Singapore witnessed a 115% increase in tourist arrivals last year, from 6.3 million in 2022 to 13.6 million in 2023. Notably, the tourism industry’s recovery has reached 71% of its 2019 levels, prior to the international travel restrictions implemented in 2020 due to the COVID-19 pandemic.
The increase in tourist arrivals is driven by strong demand from various key markets, led by Indonesia (2.3 million), China (1.4 million), and Malaysia (1.1 million). Other key markets include Australia, South Korea, and the United States.
Show performance of the music group Black Pink in Singapore in 2024. Photo: Bandwagon Asia.
Notably, Vietnam contributed nearly 460,000 tourist arrivals to Singapore and is also one of the top 10 tourist markets for the island nation.
Last year, Ms. Melissa Ow, STB’s Chief Executive, stated that Vietnam is one of Singapore’s top 10 source markets for tourist arrivals. The Vietnamese market has significant tourism growth potential and will continue to be an important market for Singapore in the coming years.
Singapore’s tourism revenue is estimated to reach up to $19.3 billion in 2023, surpassing STB’s forecast. Meanwhile, this revenue is equivalent to 88-94% of the 2019 level.
In the near future, Singapore will continue to develop world-class facilities and infrastructure to attract more visitors to the island nation. Some notable projects that attract tourists include the new Conrad Singapore Orchard hotel, Tower 4 at Marina Bay Sands, and several other development projects.
In addition, music festivals held in Singapore have become a major attraction for international visitors, with notable upcoming events including IU’s world tour “H.E.R” in April 2024, Bruno Mars’ 2024 live concert, and CNBLUE’s first Asian tour in 7 years.
In the upcoming month of March, Taylor Swift’s exclusive concert in the Southeast Asian region will further boost air ticket sales and accommodations in Singapore.
