Unprecedented Spending and Visitor Numbers Drive Growth, with Continued Expansion Expected into 2025

Singapore’s tourism sector is set to reach new records in 2024, with tourism receipts projected to range between S$27.5 billion and S$29 billion, the highest level ever anticipated by the Singapore Tourism Board (STB). By September 2024, the city had already seen an impressive S$22.4 billion in tourism spending, reflecting a 10% year-on-year (YoY) increase over the same period in 2023.

The number of international visitors has also surged, with the city welcoming 16.5 million tourists by the end of 2024. This represents a remarkable 21% growth compared to 2023, with Mainland China leading the way with 3.08 million visitors. Indonesia followed closely with 2.49 million, while India contributed 1.20 million visitors.

Key factors driving this growth include a 30-day mutual visa exemption agreement with Mainland China, enhanced air connectivity, and Changi Airport’s impressive capacity of 41 million available seats, up by 15% from 2023. STB highlighted the city’s year-round lifestyle events and major tourist attractions like Gardens by the Bay, Sentosa, Mandai Wildlife Reserve, and significant events such as the Formula 1 Singapore Airlines Singapore Grand Prix and Singapore Art Week.

In terms of spending, Mainland China was the leading contributor, with S$3.58 billion in tourism receipts, followed by Indonesia at S$2.13 billion and Australia at S$1.44 billion, excluding expenditure on sightseeing, entertainment, and gaming (SEG). The SEG category experienced the largest growth, increasing by 25%, while accommodation spending rose by 17%. More modest gains were seen in food and beverage (6%) and shopping (5%) sectors.

The growth in tourism has also had a positive effect on local employment, with the tourism workforce expanding to approximately 76,000 individuals by September 2024, a 4% increase from the previous year.

Looking forward to 2025, STB predicts a further increase in international visitors, estimating between 17.0 and 18.5 million arrivals, generating tourism receipts between S$29.0 billion and S$30.5 billion. Despite potential challenges arising from geopolitical issues and economic uncertainties, STB CEO Melissa Ow remains optimistic, affirming that Singapore’s Tourism 2040 roadmap will ensure that the city remains a top global destination, adapting to the evolving needs of travellers worldwide.