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Singapore Tourism Report Q3 2009
Market |
Travel |
Report Type |
Market Research |
Country |
Singapore |
Published |
17 July 2009 |
Number of Pages |
50 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
Singapore Tourism Market in decline
A Difficult Time Ahead Singapore’s tourism industry has experienced a difficult start to 2009. The first three months of the year saw double-digit declines in arrivals figures on a year-on-year (y-o-y) basis. April figures showed a slight improvement, with arrivals down by 6.1%, at 780,000, according to figures released by the Singapore Tourism Board (STB). Year-to-date, 3.03mn tourists have arrived in the city state.
Given this disappointing start to the year, it is clear that the risk to BMI’s forecast of 9.9mn visitors for 2009 now lies very much to the downside. However, we would prefer to wait for more data to come out over the summer months before moving to change our arrivals forecast for the current year.
Integrated Resorts Opening Soon In June 2009, the first details surrounding some of the hotel rooms on offer at the new SGD6.59bn Sentosa integrated resort were unveiled. Showrooms for the Maxims Tower, Hotel Michael, Festive Hotel and the Hard Rock Hotel Singapore were opened for public viewing. The 120-room Maxims Tower and 470-room Hotel Michael are both pitched at the luxury end of the market. The 398-room Festive Hotel is pitched at the family market, with brightly coloured décor and loft sleeping areas within the bedrooms for children. Lastly, the 364-room Hard Rock Hotel Singapore is pitched at the young adult market. Bookings for these new hotels will open in H209. Other attractions on offer at Sentosa will include a Universal Studios theme park, a casino and the world’s largest oceanarium.
BMI believes that these new resorts will do much to boost Singapore’s tourist industry significantly from 2010 onwards.
Challenging Operating Environment For Tourism Companies The current global economic slowdown is providing a challenging backdrop for companies operating within the Singaporean tourism industry at present. Hotel occupancy rates in Singapore are falling and domestic airline Singapore Airlines saw a 48.2% fall in its net profits over FY08/09. BMI will continue to monitor the situation in Singapore to see if any further changes to our tourism forecasts prove necessary.
Addition Of Coverage On Swine Flu May 2009 saw Singapore confirm its first case of the H1N1 virus (swine flu). To that end, BMI has added coverage of swine flu to our existing coverage of avian flu. More information can be found on pages 33- 34 of this report.
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