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Report Published: "Singapore Tourism Report Q2 2013"

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Boston, MA -- (SBWIRE) -- 05/30/2013 -- This quarter BMI has revised and restructured its tourism reports, incorporating a greater range of data and focusing on the hotel industry, the value of the tourism industry itself, and the impact of macroeconomic factors.

BMI's Singapore tourism report looks at the strong long term potential offered by the tourism industry based on market trends forecast for 2013 to 2017. The rapid growth of key markets including China and Russia will continue to drive inbound travel upwards, and improvements in the domestic economy will further boost domestic travel. The government 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.

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 area. The global credit crunch may depress inbound travel figures, however we expect this to be offset by increases in inbound travel from major markets within the Asia Pacific region. By 2017 we therefore expect inbound travel to reach over 20mn per year, a substantial increase on the 2012 figure of 14mn. Outbound travel is also expected to show good growth between 2013 and 2017, increasing from 21mn to 28mn over the forecast period, as Singapore's domestic economy continues to improve.

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Singapore has a good travel network, and will benefit from continued investment, particularly in the expansion of the airport which will allow it to take advantage of the growing regional travel market, as well as increasing the remit of low cost carriers.

- Singapore sees a strong presence from the world's top ten 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.
- 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 67, ahead of Macau and behind Thailand.
- Key events in 2013 include the festival of Diwali, Beerfest Asia, Thaipusam, and the Grand Prix.

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