Soneva

Published on Friday, June 15, 2018

Trump-Kim summit to net 38-fold tourism return for Singapore



Singapore has gained over S$760 million-worth of exposure by hosting the historic Trump-Kim summit, reaping a 38-fold return in tourism, retail and media coverage.


The figure is equivalent to US$570 million or £430 million.


Singapore's Straits Times reports the city-state spent about S$20 million (US$15 million /£11million) on the summit, half of which went on security and a quarter on media costs, including an international media centre that hosted 2,500 journalists.


Images of Kim Jong Un visiting the Marina Bay area made front pages globally, pictures of Singapore's skyline were beamed across the planet and the hotels that played host also gained worldwide attention.





Analyst Meltwater recorded over 20,000 online articles mentioning the Capella, where the one-day summit was held, while the Shangri-La and St Regis, which hosted Trump and Kim respectively, had a mention in a fifth of each online article.


The question 'Where is Singapore?' became one of the most-asked questions on Google.


Meltwater estimates the advertising value, based on global online media mentions over the three days the leaders were in Singapore, added up to S$270 million.


Adding in the buzz generated in the run-up and aftermath of the event, advertising value rises to S$767 million.


The number would likely have been higher if the expected value of print, broadcast or social media mentions was also tracked, Straits Times added.


Besides the media exposure, Singapore can expect at least S$7.2 million from the three days based on tourism receipts


Singapore Polytechnic retail and marketing lecturer Lucas Tok told the Straits Times: "Usually, after a place has received some traction, visitor numbers tend to go up in the next few months."


 

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