Following the imposition of US tariffs, a more challenging global environment is expected. As countries revise their growth rates downwards, consumer confidence is expected to be adversely affected.
At this point, based on last year’s strong performance, Singapore Tourism Board (STB) is projecting tourism receipts to reach between S$29 to $30.5 billion and international visitor arrivals to hit 17 to 18.5 million in 2025, with several growth engines.
In 2024, STB embarked on Tourism 2040 – a roadmap designed to drive the next chapter of quality tourism growth amid rising global competition, shifting demographics and increasing resource constraints.
Growth of international arrivals
Singapore’s international visitor arrivals grew 21% in 2024, up from 2023’s 16.5 million, and tourism receipts reached a record high of S$29.8 billion (about US$22 billion).
Mainland China, Indonesia and Australia were the top tourism receipt markets, with Mainland China and Japan seeing exceptional year-on-year growth at 48% and 26% respectively. Notably, visitor arrivals from Mainland China surged by 126% in 2024, following the launch of the 30-day mutual visa exemption.
Nearly all key markets experienced healthy growth in visitor arrivals, driven by a strong mix of short to long-haul visitors from Mainland China, Japan, Indonesia, India, the UK and the USA.
A series of immersive showcases such as the Harry Potter: Visions of Magic experience, The World of Studio Ghibli exhibition, and The Eras Tour by Taylor Swift helped strengthen Singapore’s tourism performance.
Flagship events including the HSBC Women’s World Championship and Formula 1 Singapore Grand Prix continue to serve as cornerstones of Singapore’s tourism calendar.
Upcoming and new attractions
There is an exciting lineup of new attractions and events this year. Pop icon Lady Gaga will stage a series of concerts in May, which will attract her fans from around the region to Singapore. Singapore will be her only stop in Asia.
Several new attractions were unveiled at the Mandai Wildlife Reserve recently to create immersive “City in Nature” experiences. These include the Mandai Boardwalk, Rainforest Wild Asia, and the Mandai Rainforest Resort by Banyan Tree.
Marina Bay Sands will break ground on its expansion works in mid-2025, bringing exciting new developments including a 15,000-seat entertainment arena, additional MICE spaces, a new iconic hotel tower, and a public rooftop attraction when it is completed in 2029.
For sports fans, basketball stars will take centre stage at a multi-day festival leading up to the NBA Rising Stars Invitational in June. This is the league’s first regional basketball tournament for youth aged 18 and under, with meet-and-greet and exclusive coaching sessions.
Looking ahead to the mid-2030s, the opening of Changi Airport Terminal 5 will be a game-changer to expand the airport capacity by around 50 million passengers yearly. This will be an increase of over 50% from the current capacity of 90 million passengers.
STB stated it, together with its partners, intends to create compelling business and lifestyle experiences to encourage more transit and transfer passengers to make a stop in Singapore.
US tariffs
Singapore has been hit with a baseline 10 per cent tariff on its goods imported to the US, but the effects are likely to be more wide-ranging for the export-oriented, regionally plugged in country as its Asian neighbours grapple with the higher tariffs imposed.
China has been hit by the highest overall tariffs at 54% followed by Cambodia at 49%, and Vietnam at 46%. Thailand has been hit by tariffs at 36%, Indonesia and Taiwan at 32% each, Malaysia at 24%, and the Philippines at 17%.
Time will tell how these tariffs will affect tourism in the region in time to come.
