Singapore’s Tourism Revenue in 2023 Surpasses Forecasts

The Singapore Tourism Board revealed that Singapore’s tourism revenue in 2023 exceeded forecasts, marking a robust recovery.

The number of foreign visitors was 13.6 million, which although was only about 71% of the 2019 levels, fell within the projected range of 12 to 14 million. Tourism revenue reached between 24.5 to 26 billion Singapore dollars, surpassing the forecast of 18 to 21 billion Singapore dollars.

By country, strong demand from key markets like Indonesia (2.3 million), China (1.4 million), and Malaysia (1.1 million) led the way. Other leading markets showing positive recovery include Australia, South Korea, and the United States. Visitor numbers from Japan were 430,000, a 227.6% increase from the previous year and 48.4% of the 2019 levels, placing Japan in the 12th position among countries.

Hotel average room rates and RevPAR (Revenue Per Available Room) exceeded 2019 levels by about 20%. Cruise ship visits also showed strong recovery with over 340 vessels docking, bringing in 2 million visitors.

Melissa Ow, Chief Executive of the Singapore Tourism Board, commented, “The strong performance in 2023 demonstrates that Singapore’s tourism sector is on a bright recovery trajectory, buoyed by increases in air seat capacity and the growth of overseas travel demand. Our strategy of attracting a healthy and diverse mix of long and short-haul travelers has significantly contributed to the overall number of visitors, the extension of their stay, and an increase in tourism revenue. The robust pipeline for business and leisure travelers underscores Singapore’s allure as an attractive and trusted travel destination and reflects the unwavering confidence our partner corporations have in Singapore.”

The outlook for 2024 continues to be optimistic, with improvements in global flight connections and seat capacity, as well as the visa exemption mutual agreement with China, expected to further boost recovery. The number of foreign visitors is estimated to be around 15 to 16 million, with a tourism revenue projection of approximately 26 to 27.5 billion Singapore dollars.

This article was generated using automatic translation by GPT-4 API.
The translation may not be accurate.