Forecast: International Tourism Expenditures in Singapore

The international tourism expenditures in Singapore have shown fluctuations over the past decade, with significant variations in year-on-year changes and compounded annual growth rates. After witnessing an increase from 2013 to 2016, there was a decline in 2017 and 2018, followed by minor rebounds and stability from 2019 onwards. As of 2023, the value stood at 4.82 units of total imports, with a very modest increase projected over the next five years, leading to a forecasted value of 4.9 units in 2028.

Key variations over the past two years reflect slight increases: in 2022, a 0.36% increase, and in 2023, a 0.35% increase. The average annual growth rate (CAGR) for the last five years stands at 1.15%, indicating a slow but steady rise. Looking ahead, the forecasted average growth per year is low, at 0.26%, suggesting only a 1.31% cumulative increase over the next five years.

Future trends to watch for include potential impacts of global economic shifts, post-pandemic recovery trajectories, and evolving travel preferences, which could influence overall tourism expenditures in Singapore. Additionally, the emergence of new destination markets and advancements in travel technologies may play significant roles in shaping these trends.