This Singapore Tourism Spend Analytics Forecast market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Singapore Tourism Spend Analytics Forecast market.
In a country that has the world’s lowest crime rates, the tourism in Singapore is a major industry and contributor to the country’s economy. According to the Travel and Tourism Competitiveness report 2015, Singapore’s international openness, business environment and travel and tourism policy bestowed it with the 11th rank out of 141 countries. Singapore is safe and environmentally friendly and also preserves natural and heritage conservation programs. Singapore’s public transport system is one of the most convenient transport services across the globe. It has a well-known Mass Rapid Transit (MRT) transportation system that is extremely convenient for tourists. Fine dining, nature sight-seeing, cultural and historical landmarks, island resorts and several shopping belts are the main tourist attractions in Singapore.
Singapore Tourism: Sector Forecast and Spend Analysis – Drivers and Restraints
The Singapore government’s initiative in branding the country’s story has deeper roots in its cultural and historical identity. Such brand stories are giving wider scope to appeal to the more demanding consumers. This factor is particularly creating promising growth in the tourism sector in Singapore. Another notable effort by the Singapore government includes targeting the right tourists – working millennials who include young single tourists or couples who are employed, families with kids, senior citizens, and business travellers. This is creating robust development in the growth of Singapore tourism. Apart from governmental initiatives there are various other factors that are creating robust development in the country’s tourism sector. Singapore is safe, clean and efficient. It is one of the safest cities because of its stringent laws. There are no religious or racial tensions. More importantly citizens of Singapore can communicate in English, and tourists therefore do not have to face any language barriers. All these factors are attracting a large number of tourists and as a result, tourism is growing at a very fast rate in Singapore. However, there are few things that are restricting tourists from visiting Singapore. One of the main restraints is the cost factor. Singapore is very expensive. Compared to other Asian countries, hotels, shopping, taxis and eating is very expensive in Singapore. Tourists also feel that the beaches in Singapore are not happening as in Australia. These factors are hampering the growth of the Singapore tourism industry.
Singapore Tourism: Spend Analysis
According to the World Travel and Tourism Council (WTTC), travel and tourism generated a total impact of $US 66 billion of Singapore’s GDP in 2014. The total impact of the travel and tourism sector on the GDP is greater than other sectors such as retail, banking, manufacturing, and automotive. Travel and tourism is a significant source of export revenue for Singapore.
According to the WTTC, money spent by foreign visitors to a country is a key component of the direct contribution of travel and tourism. In 2014, Singapore generated SGD 23.9 billion in visitor exports. Also, spending on leisure travelling generated 51.0% of the travel and tourism GDP in 2014 (SGD17.6bn). This particular spending is expected to rise by 2.4% pa to SGD 22.6 billion in 2025. Domestic travel spending generated 30.7% of direct Travel & Tourism GDP in 2014 and is expected to grow by 3.0% in 2015 to SGD 10.9 billion, and rise by 3.1% pa to SGD 14.8 billion in 2025.
According to the Singapore Tourism Board, fashion and accessories remained the most popular shopping item in terms of amount spent and popularity. Cosmetics, food items, consumer technology, souvenir and gifts, genuine jewellery and watches and clocks are the other items being shopped for.
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
What Can Readers Expect from this Report?
- An overview of the sector, including the key factors that have shaped patterns and demand
- Not just data, but insights that you can incorporate in your strategic decision making
- Nuanced underlying factors that influence consumer behaviour
- Data points to understand the past, analyse the present, and project the future
- Trends that will impact the sector in the short- and long-term
- Deeper understanding of the target audience, their motivations, aspirations, and expectations from service providers
Unique Requirements? Customize this Report
- Customize by Region, Country, Application, Product, & other segments
- Integrate our Insights with your Existing Data
- Determine the scope of the study to suit your requirements
Let FMI Help You!
- Gain Insights on Key Singapore Tourism Spend Analytics Forecast Impacting Forces
- Know the Winning Strategies of Market Leaders
- Get Deep-Dive Analysis on Each Segment
- Identify the Sources that will Drive Top-Line Revenue
Singapore Tourism Spend Analytics Forecast
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Singapore Tourism Spend Analytics Forecast report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Singapore Tourism Spend Analytics Forecast. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Singapore Tourism Spend Analytics Forecast report?
In addition to up-to-date market figures and customized of the Singapore Tourism Spend Analytics Forecast, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.