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Now Available: Singapore Tourism Report Q4 2013

Fast Market Research recommends "Singapore Tourism Report Q4 2013" from Business Monitor International, now available


Boston, MA -- (SBWIRE) -- 11/22/2013 -- BMI's Singapore tourism report looks at the substantial potential for growth offered by the country's tourism sector, with a strong domestic economy and some of the world's fastest growing economies on the doorstep providing a boost to both inbound and outbound travel throughout our forecast period. We expect to see growth across all key market indicators, including receipts from travel items, air travel, the number of hotels and overall industry value.

Tourism in Singapore benefits from substantial support from the government, with extensive investment taking place in expanding and improving the country's transport infrastructure. At the same time the government is running far reaching marketing campaigns as part of a drive to increase Singapore's share of both the transit air travel market in the Asia Pacific region and the long term luxury holiday market.

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Singapore's inbound travel market is well established, and has seen substantial increases in recent years, with 2010 showing growth of over 20%. While this impressive growth rate has declined, it is expected to remain strong at between 7% and 8% throughout the forecast period to reach 20.5mn in 2017, one of the strongest growth rates in the Asia Pacific region. Much of this growth is based on the strength of major source markets in the Asia Pacific region, particularly China, which should offset any decline in travel from Europe and North America in the event of a return to negative economic conditions in these areas.

Outbound travel from Singapore is also strong, with growth of around 6% per year expected between 2014 and 2017, thanks to a growing domestic economy, leading to an annual outbound travel figure of close to 28mn in 2017.

Tourism in Singapore is supported by 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 reach 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 both 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 to reach 27.8mn and 20.5mn respectively.
- 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, third place out of 21 countries.
- Key events in 2013 include the festival of Diwali, Beerfest Asia, Thaipusam and the F1 Grand Prix.

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