Singapore tourism industry records double-digit growth

Tourism receipts recorded a 12 per cent year-on-year (y-o-y) growth to rake in $6 billion for the third quarter of 2011 and a 15 per cent increase in tourists to 3.5 million, the Singapore Tourism Board revealed.

Asia's share of tourism receipts grew, while the receipt share of western markets such as the US and UK shrank as they faced tough economic conditions, The Business Times reported.

Significant tourism receipts were especially noticeable in the markets Japan, Philippines and China, at 36 per cent, 34 per cent and 31 per cent respectively.

This was likely driven by the increase in leisure traffic and shopping expenditure in the third quarter.

The USA was the only top 10 market which did not post a y-o-y growth, instead declining 14 per cent, driven by the worsening market conditions affecting business traffic, while India emerged as the top growth market.

The highest number of visitors was seen for the month of July. August and September recorded the highest number of tourists for the respective months.

Again, Asian countries emerged at the top as tourists from Indonesia, China, Malaysia, Australia and India accounted for 54 per cent of the total number of visitors between January and September 2011.

The F1 and the host of events accompanying the Grand Prix Season Singapore likely drove the impressive revenue per available room, which in September was the highest ever recorded.

Average room rate was $251 in quarter three, a y-o-y increase of 11 per cent.While room rates for all hotel tiers increased, the upscale tier posted the highest growth rate at 11 per cent.

Source - asiaone