Travel and Tourism in Singapore to 2018: New research report available at Fast Market Research

Singapore is a leading tourism destination that recorded significant growth in inbound arrivals during the review period (2009-2013). Tourism is a priority sector in Singapore, and therefore attracts a large amount of investment. The government has made continual efforts to develop and promote the country's tourism offerings including leisure tourism, business tourism and niche areas such as medical and cruise tourism.

Report Highlights

* Domestic tourism in Singapore is limited due the small size of the country and the residents' preference for domestic daytrips instead of overnight stays. The total number of domestic trips increased from 97,510 trips in 2009 to 136,596 trips in 2013, at a review-period CAGR of 8.79%, driven by an increase in mean household income and the spending power of domestic consumers.
* The government has been making continuous efforts to develop tourist destinations within the country to attract international tourists. For example, Singapore Sports Hub, developed in place of the National Stadium (which was closed in 2007), opened in June 2014. The sports hub, developed with an investment of US$1.3 billion, is expected to become a leading sporting and entertainment events arena.
* Singapore is known for its pro-business environment, which attracts foreign investments and business entrepreneurs. It has retained its leading position in the World Bank's Ease of Doing Business rankings since 2006 and held the first rank (out of 189 countries) in 2014. Among the contributing factors, the country held first rank in terms of trading across border, second in terms of protecting investors and third in terms of starting a business.
* International arrivals for leisure purposes recorded the highest review-period CAGR of 14.62%, equivalent to 4.5 million tourists arrival in 2013. Other personal trips recorded the second-highest CAGR of 14.45% during the review period. Singapore is a leading air transport hub in the Southeast Asian region, with international arrivals by air accounting for 77.0% of the total arrivals in 2013, making it the preferred mode of transport. Additionally, except for land accessibility from Malaysia, the country is accessible only through air and sea.
* The volume of outbound tourists is expected to rise at a forecast-period CAGR of 5.61%. Outbound tourism expenditure is also expected to rise from SGD29.4 billion (US$23.5 billion) in 2013 to SGD42.0 billion (US$33.1 billion) in 2018, at a forecast-period CAGR of 7.39%. Rising disposable income and ease of travel to preferred destinations can be attributed for the growth

Full Report Details at
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