Singapore hits record-breaking tourism receipts and 16.5 million visitor arrivals in 2024

Singapore’s tourism sector achieved historic highs in 2024, with tourism receipts (TR) hitting the upper bound of forecasts and visitor arrivals (IVA) surging to 16.5 million, a 21% increase from 2023. The strong performance, driven by a robust events calendar, growing air connectivity, and new attractions, reaffirmed Singapore’s position as a global tourism powerhouse.

Talking about the tourism sector’s growth, Melissa Ow, Chief Executive of the Singapore Tourism Board (STB), said: “In 2024, Singapore’s tourism sector posted a strong performance, an affirmation of the industry’s efforts in refreshing our products and experiences, as well as embarking on new collaborations this past year. Collectively, these efforts elevated Singapore’s destination appeal and strengthened the sector’s capabilities and competitiveness.”

According to STB, tourism receipts reached SGD 22.4 billion between January and September 2024, reflecting a 10% year-on-year increase. Growth was recorded across all spending categories, with Sightseeing, Entertainment & Gaming (SEG) leading at 25%, followed by Accommodation (17%), Food & Beverage (6%), and Shopping (5%).

China, Indonesia, and Australia drive Singapore’s tourism growth

Singapore’s top three source markets for tourism spending were Mainland China (SGD 3.58 billion), Indonesia (SGD 2.13 billion), and Australia (SGD 1.44 billion), excluding SEG-related spending. Visitor arrivals were also dominated by China (3.08 million), Indonesia (2.49 million), and India (1.2 million), while Japan, Taiwan, the UK, and the USA recorded strong growth.

Key factors behind the surge in arrivals included the 30-day mutual visa exemption with China and a 15% increase in international air seat capacity at Changi Airport, which saw over 41 million seats in 2024, reaching 98% of pre-pandemic levels.

World-class events and attractions fuel tourism surge

Singapore’s extensive calendar of concerts, lifestyle events, and major sporting spectacles significantly boosted visitor spending. Coldplay, Ed Sheeran, and Taylor Swift concerts generated substantial economic impact, benefiting hotels, retail, and dining sectors. Other highlights included Disney Garden of Wonder, Anime Festival Asia, and Singapore Art Week, which enhanced Singapore’s appeal to both regional and international tourists. The Formula 1 Singapore Grand Prix 2024, a major draw for high-spending visitors, was among the standout events that reinforced Singapore’s status as a premier global destination for entertainment and sports tourism.

Singapore also saw major business events and MICE (Meetings, Incentives, Conferences, and Exhibitions) activities, hosting the Asia Photonics Expo, World Economic Forum Young Global Leaders Summit, and GSTC Global Sustainable Tourism Conference for the first time. The city-state climbed to second place in the ICCA Worldwide City Rankings 2023, a jump of over 10 places from 2022, solidifying its position as a top global MICE hub.

Hotels and cruises post strong performance

Singapore’s hotel sector reported higher room rates and occupancy levels in 2024. Average Room Rate (SGD 276) increased by 1.4%, while Revenue per Available Room (RevPAR) rose by 3% to SGD 226. Occupancy reached 81.8%. The cruise industry also experienced a strong year, with 1.8 million passenger throughput from 340 ship calls. Singapore welcomed maiden calls from major cruise lines, including Royal Caribbean’s Anthem of the Seas, Silversea Cruises’ Silver Nova and Silver Dawn, and Viking Cruises’ Viking Venus. Several cruise lines, including Resorts World Cruises, Royal Caribbean, and Silversea, reaffirmed their commitment to homeport in Singapore, further strengthening its position as a leading cruise hub in Asia.