Singapore’s Tourism Industry Optimistic for 2018 Business Prospects

Singapore at nightThere are many places to go in Singapore and overseas tourists, particularly from China, made sure to explore all of them in 2017.

Initial data from the Singapore Tourism Board (STB) showed that more than 13 million foreign visitors between January and September alone. This may have further increased up to 16.7 million for the entire year, given the popularity of Singapore as a year-end holiday destination.

Optimistic Industry

Hotels and other tourism businesses expect this year to be a rosy one, if not better, due to the number of tourist arrivals mainly from China. STB said that arrivals from China reached 2.49 million, up almost 10 per cent. The second largest market came from Indonesia with a 2 per cent increase to 2.17 million people.

The growing number of Chinese tourists could soon surpass Indonesia as Singapore’s biggest tourism market. Selena Ling, OCBC Bank’s head of treasury research and strategy, said that the trend might continue this year, despite a weaker GDP growth in China. Hence, the airline and accommodation sectors may expect continued flights to the city-state.

Outbound Tourism

Chinese tourists will continue to list Singapore on their travel destinations for 2018, based on China Outbound Tourism Research Institute’s (COTRI) forecast. COTRI expects 86 million outbound tourists to roam different places outside Hong Kong, Macau and Taiwan.

This figure represents 56 per cent of all expected outbound trips in 2018. Overall, the forecast counted 154 million people to cross borders beyond Greater China for travel purposes. According to a COTRI spokesman, more Chinese tourists began to travel outside of Greater China in 2016, and the trend may not slow down in the near future.

Conclusion

Overseas tourists will remain an important factor for the tourism industry in Singapore. When do you plan to visit the Lion City this year?

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