Chart of the Day: Tourist spend predicted to edge up 4% to $23.8-$24.6b

As visitor arrivals hit target.

According to DBS, STB 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% on a y-o-y basis).

Singapore’s visitor arrivals nearing the 17m target. What seemed impossible a decade ago is close to becoming a reality.

Here's more from 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% on a y-o-y basis.

We believe that 2014 will be a better year for hoteliers, with stronger expected visitor arrivals to be driven by higher volumes of business travellers in 2014. 

This is on the back of a robust line-up of MICE events planned throughout the year. In addition, the opening of the sports hub in Jun'14 will also add an additional dimension to Singapore’s product offering to visitors.