Visitor spending predicted to increase by 5%

On back of 17m tourist arrival forecast.

According to CIMB, with higher yield-driven quality growth, it predicts tourism receipts to increase by about 5% per annum (in line with STB’s forecast of 4-6%) over the next couple of years to 2016.

Here's more:

Back in 2005, STB forecast visitor arrivals of 17m per year by 2015. With 2013 drawing around 13.5m visitors, coupled with more attractions and events to support further growth in tourism, we remain confident that the visitor arrival numbers could rack up 4.7% CAGR over the next two years to attain the forecast of 17m by 2015.

In addition, as the Singapore government continues to promote tourism growth, STB offers different types of schemes such as Tourism Product Development Fund, Leisure Events Fund, Cruise Development Fund etc., to promote the creation of new tourism products and experiences.