Singapore’s tourism industry is expected to continue growing, driven by its diversified portfolio of source markets and a strong focus on developing the Mice segment, boosting leisure travel and enhancing local industries. The Singapore Tourism Board’s (STB) Tourism 2040 road map aims to achieve this by focusing on three key pillars: capturing demand from high-potential areas such as Mice, strengthening Singapore’s attractiveness as a leisure destination, and developing the industry.

Here are the key strategies outlined in the Tourism 2040 road map:

• Growing Mice segment: STB aims to treble Mice receipts by 2040, with a target of 10 per cent of overall tourism spending.
• Strengthening leisure attractions: Efforts will focus on developing key tourism precincts and new attractions to boost leisure travel.
• Developing local industries: STB will enhance support schemes, including the Hotel Rejuvenation Fund, the Experience Step-Up Fund, and the Attractions Sustainability Roadmap.

The global environment is expected to be more challenging after US tariffs, with consumer confidence being adversely affected. However, Singapore’s diversified portfolio of source markets will serve it well in building resilience.

Here are some key statistics from the Tourism 2040 road map:

In 2024, tourism receipts exceeded STB’s forecast of S$27.5 billion to S$29 billion, while visitor arrivals came in at the upper bound of the 16.5 million forecast.

“We must brace ourselves for near- to medium-term volatility that will test our adaptability,”

said Minister-in-charge of Trade Relations Grace Fu. “Even as we look ahead to a pipeline of events that will invigorate our tourism landscape, we must be prepared for challenges ahead.”

STB will continue to work with local businesses and global stakeholders to develop the industry and enhance support schemes.

“The more important thing is to keep an eye out for the long-term prospects,”

said STB chief executive Melissa Ow. “We must focus on building resilience and ensuring that Singapore remains competitive in the global tourism market.”

One of the key strategies outlined in the Tourism 2040 road map is growing the Mice segment.

“With Mice travellers spending twice as much as leisure visitors on average, the target is to treble Mice receipts by 2040,”

said Minister Fu. “By then, Mice receipts should contribute to about 10 per cent of overall tourism spending, up from 4 per cent now.”

STB and the Singapore Business Federation will build up the capabilities of local trade associations to bid to host international or local business events.

“Both organisations will work together to develop the Trade Associations and Chambers Summit, staged for the first time this year, as Asia’s premier business association event,”

said Ms Ow.

Separately, STB will launch a pilot programme for Mice organisers with the Singapore Association of Convention & Exhibition Organisers & Suppliers.

This will provide mentorship, events consultancy services and seed funding.

“The tourism board is also studying the development of a new Mice hub in downtown Singapore, to ‘leverage the synergies’ of existing Mice venues and attractions,”

said Minister Fu.

STB will also focus on boosting leisure attractions.

“Leisure visitors will remain a dominant contributor to overall arrivals in 2040,”

said Ms Ow. “These efforts include developing key tourism precincts and new attractions to boost leisure travel.”

STB will intensify efforts to capture tourist footfall and spending in lifestyle districts.

For instance, it will partner HSBC and Dempsey tenants to promote the precinct.

STB will also focus on developing local industries.

“We will enhance support schemes, including the Hotel Rejuvenation Fund, the Experience Step-Up Fund, and the Attractions Sustainability Roadmap,”

said Ms Ow.

“These schemes aim to support local event organisers and small and medium-sized enterprises to test-bed innovative concepts, build event branding and scale,”

STB will also work with global brands to support local tourism players in developing innovative and “created-in-Singapore” experiences.

“We will partner South Korean lifestyle brand Wiggle Wiggle to transform the Singapore Flyer from the second quarter of 2025,”

said Ms Ow.

During the four-month collaboration – Wiggle Wiggle’s first in South-east Asia – specially themed capsules and giant inflatables will be set up at the Flyer, along with a 1,200 square foot “experience zone” and pop-up store showcasing Wiggle Wiggle’s products.

STB has also launched several initiatives to support local tourism companies and players.

Over 220 tourism companies have taken part in STB’s Data Analytics Shift Programme to improve digital capabilities, refine strategies and streamline manual processes.

The tourism board will also work with global brands to support local tourism players in developing innovative and “created-in-Singapore” experiences.

“We will partner China toy company Pop Mart International to bring exclusive products and experiences to Singapore,”

said Ms Ow.