Singapore is on track to break records for tourism spend in 2024. 
The tourism drought in Singapore is over. Through September 2024, the republic welcomed 16.5 million visitors, up 21% from 2023. Through September, those visitors spent S$22.4 billion (£13.3 billion/€16 billion/$16.6 billion), up 10% over 2023, and a new record.
The strong performance was “an affirmation of the industry’s efforts in refreshing our products and experiences, as well as embarking on new collaborations this past year,” said Melissa Ow, CEO of the Singapore Tourism Board. “Collectively, these efforts elevated Singapore’s destination appeal and strengthened the sector’s capabilities and competitiveness”.
Mainland China was the top feeder market, along with India, Indonesia and Australia. Growing markets included Japan, Taiwan, the UK and the United States.
The Covid pause
Tourism in Singapore all but flatlined during the Covid-19 pandemic.
The city detected its first Covid case in January 2020. It managed the crisis with short-term shutdowns, or circuit breakers, along with travel restrictions and strict contact tracing. The city remained largely open and was held up as an example of emergency management.
Tourism revenue was negligible for most of 2020. It began to revive in 2022, but the city did not fully open to international travel until February 2023.
By the end of that year, tourism receipts had reached the S$25 billion range, with total visitor arrivals at 13.6 million.
Entertainment, gaming leads the way
Last year was a turning point. All tourism spend categories demonstrated growth, led by Sightseeing, Entertainment & Gaming (SEG) at 25%. SEG revenue comprised 21% of the total, at S$4.6 billion.
Accommodations saw a year-on-year increase of 17%. Food & Beverage and Shopping rose by 6% and 5%, respectively. Other categories such as airfares and business spend also contributed to the total.
Singapore’s two integrated resorts, Marina Bay Sands and Resorts World Sentosa, did their part, expanding their entertainment lineup. Taylor Swift took her Eras tour to the Sands, while the Harry Potter: Visions of Magic exhibition opened at Sentosa.
The IRs are jointly investing billions in new attractions as part of 10-year concession agreements secured in 2019. Those agreements ensure them exclusive rights to gaming through 2030.
Sands, Sentosa up the ante
Last November, the Las Vegas Sands Corporation increased its planned investment in Singapore to S$8 billion, above the S$3.4 it pledged in 2019, per Bloomberg. The project will add a 570-suite luxury hotel with VIP “sky gaming” on the upper levels; a 15,000-capacity concert arena; and a 10,220-square-metre convention space.
Resorts World Sentosa is building a S$6.8 billion “waterfront lifestyle complex” with two luxury hotels and a Minion Land theme park. It will also add an 88-metre-high mountain trail experience, reported The Asean Daily, which called it “a new standard for architectural innovation in Southeast Asia”.
Momentum to continue in 2025
Tourism officials expect even better results in 2025. The Singapore Tourism Analytic Network (STAN) has projected that 17 million to 18.5 million international travellers will come to Singapore this year, and spend as much as S$30.5 billion.
In a statement, the agency said: “While acknowledging potential headwinds stemming from geopolitical tensions and macroeconomic challenges, STB remains focused on driving quality tourism growth to defend and extend Singapore’s global position as we continue to develop tourism in the years ahead”.
Ow added, “As we look back at 2024, as well as our achievements over the last 60 years, tourism has contributed to the economy, reinforcing our international reputation and providing more lifestyle options for visitors and residents”.
