Singapore’s attempt to promote itself as a hotspot for tourist getaways has paid off rich dividends with revenues shooting up as tourists flocked the country from all over the world.
The RNCOS report on “Opportunities in Singapore Tourism Industry (2007-2009)” has identified Singapore amongst many other nations treating the tourism industry as a crucial component for economic growth in future. In past, growth in the Singapore tourism industry has been exceptionally good in terms of both tourist arrivals and revenue generated. During 2007-2011, the tourist arrivals in the country are expected to rise at a CAGR of 4%.
News published by People's Daily disclosed figures revealed by the Singapore Tourism Board (STB) on September 26, 2007 showing a 4.7% YOY rise with around 911,000 tourist arrivals in Singapore in August 2007.
The STB estimated the visitor days to touch around 3.6 Million, which would mean a 14.4% increase compared to the corresponding month last year in 2006. The five leading countries from where maximum visitors came to Singapore in August 2007 are Indonesia with 159,000, China with 114,000, Australia with 62,000, Japan with 58,000 and India with 56,000. Of the total visitors in the month of August 2007, around 49.10% came from these five markets.
The Age carried a statement by STB saying, "August 2007 is typically a peak travel month for visitors from China as it coincides with school summer holidays".
STB figures showed 90% average room occupancy for the hotels in the city-state. Last month’s room revenues at an average room rate of 198 dollars resulted in the generation of 160 Million Singapore dollars or US $107 Million in revenues.
Singapore has overcome its lack of natural attractions by launching an aggressive campaign to add to its tourist appeal. It has earned itself a reputation for flawless infrastructure, impressive hotels and for the safety of the public. Also, doing their part to fuel the spurt in visitors are budget airlines expanding their operations to link more countries to the island nation.
The country will see new hotspots shortly - two casino resorts by 2010. This will support the country to emerge as an entertainment and arts centre. Also, Singapore has plans to host the country’s first Formula One Grand Prix in the second half of 2008.
Related Market Research Reports:
Indian Tourism Industry Analysis
Opportunities in Malaysian Tourism Industry (2007-2009)
Opportunities in Singapore Tourism Industry (2007-2009)
