Forces like well-planned tourism infrastructure, government initiatives and public safety are leading to phenomenal growth of Singapore tourism industry. And going by the previous statistics, the industry is poised to enter the boom phase.
According to a recent report on Singapore tourism industry – “Opportunities in Singapore Tourism Industry (2007-2009)”, published by RNCOS – tourist arrivals jumped to 9.75 Million in 2006, up 9% from 2005. The tourist influx is anticipated to increase at a CAGR of about 4% for the period spanning from 2007 to 2011.
During the first half of 2007, the tourist influx in Singapore has climbed up to 4.9 Million registering a 5.2% increase over the same period of the year 2006, as per the statistics released by the Singapore Tourism Board (STB). The top five visitor-generating markets for Singapore during the first half of 2007 were India, China, Indonesia, Malaysia and Australia.
In recent years, Singapore tourism industry has experienced an impressive growth in terms of tourist arrival as well as revenue. The annual receipts of the Singapore tourism industry reached Singapore Dollar (SGD) 12.4 Billion while the tourist arrivals touched huge 9.7 Million visitors in the year 2006.
The tourism sector in Singapore has been driven by the strong initiatives taken by the STB to make Singapore a powerful tourism hub for drawing visitors and businesses across the world. To reach the target, STB has upgraded its online services to make it more interactive and user-friendly.
Flourishing economy, increased travel confidence, a well-organized tourism infrastructure, premium hotels, public security and the increased operations and connectivity by low cost airlines have also contributed notably to the rise in tourist arrivals, creating ample opportunities for the tourism industry as well as related industries like aviation, hospitality, transportation etc.
However, Singapore government needs to overcome the looming threat of terrorism, epidemics like SARS and the uneasiness over natural calamities to ensure that the tourism sector remains competitive and continues to be a key contributor to the economy in the years to come.
The RNCOS report “Opportunities in Singapore Tourism Industry (2007-2009)” provides extensive research and rational analysis on the proliferating market of tourism industry in Singapore. It analyzes different parameters like inbound and outbound tourism, emerging trends, driving forces, growth opportunities and challenges, etc to give a rational future outlook of the industry.
About RNCOS
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.