SINGAPORE, 25 April 2014: Tourist spend in Singapore is set to hit S$24 billion this year, based on the latest Singapore Tourism Board (target of 16.3 to 16.8 million visitor arrivals representing a growth rate of 5% to 8% year-on-year).
Singapore Business Review reported that STB expects visitor spending to grow modestly this year, with total tourist expenditure of S$23.8b billion to S$24.6 billion a marginal growth of around 0.5% to 4.0% year-on-year.
The leading business publication quoted additional comments on the projections made by DBS.
“Assuming that Singapore achieves the 5% to 8% year-on-year growth target, this would be higher than the expected 3.5% increase in total rooms, meaning that hoteliers will continue to enjoy strong demand for accommodation.”
The bank said the main push in demand will come from higher volumes of business travellers in 2014.
Together with the convention facilities at Marina Bay Sands and Resorts World, Sentosa, the re-opening of Suntec Convention Centre (closed for extensive renovations in 2013) will enable Singapore to expand its market share in the events and business tourism sector, DBS reported.
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Singapore targets modest growth
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