How Singapore tourism will gain from ASEAN's robust travel outlook

Travel frequency seen to spike.

According to DBS, boosted by rapid economic growth, growing affluence and a burgeoning middle class fueling demand for travel, most notably by two major visitor source markets – China and India; the Asia and the Pacific region has been one of the most vibrant tourism markets globally over the past decade.

Here's more from DBS:

The Southeast Asia (SEA) region has been a key beneficiary of the strong growth in intra-regional travel. We believe that Singapore remains well placed to benefit from the structural growth trend in travel within the ASEAN region.

Factors such as the continued growth of Low Cost Carriers will result in increased travel frequency within the region, while the rising affluence of the middle class, especially in China and India will result in increased aspiration to travel.

These factors will continue to drive the increase in travel frequency and influence travel patterns going forward.

Singapore, with its location and reputation as one of Asia’s premier travel destinations, has and will continue to be a beneficiary of this trend. It is noted that Singapore is one of the most visited countries within Asia after Malaysia, with a market share of close to 16% of total visitors.