Singapore on track to meet tourism target

The Singapore Tourism Board (STB) estimates 12 to 13 million international visitor arrivals for 2011, 80 per cent of which will be coming from the Asia-Pacific region, according to a report in the Daily Mirror.

In 2010 Singapore received 11.6 million international visitors which contributed to S$18.9 billion in tourism receipts. This represented a growth of 20 per cent in visitor arrivals and close to 50 per cent increase in tourism receipts when compared to 2009.

Brokerage firm IIFL predicts that over the next five years arrival numbers could register 7.8 per cent compound annual growth, mainly on account of the increasing Asian influence, efficient connectivity between cities across Asia and the countries position as a leading MICE centre and shopping metropolis. “This puts Singapore on in the sweet spot to continue enjoying the fruits of Asia’s rapid economic growth,” an IIFL spokesperson said.

Despite the recent economic uncertainty Derek Tan, Equity Analyst at DBS Vickers said “I think we are on track to meet STB’s target,” stating that the second half of the year is traditionally the busier time for hoteliers. “Indonesia, China, Malaysia, Australia and India are our main markets and I would be concerned if there is going to be any economic slowdown from these five countries,” Tan said.

Tan added that at this present time they are all looking healthy in regards to their economic outlook.

Source - travelbizmonitor