Singapore Sets Tourism Goals for 2040
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The Singapore Tourism Board is shifting its tourism focus to value over volume as part of its Tourism 2040 roadmap.
The Singapore Tourism Board is shifting its tourism focus to value over volume as part of its Tourism 2040 roadmap. They expect tourism spending to reach as high as S$50 billion by 2040, around 1.7 times the current levels. The Singapore Tourism Board said the rate of tourism spending is seen outpacing visitation growth as the city looks to improve the quality of visitation in the coming years. In 2024, 16.5 million international visitors arrived, with tourism receipts hitting a new high of S$29.8 billion. The STB 2040 tourism roadmap will focus on three core pillars: cultivating future demand, enhancing Singapore’s destination appeal, and developing a future-ready tourism sector. The MICE sector will be a focus with the STB aiming to triple MICE tourism receipts and grow the contribution of overall tourism receipts of MICE travelers from 4% to 10% by 2040. A MICE hub in Singapore’s downtown district is being considered, along with the rejuvenation of key tourist hotspots lik
