Singapore's tourism sector achieved a significant rebound in 2023, with international visitor arrivals reaching 13.6 million, approximately 71% of pre-pandemic levels, and tourism receipts estimated between $24.5 and $26.0 billion, far exceeding the forecasted figures. Key markets contributing to this growth included Indonesia, China, and Malaysia.
The hotel industry recorded strong performances, with Average Room Rate and Revenue per Available Room surpassing 2019 statistics, supported by the addition of new hotel properties. Simultaneously, the cruise industry witnessed a record high in passenger throughput, reinforcing Singapore's status as a regional cruise hub.
The MICE sector flourished with the hosting of significant business events, alongside notable leisure events, enhancing Singapore's global profile. Besides, the tourism landscape was further enriched by the introduction of new attractions and experiences, including innovative tours and augmented reality engagements.
Looking into 2024, Singapore Tourism Board (STB) anticipates sustained growth, driven by improved air connectivity and strategic visa policies, expecting around 15 to 16 million visitors and $26.0 to $27.5 billion in tourism receipts. The sector is set for further expansion with new hotels, experiences at integrated resorts, and a dynamic lineup of MICE and leisure events.
In 2024, Singapore has achieved significant global recognition as a top travel destination, securing prestigious titles across various categories. In the Travellers Choice Awards by Tripadvisor, Singapore ranked fifth worldwide in Sustainable Destinations, noted for its sustainability efforts, social progressiveness, and infrastructure, and 17th in Culture Destinations, celebrated for its rich cultural diversity, museums, and vibrant activities.
Additionally, The New York Times has placed Singapore seventh in their '52 Best Places To Go' list for 2024. This honor highlights Singapore's luxury hotels, architectural wonders, and innovative sustainability initiatives, including the advancements at Changi Airport's Terminal 2. Furthermore, Singapore has been acknowledged as the 2024 World's Best City, being crowned with the world’s best road, and being recognized as the most Instagrammable place.
