Record-breaking tourism spending in 2024, with continued growth forecasted for 2025.
Singapore’s tourism industry is set to hit a new milestone in 2024, with spending anticipated to reach between S$27.5 billion and S$29 billion, the upper range of the Singapore Tourism Board’s (STB) forecast. By September 2024, the city-state had already garnered S$22.4 billion in tourism receipts, marking a 10% increase compared to the same period in 2023.
The number of international visitors arriving in Singapore has also surged, with 16.5 million recorded by the end of 2024, reflecting a 21% year-on-year (YoY) increase. Mainland China led the pack with 3.08 million visitors, followed by Indonesia with 2.49 million and India with 1.20 million.
The rise in tourism is attributed to several factors, including the 30-day mutual visa exemption with Mainland China, increased air connectivity, and Changi Airport’s capacity of over 41 million seats in 2024, a 15% boost from 2023. STB also credited the city’s year-round lifestyle events, family-friendly attractions like Gardens by the Bay, Sentosa, and Mandai Wildlife Reserve, as well as major events such as the Formula 1 Singapore Airlines Singapore Grand Prix 2024 and Singapore Art Week for attracting visitors.
Mainland China also topped the list for tourism spending, with S$3.58 billion in receipts, followed by Indonesia at S$2.13 billion and Australia at S$1.44 billion, excluding spending in sightseeing, entertainment, and gaming (SEG).
The SEG category experienced the most significant increase in tourism receipts, growing by 25%. Accommodation spending followed closely behind with a 17% rise, while food and beverage and shopping categories saw more modest increases of 6% and 5%, respectively. Airfares and business spending also made notable contributions.
This tourism boom has had a positive impact on local employment. By September 2024, the tourism workforce had expanded to approximately 76,000 people, a 4% rise from the previous year.
Looking ahead, STB expects international visitor arrivals in 2025 to range between 17.0 and 18.5 million, generating between S$29.0 and S$30.5 billion in tourism receipts. Despite challenges from potential geopolitical tensions and economic fluctuations, Melissa Ow, CEO of STB, expressed confidence in the city’s future, saying, “Our Tourism 2040 roadmap will guide our efforts to ensure that Singapore remains a world-class destination, fulfilling the evolving needs of global travellers.”
