New market study, "Singapore Tourism Report Q2 2011", has been publishedFast Market Research recommends "Singapore Tourism Report Q2 2011" from Business Monitor International, now available
Arrivals to Singapore soared during 2010. Final full-year data from the Singapore Tourism Board (STB) released during Q111 revealed that a total of 11,638,663 tourists visited the Lion state, an increase of 20.2% year on year (y-o-y). There was particularly strong growth in arrivals from the sizeable potential markets of Indonesia (up 32.1% y-o-y), China (up 25%) and Malaysia (up 35.7%). Tourist revenues for the year stood at SGD18.8bn (US$13.8bn), up an incredible 49% y-o-y. This strong performance reflects the improving global economic environment, as well as the positive impact of Singapore's new integrated resorts at Sentosa and Marina Bay Sands. The Singapore Tourism Board (STB) also identified improved tourist sentiment and tactical promotions by airlines and hotels as other key growth drivers over the course of the past 12 months. Further bolstering arrival numbers across 2010 were Singapore's hosting of the first Youth Olympic Games in August and the Singapore Grand Prix, held on the final weekend of September. ------------------------------------------------------------ Full Report Details at - http://www.fastmr.com/ ------------------------------------------------------------ Looking forward, we believe that Singapore's tourism success story should continue into 2011, as more people choose to visit the new integrated resorts, particularly from neighbouring Asian countries. January 2011 arrival figures were notably robust, up 16.2% y-o-y at 1,005,000 visitors, a record for January. For now, we continue to target growth in tourist arrivals of 12% for 2011, which may seem slightly cautious but reflects our view that risks to global economic recovery remain. Austerity measures in Europe and the US may impact on arrivals to Singapore from these two key source tourism markets. Lastly, the devastating Japanese tsunami of March 2011 could well depress growth in this country and reduce outward tourism demand from Japanese citizens. Already, Singapore Airlines has reduced capacity between Singapore and Tokyo, cutting one of its daily flights between Changi and Haneda airports as of end-March 2011. The airline has also announced the indefinite postponement of introducing the new Airbus A380 aircraft on the Singapore-Tokyo- However, should arrivals data remain robust during the first two quarters of 2011, then we would expect to make some upwards revisions to our current 12% growth in arrivals forecast as the year unfolds. Government upbeat on tourism outlook In March 2011, Senior Minister of State for Trade, Industry and Education, S Iswaran, made a speech at Singapore's Tourism Industry Conference 2011 setting out general tourism aims for the coming year. While acknowledging the strong performance of the sector during 2010, when over 11.6mn tourists visited the Lion state, the minister also spoke of the need for Singapore to address the challenges posed by other Asian nations, which are investing heavily in areas such as meetings, incentives, conferences and exhibitions (MICE) travel, theme parks and cruise terminals. To that end, Mr Iswaran identified three areas where Singapore can continue to excel: innovation, integration and productivity. Innovation involves taking steps to attract greater numbers of high net worth individuals to the city state, with Iswaran citing personalised concierge services and luxury cabins in the Jewel Cable Car ride as examples. Integration involves the better cross-promotion of tourism services, such as business travellers meeting at the Suntec centre by day and then visiting the restaurants and other leisure options offered at Resorts World Sentosa by night. The 'See Singapore Attractions Pass', which offers unlimited visits to 20 attractions around the city is another example of innovation cited by the minister. Lastly, Iswaran stated that the country must continue to increase productivity within the hospitality sector, by increasing training and skills within the local workforce. BMI applauds this continued focus on improving Singapore's tourism offering, which is already one of the strongest in the region. Underlining Singapore's attractiveness as a tourism destination, the city state came top in the Asia Pacific region in the World Economic Forum's Travel and Tourism Competitiveness report for 2011. It was also ranked 10th worldwide. Singapore scored particularly well against criteria for transport infrastructure and quality of human resources. Strong Year For Changi In 2010, Singapore's Changi International Airport handled over 40mn passengers, passing this mark for the first time during mid-December. Already, the airport had seen a 13.8% annual increase in passenger numbers over the first 11 months of the year, to 37,974,903 passengers. Over the same period, the airport handled 1,657,978 tonnes of cargo, up 11.7% y-o-y. The airport also welcomed nine new airlines over the course of the year, including Philippines carrier Southeast Asian Airlines and Russian airline Transaero. In January 2011, Air Macau commenced a twice-weekly service linking Singapore to Macau. In total, Changi now serves 101 airlines and connects with over 200 cities around the world. Changi Airport continues to be recognised across the airport industry for its world-class facilities and attention to customer care. In September 2010, the airport won 'Best Airport in the World' for the 23rd year running in the Business Traveller Awards. This brought its total for the year to 16 (as of September 2010), having previously won 27 'Best Airport' awards in 2009. About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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