Singapore’s tourism saw record growth in 2024, driven by increased visitor arrivals, strong events, new attractions, strategic partnerships, and sustainability initiatives.
Singapore’s tourism industry demonstrated remarkable resilience and growth in 2024, with Tourism Receipts (TR) expected to reach the upper limit of the Singapore Tourism Board’s (STB) forecast. The sector witnessed an increase of 21% in International Visitor Arrivals (IVA), reaching 16.5 million visitors. This achievement underscores Singapore’s success in revitalizing its tourism offerings and forging strategic collaborations to enhance its global appeal.
Between January and September 2024, tourism receipts reached $22.4 billion, reflecting a 10% increase from 2023. Key revenue drivers included Sightseeing, Entertainment & Gaming (SEG) with a 25% rise, followed by Accommodation (17%), Food & Beverage (6%), and Shopping (5%). The top tourism revenue-generating markets were:
- Mainland China: $3.58 billion
- Indonesia: $2.13 billion
- Australia: $1.44 billion
Visitor arrivals were led by Mainland China (3.08 million), Indonesia (2.49 million), and India (1.20 million), with substantial growth also observed in markets like Japan, Taiwan, the UK, and the USA. Improved air connectivity played a significant role, with Changi Airport handling over 41 million international seats, a 15% increase from 2023, reaching 98% of its pre-pandemic 2019 levels.
Singapore’s strong event calendar contributed significantly to the tourism boom. Major concerts by global artists such as Coldplay, Ed Sheeran, and Taylor Swift, alongside large-scale events like the Formula 1 Singapore Grand Prix and Singapore Art Week, boosted visitor numbers. Family-friendly attractions like Gardens by the Bay, Sentosa, and Mandai Wildlife Reserve further enhanced the city-state’s tourism offerings.
Hotel Industry Growth
Singapore’s hotel sector experienced steady growth in 2024:
- Average Room Rate (ARR): $276 (1.4% increase from 2023)
- Revenue per Available Room (RevPAR): $226 (3.0% increase from 2023)
- Average Occupancy Rate (AOR): 81.8% (up from 80.5% in 2023)
New hotel openings such as The Standard Singapore, Into the Woods, and Mercure ICON Singapore City Centre added 1,421 new keys to the city’s hospitality portfolio.
Branded entertainment collaborations were also pivotal, such as STB’s partnership with Universal Music and OneRepublic to promote Singapore through music, and South Korean TV network JTBC for variety show productions. The global Made in Singapore marketing campaign further solidified the country’s brand presence across major cities worldwide.
The tourism workforce grew to 76,000 by September 2024, a 4% increase from 2023. STB launched several initiatives, including a three-year partnership with NTUC LearningHub to provide training in sustainability and digital transformation. The Tourism Leadership Excellence & Advancement Programme (T-LEAP) was introduced to equip industry leaders with future-ready skills.
STB also enhanced the tourist guide licensing process, reducing the course duration from 220 to 120 hours while emphasizing independent research and storytelling to improve engagement with visitors.
Sustainable Tourism Advancements
In line with the Singapore Green Plan 2030, STB implemented sustainability initiatives to maintain long-term tourism resilience. These included:
- Developing the Global Sustainable Tourism Council (GSTC) MICE Criteria
- Launching Singapore’s MICE Venue Sustainability Playbook
- Attaining GSTC-recognition for Singapore’s MICE Sustainability Certification Framework
These efforts contributed to Singapore ranking first in Asia Pacific and seventh globally in the 2024 Global Destination Sustainability Index, a ten-place jump from the previous year.
Singapore continued to leverage technology to enhance visitor experiences and business efficiency. Key developments included:
- Google and STB’s pilot project introducing Augmented Reality (AR) experiences on Google Maps
- The Singapore Tourism Accelerator (STA) supporting 13 startups in deploying AI and automation solutions
- Data-driven initiatives like the DASHc programme, helping businesses optimize marketing and customer engagement strategies
STB projects international visitor arrivals to reach between 17.0 to 18.5 million, generating $29.0 to $30.5 billion in tourism receipts. Despite potential macroeconomic and geopolitical challenges, Singapore aims to maintain its growth trajectory through market diversification, continued investment in destination development, and strategic marketing efforts.
As Singapore celebrates six decades of tourism success, STB remains committed to enhancing the country’s appeal as a premier global destination. With a strong pipeline of new attractions, world-class events, and sustained investments in technology and sustainability, Singapore is poised to remain a key player in the global tourism industry well into the future.
