SG to log $24.5b-$26b tourism receipts in 2023, beating STB forecast

In 9M23, tourism receipts already crossed the $20b mark.

Singapore Tourism Board (STB) expects full-year tourism receipts (TR) to reach $24.5b-$26b, surpassing its initial forecast of $18b-$21b.

TR already crossed the $20b mark in the first nine months of 2023.

In 9M23, the top TR-generating markets were China, Indonesia, and Australia, contributing $2.3b, $22.b, and $1.5b, respectively, in TR, excluding sightseeing, entertainment, and gaming.

Meanwhile, Singapore's international visitor arrivals (IVA) had already reached 13.6 million, meeting STB’s full-year forecast of  12 million-14 million visitors.

In 2023, visitors spent more time in Singapore than pre-pandemic level, with their average length of stay being 3.8 days.

In 2024, STB expects the continuous recovery of the tourism sector with improved global flight connectivity and capacity and the implementation of the mutual 30-day visa-free travel between China and Singapore.