Boston, MA -- (SBWIRE) -- 04/30/2014 -- BMI's tourism report for the Singapore market looks at a range of key market indicators, including forecast growth in the number of inbound and outbound travellers, the expansion of the hotel sector and the ground gained in terms of overall industry value. Well located at the heart of the booming Asia Pacific region and able to take advantage of the regional and global expansion of air travel, Singapore is proving to be a popular destination for both short-stay transit visitors and longer-term vacationers.
Thanks to domestic economic growth in Singapore's major source markets in the Asia Pacific region, we expect to see substantial annual growth in the number of arrivals to the country throughout our forecast period to 2018. Year-on-year growth of around 7% means that by 2018 we expect annual arrivals to reach 21.9mn, an impressive increase on the 2013 figure of 15.6mn. While Singapore's Asia Pacific neighbours will continue to dominate the inbound travel market, we expect to see growth from a range of source markets around the world.
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The future is also looking bright for outbound travel from Singapore. Solid GDP growth is leading to expansion in private financial consumption, meaning that consumers have more disposable income to spend on travel. Thanks to the positive domestic economic conditions, we expect to see annual growth of around 6% leading to an outbound travel figure of 29.9mn by 2018, reflecting the enormous potential of this market.
The tourism industry benefits from wide-ranging support from the Singapore government. Far-reaching marketing campaigns are proving effective in increasing Singapore's share of both the transit air travel market in the Asia Pacific region and the luxury holiday market. 2014 also sees the launch of a US$5mn Kickstart Fund by the Singapore Tourist Board to develop new and existing tourist attractions, demonstrating the government's commitment to the future of the lucrative tourism industry.
As well as marketing campaigns, Singapore is also investing in improving the already expansive and efficient transport system; the hotel sector is also expanding. 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 most are planning expansions in the next few years despite limited real estate opportunities on the ground.
Key developments and trends include:
Expansions are both planned and under way at Changi International Airport, including the development of a new terminal building to facilitate new air connections.
- Outbound and inbound travel figures are both expected to increase steadily between 2014 and 2018 to reach 29.9mn and 21.9mn respectively by the end of the forecast period.
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