The global Singapore tourism market is projected to garner a revenue of US$ 27 billion in 2022, surpassing US$ 39.9 billion by 2032, advancing at a CAGR of 4% during the forecast period (2022-2032).
In a country that has the world’s lowest crime rates, the tourism in Singapore is a major industry and contributor to the country’s economy.
According to the Travel and Tourism Competitiveness report 2015, Singapore’s international openness, business environment and travel and tourism policy bestowed it with the 11th rank out of 141 countries. Singapore is safe and environmentally friendly and also preserves natural and heritage conservation programs.
Future Market Insights says Singapore’s public transport system is one of the most convenient transport services across the globe. It has a well-known Mass Rapid Transit (MRT) transportation system that is extremely convenient for tourists. Fine dining, nature sight-seeing, cultural and historical landmarks, island resorts and several shopping belts are the main tourist attractions in Singapore.
The Singapore government’s initiative in branding the country’s story has deeper roots in its cultural and historical identity. Such brand stories are giving wider scope to appeal to the more demanding consumers. This factor is particularly creating promising growth in the tourism sector in Singapore.
Another notable effort by the Singapore government includes targeting the right tourists – working millennials who include young single tourists or couples who are employed, families with kids, senior citizens, and business travellers. This is creating robust development in the growth of Singapore tourism. Apart from governmental initiatives there are various other factors that are creating robust development in the country’s tourism sector.
Blogs
