Tourism spending in Singapore projected to hit S$50b by 2040

Tourism spending in Singapore is projected to hit between S$47 billion and S$50 billion by 2040. It is also expected to grow faster than international visitor arrivals. This is why the Singapore Tourism Board (STB) is shifting its focus from volume to value. With tourism receipts last year hitting a new record of S$29.8 billion, STB projects spending this year to reach up to S$30.5 billion. Dr Samer Elhajjar, Senior Lecturer at the NUS Business School, discusses Singapore’s tourist numbers and receipts for 2024. He also talks about the country’s plans to develop a new MICE Hub in the downtown area and what must be done to continue attracting organisers to hold their events here.