Singapore reports strong 2024 tourism performance, tourism receipts expected to hit new high

Singapore Airshow 2024 was among a long list of notable leisure and business events that boosted visitor arrivals and reinforced the country’s position as an attractive destination

Singapore’s tourism sector has turned in a strong report for 2024, with both international visitor arrivals (IVA) and tourism receipts (TR) showing year-on-year increments.

TR reached S$22.4 billion (US$16.4 billion) between January and September 2024 – an increase of 10 per cent when compared to the same period in 2023. The Singapore Tourism Board (STB) expects the full-year TR to reach the upper bound of its 2024 forecast, setting a new record in tourism spend.

Tourism receipts by top spending (excluding sightseeing, entertainment & gaming) from January to September 2024

All spend categories have shown year-on-year growth, led by sightseeing, entertainment & gaming (SEG) at 25 per cent, followed by accommodation at 17 per cent. Meanwhile, F&B and shopping saw a six and five per cent increase respectively, with other categories such as airfares and business spending contributing to TR as well.

China, Indonesia, and Australia emerged as the top TR generating markets, contributing S$3.6 billion, S$2.1 billion, and S$1.4 billion respectively (excluding SEG). Notably, China and Japan showed strong year-on-year growth in TR.

IVA increased by 21 per cent over 2023 to reach 16.5 million, with China (3.1 million), Indonesia (2.5 million) and India (1.2 million) topping the source market charts. Other markets that exhibited healthy year-on-year growth included Japan, Taiwan, the UK, and the US, representing a good mix of short, mid and longhaul markets.

Singapore Airshow 2024 was among a long list of notable leisure and business events that boosted visitor arrivals and reinforced the country’s position as an attractive destination

STB attributed the strong IVA performance to several things, including the 30-day mutual visa exemption with China, Singapore’s strong growth in air connectivity, and the robust year-round calendar of lifestyle events and concerts in the city-state.

The presence of family-friendly attractions along side key leisure events helped drove economic benefits to the tourism sector and related industries.

In addition, Singapore’s hotel industry demonstrated positive growth in 2024, with ARR and RevPAR increasing year-on-year, reaching S$276 (1.4 per cent increase compared to 2023 ARR) and S$226 (three per cent increase compared to 2023 RevPAR) respectively. AOR was 81.8 per cent in 2024, a 1.3 percentage point increase compared to 80.5 per cent in 2023.

There was an addition of 1,421 new hotel keys, including notable openings such as The Standard Singapore, Into the Woods, and Mercure Icon Singapore City Centre.

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

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

Looking ahead, STB expects 2025 IVA to reach between 17 to 18.5 million, bringing in approximately S$29 billion to S$30.5 billion in TR.

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 into the years ahead.

Ow said: “As we look back at 2024, as well as our achievements over the last 60 years, tourism has contributed to the economy, reinforcing our international reputation, and providing more lifestyle options for visitors and residents. Together with our industry partners, STB is committed to sustain our tourism growth, by increasing Singapore’s mind share and market share, maintaining a diversified market portfolio, and strengthening destination vibrancy. Our Tourism 2040 roadmap 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.”

This year, Singapore will welcome even more tourism developments, as well as leisure and business events, such as Mandai Rainforest Resort by Banyan Tree, Disney Cruise Line’s Disney Adventure maiden sailing and year-round homeport, Anime Festival Asia 2025, World Aquatics Championships 2025, and Usana Regional Convention 2025.

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