Singapore Targets $50b in Tourism Receipts by 2040

Figure for 2024 hits all-time high of $29.8b; Mice sector seen as key growth driver

- Sarah Stanley

Tourism spending in Singapore is projected to reach between $47 billion and $50 billion by 2040, around 1.7 times 2024's figure, Minister-in-charge of Trade Relations Grace Fu said on April 11.

In 2024, the country recorded an all-time high of $29.8 billion in tourism receipts, driven largely by visitors from top spending markets such as China, Indonesia and Australia.

International visitor arrivals hit 16.5 million, underscoring a strong post-pandemic rebound.

Looking ahead, the rate of tourism spending is expected to outpace the growth in visitor arrivals, as Singapore shifts its focus from volume to value, said Singapore Tourism Board (STB) chief executive Melissa Ow.

This vision is encapsulated in the STB's Tourism 2040 road map, which revolves around three key pillars: cultivating future demand, enhancing Singapore's appeal as a destination, and developing a future-ready tourism sector.

One of the key growth engines lies in the Mice (meetings, incentives, conferences and exhibitions) segment, which Ms Fu identified as a "high-growth and quality visitor segment".

Ms Fu and Ms Ow were speaking at the Tourism Industry Conference on April 11.

The annual event, which was held at Suntec Singapore Convention and Exhibition Centre, is for STB and the tourism and travel trade industry to take stock of tourism trends and market insights.

STB aims to triple Mice tourism receipts by 2040.

According to a 2019 study by STB, Mice travellers contributed around $1.4 billion - or around 4 per cent - to Singapore's tourism receipts. Ms Ow estimates that this will increase to 10 per cent by 2040.

Mice travellers tend to spend twice as much as leisure travellers, said Ms Fu, and with the global Mice sector projected to double in value over the next decade, the Asia-Pacific is emerging as one of its fastest-growing markets.

STB is also studying the development of a Mice Hub in Singapore's downtown district.