Singapore Travel and Tourism Market Share, Size, Market Insights and Trends

Summary

Singapore's tourism sector registered growth in 2015, driven by Singapore Tourism Board's (STB) efforts to attract tourists by launching tourism promotion campaigns. With a share of 47.4% of the total outbound trips in 2015, Malaysia remained the largest destination market for Singapore. A strong Singapore dollar encouraged Singaporeans to take more outbound trips rather than domestic trips.

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Key Findings

- Inbound tourism in Singapore registered healthy growth during 2010-2015, with trips increasing from 9.2 million in 2010 to 12.1 million in 2015. Growth was largely driven by the Singapore Tourism Board's (STB) efforts to attract tourists by investing in tourism promotion campaigns. However, arrivals from countries such as Australia, Indonesia, Malaysia, and Japan dipped in 2015 due to the strong appreciation of the Singapore dollar against the currencies of respective countries. Domestic trips totaled 152,691 in 2015 while outbound trips stood at 8.8 million. Being a neighboring country, Malaysia is the most preferred outbound travel destination for Singapore residents, accounting for 47.4% of the total outbound trips in 2015. Inbound arrivals are projected to increase at a CAGR of 6.56% over the forecast period (2016-2020). Along with STB's promotional efforts, foreign partnerships, such as with MasterCard and Alitrip, will support this growth

- According to STB Executive Director, Chee Pey Chang, for Singapore's cruise tourism, India is the largest foreign source market. India is one of the most attractive source markets globally with outbound tourism demonstrating impressive growth in recent years. In 2015, Singapore received one million Indian tourists, which depicted growth of 7.5% from 2014. To further attract Indian visitors, STB launched a week-long road show in January 2016 in the country's major cities: Mumbai,...