Tourism receipts estimated to reach S$24.5-26.0 billion, visitor arrivals reached 13.6 million, in line with international tourism recovery

Sydney, 2 February 2024 – Singapore's tourism sector recovered strongly in 2023, and demonstrated resilience with a solid performance for 2023, with Australia continuing to be a key market for the city-state. International visitor arrivals (IVA) reached 13.6 million in 2023 (~71 per cent of 2019 IVA), meeting Singapore Tourism Board's forecast of between 12.0 and 14.0 million visitors. Tourism receipts (TR) are estimated to reach S$24.5 to S$26.0 billion[1] (~88-94 per cent of 2019 TR), surpassing STB's forecast of S$18.0 to S$21.0 billion set out in 2023.

Ms Melissa Ow, Chief Executive, Singapore Tourism Board (STB), said: “The robust performance in 2023 signals a promising recovery for tourism, in line with increasing flight capacity and growth in international travel demand. Our strategy to attract a healthy and diverse visitor portfolio, comprising long and short haul markets, has significantly contributed to our overall visitor arrivals, longer length of stay and growth in tourism receipts. Singapore's thriving pipeline of business and leisure offerings demonstrates our continued appeal as an attractive and trusted tourism destination, and reflects the unwavering confidence our partners have in Singapore.”

2023 Tourism Performance

Visitor arrivals were driven by strong demand from a mix of Singapore's key markets, led by Indonesia (2.3 million), China (1.4 million), Malaysia (1.1 million) and Australia (1.1 million). Other key markets that posted buoyant recovery included India, South Korea and USA.

Tourism receipts reached S$20.1 billion between January to September 2023. Full year tourism receipts are expected to register between S$24.5 and S$26 billion. From January to September 2023, tourism receipts across all spend categories have either exceeded or recovered close to pre-pandemic levels, compared with the same period in 2019. For the first nine months of 2023, the top TR generating markets were China, Indonesia and Australia, which contributed S$2.3 billion, S$2.2 billion, and S$1.5 billion respectively in TR (excluding Sightseeing, Entertainment and Gaming)[2].

Visitors also spent more time in Singapore compared to before the pandemic. The average length of stay in 2023 was approximately 3.8 days. This is an increase compared to 3.4 days for the same period in 2019.

Please refer to attached Annex A for charts.

​Key Industry Performance in 2023 

MICE and Leisure Events

STB successfully secured several significant business events that took place in Singapore for the first time in 2023. These include SILMO Singapore, transport logistic Southeast Asia, Bar Convent Singapore, the 25th World Congress of Dermatology 2023, Million Dollar Round Table (MDRT) Global Conference 2023, and the International Trademark Association (INTA) 2023 Annual Meeting Live+. These accomplishments underscore Singapore's growing prominence as a leading destination for impactful and influential business gatherings.

In addition, the robust leisure and sporting events calendar also plays a pivotal role in elevating Singapore's international mindshare and reinforcing our position as an attractive leisure destination. In 2023, Singapore proudly hosted several notable inaugural events, including the successful debut of ART SG, Southeast Asia's largest ever art fair, in conjunction with the Singapore Art Week. New events like the Capcom Pro Tour 2023 Offline Premier Singapore, Professional Triathletes Organisation (PTO) Asian Open and WB100 Celebrating Every Story (Warner Bros.) further enriched Singapore's leisure landscape, contributing to the city's vibrancy.  

Hotel Industry Performance

In 2023, the hotel industry welcomed 3,210 new hotel keys. The unveiling of new establishments such as Pan Pacific Orchard, Mondrian Singapore Duxton, Artyzen Singapore, and The Singapore EDITION has redefined the standards of hospitality, and expanded the accommodation options for visitors. Investments made by the private sector in these new hotel developments underscore their confidence in Singapore's longer term tourism prospects.

Cruise Industry Performance

Singapore's position as a regional cruise hub strengthened in 2023 with a record 2 million passenger throughput received from more than 340 ship calls, since the opening of the Marina Bay Cruise Centre Singapore.  

In 2023, Royal Caribbean International's Spectrum of the Seas and Resorts World Cruises' Genting Dream continued its year-round homeport at Marina Bay Cruise Centre Singapore. TUI Cruises, Marella Cruises and Silversea Cruises continued their seasonal homeport while several maiden port calls were made by Virgin Voyages' Resilient Lady and Celebrity Cruises' Celebrity Edge. 

In addition, STB and Disney Cruise Line signed a MOU to collaborate on the exclusive five-year year-round homeporting of Disney Adventure in Singapore from 2025.

New global campaign

In September 2023, we launched our latest global marketing campaign, “Made in Singapore”, to capture mindshare of travellers and inspire them to choose Singapore as their next destination. The campaign puts a fresh spin on our Passion Made Possible destination brand and focuses on how Singapore transforms familiar, everyday moments into extraordinary and memorable experiences for travellers.

2024 Outlook

STB expects the tourism sector's recovery to continue in 2024, driven by improved global flight connectivity and capacity as well as the implementation of the mutual 30-day visa-free travel between China and Singapore. In 2024, international flight capacity is expected to continue to increase, with capacity at or approaching pre-pandemic levels for the majority of our key source markets.

Latest data[3] from the International Air Transport Association (IATA) indicates that although global international air travel demand in 2023 is below pre-pandemic levels, the gap is rapidly closing. The Association of Asia Pacific Airlines (AAPA) notes that Asia Pacific carriers have seen healthy growth in international passenger demand throughout the year, in tandem with the restoration of flight frequencies and connectivity[4]. Overall, the outlook for air travel demand remains positive.

2024 international visitor arrivals are expected to reach around 15 to 16 million, bringing in approximately S$26.0 to S$27.5 billion in tourism receipts. Geopolitical uncertainty, the state of the global economy and other factors such as the continued restoration of flight connectivity will have bearing on the pace of travel recovery.

Ms Ow said, “To sustain our growth in 2024 and beyond, STB will focus on achieving quality tourism, cultivating strategic partnerships, investing in new and refreshed products and experiences, and supporting stakeholders in building capabilities.”

Looking ahead to 2024, the industry can anticipate exciting developments, including upcoming hotel openings, new experiences at the two integrated resorts, and a vibrant line-up of leisure offerings featuring global pop culture, lifestyle events, and music festivals. Additionally, Singapore will host top-tier MICE events, further solidifying its position on the global stage.

Please refer to attached Annex B for key events in 2024.

-End-

For further information, please contact:  

Sedgwick Communications on behalf of Singapore Tourism Board

Yvonne Sewankambo

Communications Consultant, Sedgwick Communications

Email: yvonne@sedgwickcommunications.com

Mobile: +61 456 163 851

About Singapore Tourism Board

The Singapore Tourism Board (STB) is the lead development agency for tourism, one of Singapore's key economic sectors. Together with industry partners and the community, we shape a dynamic Singapore tourism landscape. We bring the Passion Made Possible brand to life by differentiating Singapore as a vibrant destination that inspires people to share and deepen their passions.

More: www.stb.gov.sg or www.visitsingapore.com  |  Follow us: STB LinkedIn, STB Facebook or STB Instagram

[1] These are preliminary estimates for 2023. The final figure will be available in Q2 2024.

[2] In line with previous practices, STB excludes Sightseeing, Entertainment & Gaming in the country analysis due to commercial sensitivities.

[3] Source: Air Travel Reaches 99% of 2019 Levels as Recovery Continues in November (10 Jan 2024) https://www.iata.org/en/pressroom/2024-releases/2024-01-10-01/

[4] Source: Asia Pacific Airlines November 2023 Traffic Results (9 January 2024)

https://www.aapairlines.org/press-releases/