlines Singapore Grand Prix 2024 and Singapore Art Week, also helped grow visitor arrivals and spending across the tourism sector and related industries.

“2024 was an exceptional year for world-class entertainment and we will continue to focus on attracting a wide range of events across lifestyle and sports,” STB added.

New hotel openings added 1,421 rooms, ranging from family-friendly destinations to business traveller-friendly accommodation. Additions included The Standard, Singapore in the Orchard Road area and Mercure Icon Singapore City Centre in Club Street.

The average room rate and revenue available per room for 2024 grew slightly from 2023, increasing 1.4 per cent and 3 per cent, respectively. However, the average occupancy rate of 81.8 per cent was still lower than 2019’s 86.9 per cent.

The Republic also secured several significant business events and conferences that took place here for the first time, including the World Economic Forum’s Young Global Leaders Summit 2024 and the Global Sustainable Tourism Conference 2024.

The cruise industry, too, welcomed several maiden calls, including Royal Caribbean International’s Anthem of the Seas, Silversea Cruises’ Silver Nova and Silver Dawn, and Viking Cruises’ Viking Venus. Overall, Singapore recorded 1.8 million passengers received from 340 ship calls in 2024.

STB chief executive Melissa Ow said the tourism sector’s strong performance in 2024 is “an affirmation of the industry’s efforts in refreshing our products and experiences, as well as embarking on new collaborations this past year”.

“Collectively, these efforts elevated Singapore’s destination appeal and strengthened the sector’s capabilities and competitiveness.”

Higher visitor arrivals and tourism receipts expected in 2025

STB’s outlook for 2025 is even more bullish.

Singapore is expected to see 17 million to 18.5 million international visitors, bringing in $29 billion to $30.5 billion in tourism receipts, and surpassing 2024’s strong performance.

“While acknowledging potential headwinds stemming from geopolitical tensions and macroeconomic challenges, STB remains focused on driving quality tourism growth to defend and extend Singapore’s global position as we continue to develop tourism in the years ahead,” said STB in a media release.

It added that Singapore will continue to welcome new developments, such as new attractions and experiences, alongside a robust line-up of leisure and Mice (meetings, incentives, conventions and exhibitions) events in 2025.

Attractions including the long-anticipated

Minion Land at Universal Studios Singapore

and Singapore Oceanarium are set to open this year at Resorts World Sentosa.

Minion Land will open on Feb 14, while the Oceanarium – which is three times the size of the S.E.A. Aquarium and will include a deep ocean exhibit and a research and learning centre – will open in the first half of 2025.

Mandai Wildlife Reserve also has several openings slated,

kicking off with its new 3.3km boardwalk,

which opened in mid-January. Singapore’s fifth wildlife park, the 13ha Rainforest Wild Asia, is set to open in March 2025, while Mandai’s nature-inspired

Mandai Rainforest Resort

by luxury hotel chain Banyan Tree will open its doors in April 2025.

In December 2025, Disney Cruise Line’s Disney Adventure – Asia’s first Disney Cruise – will make its maiden sail. It will make Singapore its home port for at least five years.

STB’s Ms Ow noted how tourism in the last 60 years since Singapore’s independence has contributed to the economy, reinforcing Singapore’s international reputation and providing more lifestyle options for visitors and residents.

“Together with our industry partners, STB is committed to sustaining our tourism growth, by increasing Singapore’s mind share and market share, maintaining a diversified market portfolio and strengthening destination vibrancy,” said Ms Ow.

“Our Tourism 2040 road map will guide our efforts to drive the next phase of quality tourism growth for Singapore. This will ensure Singapore continues to thrive as a world-class destination that meets the needs of the evolving global traveller.”