The year 2024 has been a very positive one for the travel and tourism trade in Singapore, as per data released today by the Singapore Tourism Board (STB) — the country saw visitor arrivals reaching 16.5 million in 2024, a 21 per cent increase over 2023; it saw tourism receipts reaching SGD 22.4 billion between January and September 2024, a 10 per cent increase compared to the same period in 2023.
India was in third place among top markets for visitor arrivals in Singapore in 2024, preceded by Mainland China in the first position and Indonesia in the second position.
In a media release giving the data, Melissa Ow, Chief Executive, Singapore Tourism Board, said, “In 2024, Singapore’s tourism sector posted a strong performance, an affirmation of the industry’s efforts in refreshing our products and experiences, as well as embarking on new collaborations this past year. Collectively, these efforts elevated Singapore’s destination appeal and strengthened the sector’s capabilities and competitiveness.”
The STB forecast for tourism receipts (TR) in 2024 was SGD 27.5 billion to SGD 29 billion. The full year 2024 TR figure will be available in the second quarter of 2025. According to the STB release published today, the full-year TR for 2024 is likely to exceed the last TR record of SGD 27.7 billion in 2019.
2024 tourism spend in Singapore
All tourism spend categories in Singapore have shown year-on-year growth, led by Sightseeing, Entertainment & Gaming (SEG) at 25 per cent; followed by Accommodation at 17 per cent. Food & Beverage (F&B) and Shopping saw 6 per cent and 5 per cent increases, respectively, with other categories such as airfares and business spending contributing to tourism receipts (TR) as well.
Mainland China, Indonesia, and Australia emerged as the top TR generating markets for Singapore, contributing SGD 3.58 billion, SGD 2.13 billion, and SGD 1.44 billion, respectively (excluding Sightseeing, Entertainment and Gaming). Notably, Mainland China and Japan showed strong year-on-year growth in tourism receipts.
In line with previous practices, STB excludes Sightseeing, Entertainment & Gaming in the country analysis due to commercial sensitivities.
2024 visitor arrivals in Singapore
One of the main contributing factors in the spike in visitor arrivals in Singapore was the 30-day mutual visa exemption with Mainland China. Announced on 25 January 2024 by the Immigration & Checkpoints Authority, the Singapore-Mainland China visa exemption arrangement came into effect on 9 February 2024.
Top markets for visitor arrivals were Mainland China (3.08 million), Indonesia (2.49 million) and India (1.2 million).
Other markets that exhibited healthy year-on-year growth included Japan, Taiwan, the United Kingdom, and the United States of America, representing a good mix of short-, mid- and long-haul markets.
Singapore’s strong growth in air connectivity was the other important factor behind the higher visitor arrival figures. In 2024, Changi Airport had a total international seat capacity of over 41 million, representing a 15 per cent increase compared to 2023 and 98 per cent recovery compared to 2019 (according to latest figures from global travel data provider Cirium).
Year-round calendar of lifestyle events and concerts
Other key factors that contributed to the overall growth in visitor arrivals include Singapore’s robust year-round calendar of lifestyle events and concerts, which has enhanced the city-state’s appeal as a premier tourist destination.
Family-friendly attractions at precincts such as Gardens by the Bay, Sentosa, and Mandai Wildlife Reserve, including the Bird Paradise, along with key leisure events like the Formula 1 Singapore Airlines Singapore Grand Prix 2024 and Singapore Art Week, were instrumental in boosting visitor arrivals and spending.
Singapore continued to attract quality MICE events, while the cruise industry saw several highlights, including notable maiden calls and ships homeporting.
Hotel industry shows positive growth in 2024
Singapore in 2024 saw the average room rate (ARR) and revenue per available room (RevPAR) increasing year-on-year, reaching SGD 276 (1.4 per cent increase compared to 2023 ARR) and SGD 226 (3 per cent increase compared to 2023 RevPAR), respectively.
The average occupancy rate (AOR) was 81.8 per cent in 2024, up from 80.5 per cent in 2023. There was an addition of 1,421 new hotel keys, including notable openings such as The Standard Singapore, Into the Woods, and Mercure ICON Singapore City Centre.
