Singapore Travel and Tourism Sector Rise: Ken Research
Ken
Research announced latest publication titled “Travel
and Tourism in Singapore to 2020 “ provides detailed information
on the country's tourism sector, analyzing market data and providing insights.
This report provides a better understanding of tourism flows, expenditure, and
the airline, hotel, car rental, and travel intermediaries industries.
Singapore
indicated prodigious growth in travel and tourism industry which has led to
inbound and outbound tourism rise in Singapore. Singapore Tourism Board is
coming up with different schemes by investing in tourism promotion campaigns
and foreign partnerships. The government of Singapore is providing funds for
the future boost in the sector. Further, tourism industry is anticipated to
expand between period 2016-2020 because of the investments by the private and
the government sector.
Overview of Singapore’s Travel and Tourism
Industry
Singapore
has recorded an impartial growth in the promotion and expansion of tourism
industry. The tourism industry was awfully hit by appreciation of the Singapore
dollar in the period 2014-2015 causing reduction in the number of arrivals in
the country. Since then Singapore Tourism Board is coming up with promotional
activities to give a boost to the sector.
Further,
in 2015 inbound tourism showed amazing growth, with number of trips increasing
to 12.1 million from 9.2 million in 2010. The contribution of travel and
tourism to Singapore GDP was S$38.48 billion in 2014. The contribution to total
employment by tourism sector was recorded at 8.4% for the year 2014. Investment
in the sector was observed at 18% of the total investment. The most favourite
destination for Singapore travellers in 2015 was Malaysia, with 47.4% of total
outbound trips. The domestic trips totalled 152,691 only in 2015 while there
were 8.8 million outbound trips. India is one of the most important foreign
source countries for Singapore. The year 2015 welcomed one million Indians to
Singapore, showing a growth of 7.5% from 2014.
Key Driving Factors in Singapore
Travel and Tourism Industry
A large
number of factors led to a rise in travel and tourism industry in Singapore.
One such factor is promotional activities both domestic and in foreign
countries. Many promotional activities in tourism sector have been introduced
since 2015. Thus, huge promotional and advertising methods with influencing
capabilities have been promoted in and outside Singapore to witness a
continuous growth in the tourism sector. Singapore Tourism Board schemes
include foreign partnerships, such as with MasterCard and Alitrip.
Further,
Singapore has amazing geographical location in Asia, which makes it one of the
most popular tourism spot. Indonesia, China and India are the leading countries
in the respective order to contribute to the Singapore tourism industry. In
2015, the number of arrivals plunged from countries like Japan, Indonesia,
Malaysia and Australia because of strapping appreciation of the Singapore
dollar against the currencies of respective countries. According to Singapore
Tourism Board, India is considered one of the largest foreign source markets. The
main driving factor for Indians to visit Singapore is leisure. One million
Indian tourists ravelled to Singapore in 2015, showing a growth of 7.5% from
2014. In January 2016, Singapore Tourism Board launched a week-long road show
in India’s major cities: Mumbai, Bangalore, New Delhi and Chennai to promote
tourism. For future opportunities, the tourism industry in Singapore will get
S$700 million over the coming five years by the government. Three crucial sectors
in tourism are targeted for the purpose: cruises, technology and manpower.
Some of
the key factors that have led to growth of travel and tourism industry in
Singapore are:
·
Promotional activities
·
Foreign partnerships
·
Government funds
·
Rising middle income population
Future of Travel and Tourism Industry
Appreciating
Singapore dollar is continuous threat to the travel and tourism industry of
Singapore. Though Singapore has acquired benefit from the tourism industry due
to increasing consumer spending but the country needs to take appropriate steps
to face future issues. However, it is believed that Singapore will remain a top
choice for travel and the is expected to grow at 6.56% pa till 2020. Rise in
government investment in the sector and promotional activities would prevent
the downfall of tourism industry. The total contribution of the sector to GDP
is anticipated to increase to S$55 billion by 2020.
To know more on “Travel and Tourism in
Singapore to 2020” click on following link:
Related Reports:
https://www.kenresearch.com/media-and-entertainment/tourism/travel-tourism-colombia/39462-94.html
Contact:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
+91-124-4230204
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