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The Singapore Tourism Board (STB) reported an impressive recovery in Singapore's tourism industry in 2023. Singapore recorded 13.6 million international visitors, equivalent to approximately 71% of pre-pandemic levels, with estimated tourism revenue ranging from SGD 24.5 to SGD 26 billion.
This figure far exceeds STB's previous forecast of SGD 18 billion to 21 billion, representing approximately 88% to 94% of Singapore's tourism revenue in 2019.
According to the agency, key markets all saw significant increases. Leading the way were Indonesia (2.3 million visitors), China (1.4 million visitors), and Malaysia (1.1 million visitors).
Vietnam contributed nearly 459,000 tourists to the island nation and is also one of Singapore's top 10 tourist markets.
New concert series arrives in Singapore
This promising trend is driven by strong growth in the hotel and cruise industry, as well as the addition of new experiences and attractions, coupled with the development of the MICE tourism segment, thus contributing to a continued recovery in 2024.
The hospitality industry recorded positive growth, with average occupancy rates and revenue per room both exceeding 2019 figures, partly due to the opening of new accommodations.
Furthermore, the Singapore travel experience is becoming increasingly diverse with many new attractions and experiences, including pioneering discovery tours and virtual reality experiences.
In 2024, the Singapore Tourism Board (STB) expects tourism revenue to continue its sustainable growth thanks to upgrades to its air network and strategic visa policies. Accordingly, Singapore predicts it will welcome 15 to 16 million tourists and achieve estimated tourism revenue of SGD 26 to 27.5 billion.
Singapore continues to add a range of world-class amenities and facilities to further attract the island nation's tourism industry, such as the new Conrad Singapore Orchard hotel, plans to build Tower 4 at Marina Bay Sands, and many other development projects.
The series of new concerts coming to Singapore are also a major draw for international tourists, including IU's "HER" world tour in April, Bruno Mars' Live Concert 2024, and CNBLUE's first tour in Asia in 7 years.
Most recently this March, American singer Taylor Swift's only show in Southeast Asia is causing a stir in the airline ticket and accommodation markets in Singapore.
