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Singapore Tourism Report Q1 2009
Market |
Travel |
Report Type |
Market Research |
Country |
Singapore |
Published |
5 March 2009 |
Number of Pages |
44 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
A difficult time ahead Singapore has continued to witness a slowing in visitor arrival numbers, as the more difficult global economic backdrop has impacted on tourist arrival numbers. In October, visitor arrivals reached 843,000, a decline of 8.1% year-on-year (y-o-y). This brings year-to-date figures for 2008 to around 8.43mn.
September was also a disappointment, with visitor arrivals of 739,000 representing a 4.1% decline y-o-y.
A 10% decline over the first three weeks of the month was marginally offset by the strong 30.3% growth in visitor numbers ahead of the city state’s inaugural Formula One Grand Prix.
BMI had noted that the decline in visitor numbers over June 2008 had represented the first month of falling visitor numbers since March 2004. Clearly, this month has marked the start of a sharper decline in visitor numbers as tourists cut back on discretionary spending. Against this backdrop, the time is right for a downwards revision to our FY08 arrivals numbers. We now predict total arrivals of 10.2mn for the year.
We are also more pessimistic on the outlook for 2009 and 2010.
Singapore Grand Prix a success Singapore hosted its first ever Formula One Grand Prix on September 28 2008. The event was judged a success by both competitors and spectators, and did much to promote Singapore as a tourist destination.
Indeed, the hosting of the Grand Prix helped offset a decline in visitor numbers that was particularly pronounced over the first three months of September. The promoters of the race have already won several influential motor sport awards for their work, including ‘Promoter of the Year’ from the FIA.
BMI believes that the hosting of a Singaporean grand prix provided a clear boon in attracting new visitors to the city state. The television coverage of the event provided institutions like Raffles with a clear shop window to the world and the entire city state will be the focus of the world’s media over the grand prix weekend. Supporters of grand prix racing tend to be reasonably affluent, so shopping centres and nightlife venues should receive extra revenue from incoming travellers. The problem for Singapore, as with so many tourism destinations around the world, is that, for now, the global economic crisis will deter tourists from travelling.
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