Singapore's tourism market size doubled to $12.4b in a decade

It created 164,000 jobs, larger in number than jobs in banking and manufacturing.

The market size of Singapore's tourism sector doubled within a decade, from US$6.1b in 2006 to US$12.4b in 2016, the World Travel and Tourism Council (WTTC) revealed.

According to the City Travel and Tourism Impact report, the Lion City's tourism sector comprised 4.3% of total city GDP.

WTTC projected that in 2026, the sector's market share will still double to $24b and grow to have a 4.7% share of the GDP.

Moreover, the number of jobs in tourism surged from 88,800 in 2006 to 164,000 in 2016, larger in number than jobs in banking and manufacturing.

WTTC said the number could hit 181,700 in 2026.

Meanwhile, international visitors contributed 67.7% to total tourism spending, the fifth largest in the world.

"Hosting a major airport and a hub for Singapore Airlines, the city is important for intercontinental travel. Many travellers have been encouraged to break their long-haul trip with a stay in Singapore," the report said.

The biggest source markets are from within the Asia Pacific region, most notably from China and neighbouring Indonesia.

"Singapore’s Travel & Tourism sector relies on both leisure and business travellers, although revenue from leisure travel is slightly greater, accounting for 55% of all spending," the report said.