Singapore’s 2023 tourism receipts hit S$27.2b
It may reach a record S$29 billion in 2024, says STB
SINGAPORE’S tourism receipts in 2023 exceeded forecasts and were “almost equal” to those of pre-covid levels, Minister for Sustainability and the Environment Grace Fu said on Friday (May 10).
Tourism receipts were S$27.2 billion last year, just short of 2019’s S$27.7 billion, but higher than an earlier forecast of S$24.5 billion to S$26 billion.
For 2024, Singapore can be “optimistic” about international visitor arrivals, despite a “volatile global environment and intense competition”, said Fu.
She was speaking at this year’s Tourism Industry Conference, organised by the Singapore Tourism Board (STB).
As at April, Singapore had welcomed 5.7 million tourists, which is about 90 per cent of the figures for the same period in 2019. Arrivals from more than half of Singapore’s top 15 markets have hit or exceeded pre-pandemic levels, with the strongest recovery logged for Malaysia, Germany, Australia and the UK.
“We also saw encouraging signs for China, where arrivals recovered to 80 per cent of pre-pandemic levels, contributed by the festive holidays and the implementation of the visa exemption in February this year,” Fu said.
STB CEO Melissa Ow said that the agency expects 15 million to 16.5 million tourist arrivals and S$27.5 billion to S$29 billion in tourism receipts in 2024. “This is no mean feat because the upper bound of our forecast, if we achieve it together, will be a new record for Singapore tourism,” she noted.
In her speech, Fu laid out Singapore’s strategy for continued recovery and foreshadowed a longer-term Tourism 2040 plan.
For the rest of this year, notable events include the third edition of Wellness Festival Singapore; the Rotary International Convention 2024, with more than 13,000 delegates expected; and the inaugural CEMAT South-east Asia 2024 logistics trade show.
But even as Singapore keeps its recovery momentum going, “we must press on to shore up our competitiveness”, said Fu. She set out a threepronged strategy comprising:
■ New infrastructure projects: These include a wellness attraction near Marina Barrage, for which STB will launch a tender in the coming months. German
carmaker Porsche is also set to launch an “experiential centre” in Changi by 2027, where visitors can test-drive Porsche’s cars at speeds of 200 kmh.
■ Partnerships to refresh tourism offerings and increase marketing: For instance, two memoranda of understanding were signed on Friday.
■ The first was among STB, Marina Bay Sands and UOB, to improve the Marina Bay precinct. This rides on the success of the pilot partnership in the first quarter of 2024, which included drone shows during Chinese New Year. The second MOU involved STB, Sentosa Development Corporation, Resorts World Sentosa and DBS, for the Sentosa precinct.
■ Developing industry leaders: STB will launch a Tourism Leadership Programme (TLP) by the fourth quarter of the year, to support the development of local leaders in the tourism industry. One programme under TLP is the Tourism Leadership Excellence and Advancement
Programme, for C-suites, higher potential leaders and business owners. The pilot run will be offered to tourism companies on Sentosa.
Ow said: “Upskilling our workers and growing the competitiveness of our enterprises will remain a focus of STB.” On that front, STB will enhance the Tourism Sustainability Programme with more targeted support for sustainability certification, reporting and carbon management. Launched in 2022, the programme helps to fund sustainability moves by tourism businesses.
STB will also ink a three-year partnership with the National Trades Union Congress Learninghub, to co-develop and offer courses in emerging areas such as sustainability, service experience excellence and technology.
The agency will also launch a “more compact” licensing course for aspiring tour guides in the second half of 2024, and a revised road map for the travel agents sector by the first half of 2025.