Recently published research from Business Monitor International, "Singapore Tourism Report Q3 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 08/06/2013 -- BMI sees enormous long term potential for Singapore's tourism sector. With good domestic economic growth and access to some of the fastest growing source markets in the world in the form of India and China, we expect to see solid growth across all key market indicators, including inbound and outbound travel, receipts from travel items, air travel and hotel accommodation. With a government that remains supportive of the tourism industry, investing in both transport infrastructure and wider marketing campaigns as part of a drive to increase Singapore's share of the transit air travel market in the Asia Pacific region, the future is looking bright for Singapore's tourism market.
Inbound travel has seen substantial increases in recent years, with over 20% growth in 2010. Although the rate of growth slowed down in 2012, it still remains substantial, between 7% and 8%, one of the strongest growth rates in the Asia Pacific region. The global credit crunch may depress inbound travel figures, particularly from Europe and North America, however we expect this decline to be offset by increases in inbound travel from major markets within the Asia Pacific region. By 2017, we expect inbound travel to reach over 20.3mn per year, a substantial increase on the 2012 figure of 14.2mn. Outbound travel is also expected to show good growth between 2013 and 2017, increasing from 21.6mn to 28.2mn over the forecast period, as Singapore's domestic economy continues to improve.
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Singapore benefits from a well developed travel network, and continued investment, particularly through the expansion of the airport, will allow the country to take advantage of the growing regional travel market, as well as increasing the remit of low cost carriers, providing another potential source of revenue.
- Singapore sees a strong presence from the world's top 10 global hotel chains, with many planning expansions despite limited real estate opportunities, including Accor and Starwood.
- The government continues to invest in the already strong infrastructure, with expansions planned and underway at Changi airport, including the development of a new terminal building.
- Outbound and inbound travel figures are both expected to increase steadily between 2013 and 2017.
- This quarter BMI has given Singapore an overall Tourism Risk/Reward rating of 69.87, ahead of Australia and Macau and behind only Thailand and Hong Kong in the Asia Pacific region.
- Key events in 2013 include the festival of Diwali, Beerfest Asia, Thaipusam and the F1 Grand Prix.
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