April 23, 2013–SINGAPORE (The Straits Times/ANN) — The boom years for Singapore’s tourism industry are over, with its pace of growth expected to slow by about half over the next 10 years.
This is because of keen regional competition for the same tourism pie and Singapore’s tight labour market, Second Minister for Home Affairs and Trade and Industry S. Iswaran said yesterday as he unveiled a muted forecast of tourist arrival growth of 3 to 4 per cent year-on-year.
Spending by tourists is also expected to grow at only 4 to 6 per cent over the next 10 years.
This contrasts with the record growth posted between 2002 and last year, when visitor arrivals grew at a compounded annual rate of 6.6 per cent. Tourism receipts also grew at a corresponding 10 per cent in the same period.
But the surge, which coincided with the launch of major projects such as the two integrated resorts and the Formula One Singapore Grand Prix, is “not sustainable”, said Mr Iswaran.
“The growth model that is based solely on sheer quantitative growth is no longer viable,” he told more than 600 people at the Tourism Industry Conference.
“There is a general consensus that we need to reposition ourselves for more sustainable quality growth, of which the focus is on deriving yield from each visitor.”
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Source: Jessica Lim (2013). Boom Years are Over for Singapore’s Tourism Industry, The Straits Times?http://skift.com/2013/04/23/singapore-tourism-growth-to-halve-over-next-decade-amidst-competition/ published Apr 23, 2013. Viewed Apr 24, 2013,