Wednesday, October 05, 2022

Singapore tourism spending fell for the first time in six years

Tourism spending in Singapore fell for the first time in six years in 2015, down 6.8 percent to SG$22 billion (US$15.7 billion), according to the Singapore Tourism Board.

Fewer business travellers and lower spending per person were the main reason for the decline, said the Tourism Board in a media conference on Monday.

STB chief executive Lionel Yeo said the tightening of business travellers’ budgets had a significant impact on tourism revenue as they make up around a quarter of total visitors to Singapore, and their spending tends to be twice that of leisure travellers.

Between January and September of 2015, less was spent on shopping, accommodation, transport, sightseeing and casino gaming than they did in 2014, however, spending on food and beverage rose slightly by one percent.

For this year, STB forecasts tourism receipts to grow between zero and two percent up to $22.4 billion, and visitor arrivals are expected to grow between zero and 3 percent, up to 15.7 million.

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