The latest forecast suggests that Singapore’s tourism industry will perform better in 2022 than it did in 2020
Tourists visiting Singapore recently hit 1.5 million during the first half of the year, which was more than 12 times compared to last year’s 119,000, according to the Business Times. An estimated SGD1.3 billion (USD941.6 million) in tourism receipts were collected in the first quarter, up 213 percent from last year.
That said, the Singapore Tourism Board (STB) recently announced that it expects four to six million international visitor arrivals to the Lion City in 2022, as the travel sector recovers amid relaxed COVID-19 requirements.
The latest forecast suggests that Singapore’s tourism industry will perform better in 2022 than it did in 2020. That year only recorded 2.7 million visitor arrivals, a decline of 85.7 percent from 2019.
Meanwhile, the cruise industry is projected to reach pre-pandemic levels between 2023 and 2024, reported the Singapore Business Review.
“It has been made possible by the strong partnership and collective commitment in ASEAN to grow the cruise industry. Cruising is a key tourism driver, and as ASEAN’s lead coordinator for cruise development, Singapore will continue to work with our counterparts to strengthen the region’s attractiveness as a cruising destination and source market,” said Keith Tan, chief executive of STB.
More than 400 cruise ships across 30 brands were called at Singapore ports in 2019, with YoY growth in passenger throughput of approximately 1.8 million.
On 1 April, Singapore reopened its borders. Indonesia accounted for approximately 281,550 foreign tourists in the first half of the year, followed by India (219,140 visitors), Malaysia (138,690 visitors), Australia (125,390 visitors), and the Philippines (81,200 visitors). These markets were collectively responsible for 56 percent of tourist arrivals.
STB noted that the sector will definitely face some challenges this year because of the volatile global political and economic environment, but added that it is “cautiously optimistic,” due to a robust pipeline of events and new offerings.
The Property Report editors wrote this article. For more information, email: [email protected].
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