Chart of the Day: Here's how humongous Singapore's visitor arrival growth will be by 2015

Tourist spend is predicted to hit $24b.

According to DBS, the Singapore Tourism Board (STB) has set a target of 16.3m-16.8m visitor arrivals for 2014, representing a growth rate of 5-8% y-o-y. 

STB also expects visitor spending to grow modestly this year, with total tourist expenditure of S$23.8bn-S$24.6bn (which represents a growth of c.0.5% to 4.0% y-o-y).

Here's more from DBS: 

This projection is in line with our expectations.

Assuming that Singapore achieves the 5-8% y-o-y growth target, this would be higher than the expected c.3.5% increase in total rooms, meaning that hoteliers will continue to enjoy strong demand for accommodation.

We expect the main push in demand to come from higher volumes of business travellers in 2014.

Together with the convention facilities at Marina Bay Sands and Resorts World @ Sentosa, the re-opening of Suntec Convention Centre – after being closed for extensive renovations in 2013 – will enable Singapore to grow the MICE pie and host more events and exhibitions more significantly going forward.