New Consumer Goods market report from Timetric: "Travel and Tourism in Singapore to 2017"
Boston, MA -- (SBWIRE) -- 09/03/2013 -- Domestic and outbound tourism in Singapore recovered from a decline caused by an overhang of the financial crisis in 2009. However, international arrivals registered growth during the review period (2008-2012). Singapore has a modern, well-developed transport infrastructure, and its air and rail networks are considered by some to be among the finest in Asia. The country's ports provide a natural hub for shipping to and from Europe, the Americas and Asia-Pacific. Tourism has a large-scale impact on the country's economy and according to the World Travel and Tourism Council (WTTC), in 2012, accounted for 11.3% of the country's GDP and comprised 9.1% of its total employment.
- Singapore's tourism sector has a greater dependency on inbound tourism than domestic tourism. This is mainly due to the relatively small size of its population and geographical area. In 2012, Singapore registered 145,866 domestic trips, while inbound trips registered 20.9 million.
- Inbound tourism increased at a review-period CAGR of 9.17%, with total arrivals increasing from 10.1 million in 2008 to 14.4 million in 2012. The highest annual growth rate of 20.2% was recorded in 2010. In 2017, inbound tourist arrivals are expected to reach 20.9 million, representing a forecast-period CAGR of 7.74%. The key drivers of this growth are expected to be improving economic forecasts in key European source countries, greater access to travel services at competitive prices, and government efforts to promote Singapore as a tourist destination.
- The government and the Singapore Tourism Board (STB) jointly undertook promotional initiatives to achieve a growth in inbound tourist flows. STB launched the YourSingapore branding campaign.
- Singapore is the second-largest source market of outbound tourism in South-East Asia. The most popular foreign destinations for its outbound tourists are Malaysia, Indonesia and Thailand. Malaysia alone accounted for 73.4%, or 5.8 million international departures from Singapore. Singapore is also an important market for Australia. Outbound trips to Australia increased from 151,135 in 2010 to 158,065 in 2012, with tourists attracted by festivals.
- Singapore's domestic and international air traffic volume increased during the review period. The volume of passengers carried reached 51.2 million in 2012, expanding at a review-period CAGR of 7.95%. Over the forecast period, the number of passengers carried is expected to increase at a CAGR of 4.95% to reach 65.2 million. The total revenue is also anticipated to increase from SGD21.4 billion (US$17.2 billion) in 2012 to SGD28.4 billion (US$22.7 billion) in 2017. This growth is in line with increasing tourist volumes and air capacity.
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Companies Mentioned in this Report: Jetstar Asia Airways Pte Ltd, Singapore Airlines Ltd, Tiger Airways Holdings Ltd, SilkAir (S) Pte Ltd, Scoot Pte Ltd, Marina Bay Sands Pte Ltd, Pan Pacific Hotels Group Ltd, Capella Singapore, W Singapore Sentosa Cove, Conrad Centennial Singapore, Ace Drive Pte Ltd, Avis Car Rental Singapore, Drive.SG, Popular Rent A Car Pte Ltd, Dynasty Travel International Pte Ltd, At Air Sino-Euro Associates Travel Pte Ltd, Commonwealth Travel Service Corporation Pte Ltd, Chan Brothers Travel Pte Ltd, Five Stars Tours Pte Ltd
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