Fast Market Research recommends "Singapore Tourism Report Q1 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 01/27/2014 -- BMI's Singapore tourism report examines the enormous long-term potential offered by the country's wellestablished tourism market. Being located in the midst of the burgeoning Asia Pacific region, Singapore is increasingly popular as a transit hub for long-haul travellers, and with its modern and efficient transport infrastructure, it is sure to benefit from growth.
Inbound travel to Singapore has seen substantial increases in recent years, with 2010 in particular seeing more than 20% year-on-year growth. While the growth rate is expected to decline slightly to around 7% to 8% per year over our forecast period to 2017, this is still strong, and will lead to an inbound arrivals figure of 20.6mn by 2017. Much of this growth is based on the strength of major source markets in the Asia Pacific region, particularly China, which is likely to offset any decline in travel from Europe and North America in the event of a return to negative economic conditions in these areas.
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The positive economic conditions in Singapore, namely good GDP growth, will boost outbound travel throughout our forecast period as more people have disposable income for travel, and we expect the number of outbound departures to reach 27.9mn in 2017, an even more impressive figure than that of inbound arrivals.
The growth in inbound and outbound travel will be supported by the modern and effective transport system in place in Singapore, which is sure to benefit further from the extensive investment taking place in expanding and improving the country's air, road and rail travel facilities. 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 in the long-term luxury holiday market. The country is also looking at expanding its share of regional low-cost air travel connections in order to tap into the massive potential offered by booming markets on its doorstep such as China and India.
Many of the world's top 10 global hotel chains already have a strong presence in Singapore, demonstrating the enduring strength and appeal of the market, and many are planning expansion despite limited real estate opportunities, including Accor and Starwood. Overall, therefore, the future is looking very positive for tourism in Singapore.
- The government continues to invest in the country's already strong infrastructure, with expansions planned and under way 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 27.9mn and 20.6mn respectively.
- This quarter, BMI has given Singapore an overall Tourism Risk/Reward Rating of 69.87, behind Australia, Thailand and Hong Kong in the Asia Pacific region and ranking fourth out of 21 countries.
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