Singapore Travel Industry Trends
Since the pandemic, the travel bug has bitten Singaporeans, and flights to the U.S. have been on the increase. The Singapore Tourism Board has announced that 2023 tourism receipts exceeded forecasts, almost reaching pre-COVID levels at S$27.2 billion (USD 36.7 billion). Resort World Sentosa, one of Singapore’s leading tourist destinations now promoting a new Las Vegas hotel / casino, reported a net profit of S$247.4 million (USD 333.99 million), a 91.5% increase from a year ago.
The government introduced three key initiatives to further boost the tourism sector:
• New infrastructure projects such as wellness attractions and a new airport terminal over the next five years.
• A Tourism Leadership Program (TLP) to develop local industry leaders who can organize both inbound and outbound travel packages.
• Existing program enhancements such as increasing support for the Tourism Sustainability Program and a three-year partnership with the National Trades Union Congress Learning Hub to improve emerging areas like sustainability, technology and service experience.
As the government works to boost the travel and tourism sector, it is also pressing to meet the country’s sustainability goal. This creates pain points that open opportunities for U.S. solutions that help meet demand for both travel growth and green travel. The government is seeking innovative projects that support the tourism sector in building capabilities and developing new sustainable products or services that improve resource efficiency and competitiveness.
U.S. solution providers should think through these trends and their ripple effects to bring innovation and best practices. For example, the aviation industry is implementing green solutions that may increase airfare costs (especially for long-haul flights including to the United States). At the same time, national parks, countryside, off-the-beaten trails, and less crowded areas are more sought after — and eating and shopping remains as Singaporeans’ favorite activities.
To tap these opportunities and for more information, please contact the U.S. Commercial Service in Singapore: Mr. CHAN Y K, Commercial Specialist.