- Singapore Tourism is forecasted to grow in coming years
- Government will provide S$700 million fund to boost key tourism factors like the cruise industry
Ken Research announced its latest publication on, “Travel and Tourism in Singapore to 2020” which provides a detailed analysis of the Singapore Tourism Industry. Category-wise coverage of different segments is also included in the report. In addition, the report provides appropriate understanding of tourism flows, expenditure, airline, hotel, car rental, and travel intermediaries industries.
Singapore tourism industry faced headwinds in the year 2014 due to global economic conditions and strong position of the Singapore dollar in the market. Singapore Tourism Board has a major role to play to boost the tourism sector in the country. Enormous growth was observed for the inbound tourism in Singapore during 2010-2015. Number of trips increased from 9.2 million to 12.1 million in 2015. Tourism promotion campaigns by the Singapore Tourism Board attributed to this huge growth. Indonesia, China and India are the leading countries in the respective order to contribute to the Singapore tourism industry. In 2015, the number of arrivals plunged from countries like Japan, Indonesia, Malaysia and Australia because of strapping appreciation of the Singapore dollar against the currencies of respective countries. Singapore Tourism Board is putting efforts to push inbound tourism growth like promotional activities, foreign partnerships, such as with MasterCard and Alitrip. A CAGR of 6.56% for inbound tourism is anticipated for the coming years till 2020.
Global Tourism Industry
Travel and tourism worldwide is forecasted to show strong growth than previous years. The year 2015 was marked with one of the slow growing year for the industry due to recession in few countries and slow economic growth in other regions. However, decrease in oil prices is anticipated to improve the sector. The industry’s contribution to the worldwide GDP is expected to increase by nearly 3.6% for the forecasted period.
Some trends driving the global tourism industry include:
- Increasing disposable income
- Stable economy
- Rising domestic consumer spending
- Government investments
- Promotional activities
Key Topics Covered in the Report:
- Detailed analysis of Singapore Travel and Tourism Industry
- Value and volume analysis for Singapore Travel and Tourism Market
- Historic and Forecast analysis
- Key issues and trends in the Tourism industry
- Visitor trend framework
- Analysis of mega-trends
- Profiling of new schemes launched in the Singapore Travel and Tourism Market
To know more on coverage, click on the link below:
Ankur Gupta, Head Marketing & Communications