Travel & Tourism - Singapore

  • Singapore
  • Singapore's Travel & Tourism market is expected to prosper in the coming years.
  • The revenue of this market is projected to reach ₹310.60bn by 2024.
  • Moreover, it is expected to grow annually at a rate of 5.62% between 2024 and 2028.
  • By 2028, the market's projected volume is estimated to be ₹386.50bn.
  • The largest market in this market is the Package Holidays which are expected to generate ₹148.00bn in 2024.
  • The number of users for Package Holidays is projected to reach 4.98m users by 2028.
  • It is forecasted that user penetration will increase from 87.5% in 2024 to 99.4% by 2028.
  • The average revenue per user (ARPU) is expected to be ₹58.65k.
  • By 2028, online sales will account for 81% of the total revenue generated in the Travel & Tourism market.
  • Lastly, United States is expected to generate the most revenue in comparison to other countries, with ₹16,130bn in 2024.
  • Singapore's Travel & Tourism industry has experienced a rise in domestic tourism due to COVID-19 travel restrictions.

Key regions: Malaysia, Europe, Singapore, Vietnam, United States

 
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Analyst Opinion

Singapore's Travel & Tourism market is experiencing significant growth and development.

Customer preferences:
Travelers in Singapore are increasingly seeking unique and personalized experiences, moving away from traditional tourist attractions towards more authentic and off-the-beaten-path destinations. This shift in preferences is driven by a desire for cultural immersion and a deeper connection with the local community.

Trends in the market:
One notable trend in the Singaporean Travel & Tourism market is the rise of sustainable and eco-friendly travel options. With growing concerns about climate change and environmental impact, travelers are showing a preference for green accommodations, carbon-neutral transportation, and responsible tourism practices. This trend is in line with global efforts towards sustainability in the tourism industry.

Local special circumstances:
Singapore's strategic location in Southeast Asia makes it a hub for regional travel, attracting visitors from neighboring countries for short getaways and business trips. The city-state's efficient transportation infrastructure and world-class amenities contribute to its appeal as a travel destination. Additionally, Singapore's diverse culinary scene and vibrant cultural events offer unique experiences for tourists.

Underlying macroeconomic factors:
The strong economic growth and stable political environment in Singapore have contributed to the growth of the Travel & Tourism market. Rising disposable incomes and a growing middle class in the region have led to an increase in outbound travel from Singapore. Additionally, government initiatives to promote tourism and improve connectivity have further boosted the industry.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

Overview

  • Revenue
  • Sales Channels
  • Analyst Opinion
  • Users
  • Travel Behavior
  • User Demographics
  • Global Comparison
  • Methodology
  • Key Market Indicators
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