We are pleased to provide this brief executive summary of our report titled “Short-Term Forecasts of Visitor Arrivals in Singapore, 2018-2020.” The full report can be downloaded at the end of the post. Subscribers to the report will receive a complimentary update of our forecasts of inbound tourist arrivals to Singapore every six months.
Singapore’s tourism industry hosted 17.4 million international tourists in 2017, more than three times its total population of 5.6 million. Known for its role as a major holiday destination and transport hub in the fastest growing tourism region in the world, the Asia-Pacific region, the city-state is poised for further growth due to a variety of factors including an expansion of air travel connections and the government’s priority for further transport infrastructure and private sector tourism investments.
With continued visitor growth, it is important that the demand for the city’s tourism product grows in alignment with the facilities available in a sustainable way. Clear strategies are required to cater not just to the economic aspects of tourism, but to the environmental and social effects as well. Well-targeted advice is also needed to inform future planning and investment decisions.
Our forecasts support these goals by providing hotel investors, developers, managers, marketers, policymakers, and planners with short-term forecasts for:
• Inbound international arrivals, focusing on Singapore’s main source markets, China, Indonesia, and India
• Visitors to places of interest in Singapore, such as the Singapore Zoological Gardens
• The average length of stay in hotels, and
• Occupancy rates, a critical metric for the performance of hotels
Results from our forecasts show:
• Over the next three years, total visitor numbers to Singapore are expected to increase by 20.7%, from 17.4 million in 2017 to 21 million in 2020
• Between 2017 and 2020 inbound visitor arrivals from ASEAN countries are expected to grow by 23% from 6.2 million in 2017 to 7.6 million in 2020
• Over the next three years, total visitor numbers from Asian countries are expected to increase by 23% from 13.5 million in 2017 to 16.6 million in 2020
• India will be the fastest growing international market with an annual growth of 10.3%, followed by China at 9.7% and Vietnam at 9.1%.
Our forecasts represent the most likely outcomes given past trends and current information. As with all forecasts, any variations in the assumptions or any disruptive events could produce risks that may drive forecasts either upward or downward. For this reason, we have introduced confidence limits with our forecasts.
Please subscribe to our mailing list and download your complimentary copy of our report, “Short-Term Forecasts of Visitor Arrivals in Singapore, 2018-2020” after you have received a confirmation thank you email! Short-term forecasts of visitor arrivals for Indonesia and Bali are also available via our blog.