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Wednesday, 01 February 2023 02:41

Singapore's tourism sector recovering well

Singapore’s international visitor arrivals (IVA) reached 6.3 million in 2022 exceeding STB’s forecast of between 4 and 6 million visitors.

 

Barring unexpected circumstances, tourism activity is now expected to recover to pre-pandemic levels by 2024.

Mr Keith Tan, Chief Executive, Singapore Tourism Board (STB), said: “Our 2022 tourism performance underscores Singapore’s appeal as a leading business and leisure destination for post-pandemic travellers. To sustain our growth in 2023 and beyond, we will expand our partnerships, build up a rich year-round calendar of events, ramp up investment in new and refreshed products and experiences, and continue to support industry efforts to build the capabilities they need to meet consumer demands.”

 

MICE and Leisure Events

The resumption of MICE[1] events picked up pace in 2022, following the easing of border restrictions and safe management measures.

 

Marquee international events returned to Singapore, including Food and Hotel Asia – Food & Beverage and Food and Hotel Asia – HoReCa, which took place as two dedicated trade shows for the first time, ITB Asia, and Singapore Fintech Festival, which attracted a record turnout from over 115 countries. STB also secured new events like FIND: Design Fair Asia as well as Global Health Security Conference 2022 and the 14th World Stroke Congress, which reinforced Singapore's leadership in key industry clusters.

 

Singapore’s calendar of leisure and sporting events also recovered strongly. The Formula 1 Singapore Airlines Singapore Grand Prix 2022 – held after a two-year hiatus – drew a record attendance of 302,000; the Tour de France Prudential Singapore Criterium also made its Southeast Asian debut. Regular crowd-pleasers such as the Singapore Food Festival, Christmas Wonderland, Christmas on A Great Street at Orchard Road, the Marina Bay Singapore Countdown and ZoukOut Singapore were all organised successfully and drew visitors from around the world.

 

 

Hotels Industry Performance

 

Singapore’s hotel industry also posted an encouraging year due to stronger demand for leisure and business travel. From April to December 2022, the Average Occupancy Rate (AOR) was 79.1 per cent, compared to 87.3 per cent recorded in the same period in 2019. Average room rates during this period increased by 17 per cent to S$260, while Revenue per Available Room (RevPAR) increased by 6.2 per cent to S$206. 

 

Singapore welcomed a total of 465 new keys in 2022 with the opening of new hotels like the Citadines Connect City and Garden Pod @ Gardens By The Bay Centre. New brands like Hotel Telegraph (formerly known as SO Singapore), Pullman Singapore Orchard (formerly known as Grand Park Orchard), voco Orchard Singapore (formerly known as Hilton Singapore at 581 Orchard Road) and Vibe Hotel Singapore Orchard (formerly known as Elizabeth Hotel) were also introduced. These investments underscored the private sector’s confidence in Singapore’s tourism prospects.