Singapore’s tourism industry booms

Singapore received 820,000 tourists in May 2007, an increase of 7.1% annually, as per the figures released by the Singapore Tourism Board (STB) on Friday, June 29, 2007. Indonesia with 155,000 tourists, India with 98,000, China with 85,000, Australia with 59,000 and Malaysia with 51,000 tourists, were Singapore’s top five tourist-generating markets in May 2007. These markets accounted for 55% of total tourist influx for May. With 98,000 tourists from India in May 2007, the country set a new record for largest number of visitors arriving from India in any month, breaking its previous record of 81,000 tourists arrival in May 2006.

The growth in tourists’ arrival as well as departure is mainly driven by the Singapore’s buoyant economy and improved travel confidence. The country has gained immense market standing for competent tourism infrastructure, premium hotels as well as public safety. The low-cost airlines added considerably to the boost in tourist influx in the country, by growing their operations as well as connecting numerous countries with Singapore.

The boom in Singapore tourism industry was also forecasted by RNCOS’ recent report “Opportunities in Singapore Tourism Industry (2007-2009)”, as per which, the tourist arrival in Singapore would increase at a CAGR of about 4% for the period spanning 2007-2011; departure by 6.20% during same period and per head expenditure in terms of inbound tourists to be 865.49 by 2011.

The report also stated Malaysia and Indonesia as important sources of tourism for Singapore and specified that tourist arrivals from China and India would remain an important influence throughout the forecast period of 2007-2011.

The report further attributed Singapore’s thriving economy and the role-played by low-cast airlines as the major factors that would drive the growth in the country’s tourism industry.

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The report addressed some other interesting issues and facts for today’s global business environment such as the performance of Global tourism, Asia-Pacific tourism and ASEAN tourism Industry, the position of Singapore tourism industry with respect to the ASEAN tourism industry, the emerging trends, future Outlook, Key driving forces as well as challenges faced by the Singapore tourism industry.
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