Fast Market Research recommends "Singapore Tourism Report Q1 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 02/11/2013 -- The Singapore Tourism Report examines the strong long-term potential being offered by the local tourism industry, bolstered by rapidly growing demand from emerging markets such as China and Russia. However, we caution that the stellar growth rate in tourist arrivals achieved over 2010 and 2011 may moderate as we move into 2013 if fears of a double-dip global economic recession come to pass.
The report also analyses the growth and risk management strategies being employed by some of the leading players in the local tourism sector (ie: airlines and hotel chains) as they seek to maximise the tremendous growth opportunities being offered by the Singaporean market.
Arrivals over January-June 2012 increased by 11.4% year-on-year (y-o-y), to 7,082,161, according to data from the Singapore Tourist Board (STB). Growth was seen from all market regions expect Africa, with Indonesia remaining the most important inbound source market, contributing 1,366,037 tourists, or 19.3% of total arrivals, over the first half of the year. Arrivals from Indonesia went up by 11.5% y-o-y over January-June, with other key markets including China, Malaysia, Australia and India.
View Full Report Details and Table of Contents
As such, 2012 looks set to be another strong year for Singapore's fast-growing tourism industry, in line with BMI's views. We forecast 14.29mn tourist arrivals and SGD23.5bn (US$18.35bn) in tourism receipts this year, which appear to be accurate projections based on current monthly trends. The STB has noted that it 'is in the midst of transiting to a new data processing system for tracking visitor statistics' and that the 'latest tourism data may not be immediately available'. Therefore, there was no more recent data than June 2012 available from the STB website as this report was being compiled in late November. Consequently, BMI maintains its forecasts this quarter in the absence of any clear indication from the STB of how tourist arrivals have progressed over the early part of H212.
Over the last quarter, BMI has revised the following forecasts and views:
- BMI has extended its forecast period out to 2017. Our forecast model projects increases of 7-8% per annum in tourist arrivals over the coming years, leading to a total of just over 20mn sameday and overnight tourists visiting Singapore by 2017.
- BMI believes that the recently-announced enhanced links between Singapore Airlines (SIA) and Virgin Australia could prove very beneficial for both airlines. In October 2012, SIA announced that it would be buying a 10% stake in the Australian low-cost airline, with the two airlines then announcing an expansion of existing codesharing arrangements. Further information on the outlook for Singapore Airlines (including SWOT analysis) can be found in the Company Profiles section of this report.
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Consumer Goods research reports at Fast Market Research
You may also be interested in these related reports:
- Hungary Tourism Report Q1 2013
- Australia Tourism Report Q1 2013
- Greece Tourism Report Q1 2013
- Croatia Tourism Report Q1 2013
- Romania Tourism Report Q1 2013
- China Tourism Report Q1 2013
- Costa Rica Tourism Report Q1 2013
- Thailand Tourism Report Q1 2013
- Oman Tourism Report Q1 2013
- Hong Kong Tourism Report Q1 2013