Market Trends of Hospitality Industry In Singapore
Rising Number of International Visitors are Driving the Market
Singapore has witnessed a steady increase in the number of foreign visitors, with just three brief periods of decline since the last decade. Due to the Singapore Tourism Board's (STB) marketing campaigns to draw tourists from all over the world, the country is expected to see moderate visitor arrivals and healthy growth rates throughout the forecast period, despite growing competition from Indonesia, Vietnam, and Thailand. For example, STB has been successful in attracting visitors from China's Tier-II and Tier-III cities.
Innovative and Package Customization to Attract More Customers
Singapore is a popular vacation spot that has seen a rise in the number of leisure visitors. Over 55% of visitors are there for leisure, with business travel accounting for 11% of all visits. Despite varying occupancy rates over the previous ten years, the area has been registering annual revenue growth per room, which is improving the region's appeal to investors. Wyndham Hotels & Resorts claims that the company is pursuing a new approach that is more intently focused on Singapore's role as a significant hub for business. The company intends to host several group events all year long to meet the basic needs of corporate groups that are moving away from traditional conference settings. It does this by being the one-stop shop for business-related meeting spaces as well as areas for guests to play and unwind.
