Singapore's Tourism Sector Booms in 2024, Setting New Spending Record

Singapore's Tourism Sector Booms in 2024, Setting New Spending Record

Singapore's tourism industry experienced a remarkable year in 2024, achieving record-breaking tourism receipts and surpassing expectations. The Singapore Tourism Board (STB) announced in a press release that tourism receipts are projected to reach the upper limit of their 2024 forecast, which ranged from S$27.5 billion to S$29.0 billion.

This impressive performance signifies a significant rebound from the challenges faced in previous years. Between January and September 2024, tourism receipts reached S$22.4 billion, representing a 10% increase compared to the same period in 2023. This positive trend suggests that tourism receipts are likely to surpass the previous record of S$27.7 billion set in 2019. The final figures for the entire year 2024 will be available in the second quarter of 2025.

The growth in tourism receipts was driven by increased spending across all categories. Sightseeing, entertainment, and gaming witnessed the most significant increase at 25%, followed by accommodation at 17%. Food and beverage and shopping categories also saw notable growth of 6% and 5%, respectively. Other categories, including airfares and business spending, also contributed to the overall tourism receipts.

Tourists from China, Indonesia, and Australia emerged as the top contributors to tourism receipts, generating S$3.58 billion, S$2.13 billion, and S$1.44 billion, respectively. These figures exclude the sightseeing, entertainment, and gaming category. Notably, arrivals from China and Japan demonstrated robust year-on-year growth in tourism receipts, further bolstering the industry's performance.