A robust performance for Singapore’s tourism sector in 2024, fuelled by rising international visitor arrivals (IVA) and tourism receipts (TR), points to a successful year for the city’s business events sector.
TR reached S$22.4 billion (US$16.4 billion) between January and September 2024 – an increase of 10 per cent when compared to the same period in 2023. The Singapore Tourism Board (STB) expects the full-year TR to reach the upper bound of its 2024 forecast, setting a new record in tourism spend.
All spend categories have shown year-on-year growth, led by sightseeing, entertainment & gaming (SEG) at 25 per cent, followed by accommodation at 17 per cent. Meanwhile, F&B and shopping saw a six and five per cent increase respectively, with other categories such as airfares and business spending contributing to TR as well.
China, Indonesia, and Australia emerged as the top TR generating markets, contributing S$3.6 billion, S$2.1 billion, and S$1.4 billion respectively (excluding SEG). Notably, China and Japan showed strong year-on-year growth in TR.
IVA increased by 21 per cent over 2023 to reach 16.5 million, with China (3.1 million), Indonesia (2.5 million) and India (1.2 million) topping the source market charts. Other markets that exhibited healthy year-on-year growth included Japan, Taiwan, the UK, and the US, representing a good mix of short, mid and longhaul markets.
In addition, Singapore’s hotel industry demonstrated positive growth in 2024, with ARR and RevPAR increasing year-on-year, reaching S$276 (1.4 per cent increase compared to 2023 ARR) and S$226 (three per cent increase compared to 2023 RevPAR) respectively. AOR was 81.8 per cent in 2024, a 1.3 percentage point increase compared to 80.5 per cent in 2023.
Beyond these specific achievements, the business events sector also benefited from the overall strength of Singapore’s tourism industry. Strong visitor arrivals from key business travel markets, coupled with increased hotel occupancy rates, provided a solid foundation for growth.
In 2024, Singapore played host to several significant debuts, including the Asia Photonics Expo, SuperAI 2024, UTECH Southeast Asia 2024, World Economic Forum Young Global Leaders Summit 2024, and GSTC2024 Global Sustainable Tourism Conference. Long-standing tradeshows like the Singapore Airshow and Food & Hotel Asia also contributed to a diverse and dynamic business events calendar.
A major highlight for the sector was Singapore’s climb to second place in the 2023 ICCA Worldwide City Rankings, its highest ever position. This significant jump of more than 10 places from the previous year underscores the city’s growing prominence in the global business events landscape and its ability to attract and host world-class events.
Sustainability also took centrestage in 2024. Singapore demonstrated its commitment to environmentally responsible business events practices through the development of the Global Sustainable Tourism Council (GSTC) MICE Criteria, in partnership with the Singapore Association of Convention & Exhibition Organisers & Suppliers. The recognition of the standards for MICE Event Organisers and Venues within Singapore’s MICE Sustainability Certification Framework by GSTC, a world-first, underscores the city’s leadership in sustainable MICE practices. The launch of the MICE Venue Sustainability Playbook provided further support for this crucial initiative.
Looking ahead, STB expects 2025 IVA to reach between 17 to 18.5 million, bringing in approximately S$29 billion to S$30.5 billion in TR.
This year, Singapore will welcome even more tourism developments, as well as leisure and business events, such as Mandai Rainforest Resort by Banyan Tree, Disney Cruise Line’s Disney Adventure maiden sailing and year-round homeport, Anime Festival Asia 2025, World Aquatics Championships 2025, and Usana Regional Convention 2025.
