Domestic and outbound tourism in Singapore recovered from a decline caused by an overhand of the financial crisis in 2009. However, international arrivals registered growth during over the last 5 years. Singapore has a modern, well-developed transport infrastructure, and its air and rail networks are considered by some to be among the finest in Asia. The country’s ports provide a natural hub for shipping to and from Europe, the Americas and Asia-Pacific. Tourism has a large-scale impact on the country’s economy and according to the World Travel and tourism Council (WTTC), in 2012, accounted for 11.3% of the country’s GDP and compromised 9.1% of its total employment.
Domestic tourist volumes increased from 89,820 tourists in 2008 to 112,694 in 2012, representing a CAGR of 5.84%. Over the next 5 years, trip volumes will increase at a CAGR of 5.30% to eventually reach 145,866 by 2017. The key growth drivers over this period are expected to be sound economic conditions, rising levels of consumer confidence and government initiatives to increase domestic tourism. Domestic tourist expenditure is expected to increase at a CAGR of 7.50%, to value SGD6.7 billion (US$5.4 billion) by 2017.
Over the last 5 years, inbound tourism grew at a CAGR of 5.84%, rising from 10.1 million in 2008 to 14.4 million in 2012. The highest annual growth rate of 20.2% was recorded in 2010 in 2017, inbound tourist arrivals are expected to reach 20.9 million, representing a CAGR of 7.74%. The key drivers of this growth are projected to be improving economic conditions in key European source markets, greater access to travel services at competitive prices, and government efforts to promote Singapore as a tourist destination.
The financial crisis had an adverse impact on Singapore’s hotel market which registered a -20.9% decrease in revenue in 2009. However, market value expanded at a CAGR of 10.96%, due to a recovery in tourist inflows during 2010-2011. Revenue is expected to increase at a CAGR of 6.24% over the next 5 years to eventually reach SGD8.4 billion (US$6.7 billion) by 2017, in line with an increase in tourism volumes, rising levels of disposable income and more competitive prices for accommodation.
Comprehensive Table of Contents and more on the report @ http://www.rnrmarketresearch.com/travel-and-tourism-in-singapore-to-2017-market-report.html
Domestic tourist volumes increased from 89,820 tourists in 2008 to 112,694 in 2012, representing a CAGR of 5.84%. Over the next 5 years, trip volumes will increase at a CAGR of 5.30% to eventually reach 145,866 by 2017. The key growth drivers over this period are expected to be sound economic conditions, rising levels of consumer confidence and government initiatives to increase domestic tourism. Domestic tourist expenditure is expected to increase at a CAGR of 7.50%, to value SGD6.7 billion (US$5.4 billion) by 2017.
Over the last 5 years, inbound tourism grew at a CAGR of 5.84%, rising from 10.1 million in 2008 to 14.4 million in 2012. The highest annual growth rate of 20.2% was recorded in 2010 in 2017, inbound tourist arrivals are expected to reach 20.9 million, representing a CAGR of 7.74%. The key drivers of this growth are projected to be improving economic conditions in key European source markets, greater access to travel services at competitive prices, and government efforts to promote Singapore as a tourist destination.
The financial crisis had an adverse impact on Singapore’s hotel market which registered a -20.9% decrease in revenue in 2009. However, market value expanded at a CAGR of 10.96%, due to a recovery in tourist inflows during 2010-2011. Revenue is expected to increase at a CAGR of 6.24% over the next 5 years to eventually reach SGD8.4 billion (US$6.7 billion) by 2017, in line with an increase in tourism volumes, rising levels of disposable income and more competitive prices for accommodation.
Comprehensive Table of Contents and more on the report @ http://www.rnrmarketresearch.com/travel-and-tourism-in-singapore-to-2017-market-report.html