Singapore Tourism Board downbeat over tourism prospects in 2016
Wednesday, 11 Mar, 2016
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The Singapore Tourism Board expects another tough year ahead for tourism in 2016, with little to no growth projected for visitor numbers and tourism spending.
The weakening global economy and the continued strength of the Singapore dollar both add up to a challenging year, the STB said.
"Global economic growth may be hampered by the slower growth momentum of the Chinese and United States economies, as well as uncertainties such as the ongoing reforms in China and the impact of the normalisation of the US monetary conditions," it said.
"Increasing regional competition will also pose challenges to Singapore’s tourism sector."
STB forecasts tourist arrivals to remain relatively flat with a potential upside of 3%, and a growth rate of zero to 2% in tourism spending.
Kevin Cheong, chairman of the Association of Singapore Attractions, said there is strong competition from other destinations such as Malaysia, Thailand and Australia with weaker currency rates providing better value for money holidays.
"Due to these competitive market forces, industry players will be forced to review our pricing structures downwards to stay in the game," he said.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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