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Singapore is implementing a bold new tourism strategy aimed at boosting its economic gains from visitors. Moving beyond traditional tourism appeals, the city-state is endeavoring to significantly elevate its tourism revenue from $29.8 billion in 2024 to $47 billion-$50 billion by 2040. At the forefront of this plan, known as “Tourism 2040,” is a focus on high-value travelers, specifically targeting business and stopover visitors. Speaking at the Tourism Industry Conference 2025, Grace Fu, Minister for Sustainability and the Environment, underscored the value of the Meetings, Incentives, Conventions, and Exhibitions (MICE) sector. Fu noted that MICE visitors spend significantly more than leisure travelers, labeling them an “exceptionally valuable segment” for Singapore. This approach is supported by expectations that the global MICE sector will double in value over the next decade.
Singapore is set to enhance its reputation as a MICE destination by developing a new hub in the downtown area, according to Fu. This move aligns with the broader objective to deepen ties with priority industries, thereby increasing Singapore’s regional influence and economic heft. Melissa Ow, CEO of the Singapore Tourism Board, echoed this sentiment, announcing that Singapore has already secured its largest MICE event to date, the Herbalife Extravaganza 2026, which is expected to attract 25,000 attendees.
The plan also includes leveraging the anticipated increase in stopover travel. With the opening of Changi Airport’s Terminal 5 scheduled for the mid-2030s, Singapore aims to capitalize on its position as a central hub for transit travelers. Changi Airport’s reputation as the “World’s Best Airport,” a title it reclaimed in 2025 according to Skytrax, bolsters this ambition.
While pivoting towards business travelers, Singapore remains committed to enhancing leisure tourism. Ow emphasized the importance of maintaining high-quality attractions as a strategy to compete with more affordable regional destinations. New developments such as the Singapore Oceanarium opening this year, the Porsche Experience Center, and a new Science Centre set for 2027 are expected to draw significant interest. The city-state also seeks to strengthen its burgeoning cruise industry, marked by strategic investments like the $40 million expansion of the Marina Bay Cruise Centre, which will increase its capacity to accommodate up to 12,000 passengers. Noteworthy upcoming attractions include the commencement of operations by Disney Cruise Line and Ritz-Carlton Yacht Collections.
Additionally, Singapore has its sights set on wellness tourism. Its “city in nature” branding supports initiatives targeting longevity travel and wellness hotels, aiming to enhance visitor engagement and encourage repeat visits. The Singapore Tourism Board is also primed to amplify its appeal through high-profile entertainment offerings, with major concerts and sporting events such as an NBA Rising Stars Invitational planned for the near future.
Despite welcoming 16.5 million international arrivals in 2024, a figure still below the pre-pandemic peak of 19.1 million in 2019, Singapore is exploring new tourism markets, including Saudi Arabia and Kazakhstan, to diversify its visitor base. This concerted effort to revamp its tourism strategy highlights Singapore’s commitment to sustaining its reputation as a world-leading destination while diversifying and maximizing its tourism revenues.
Original Source: https://www.cnbc.com/2025/04/16/singapore-tourism-business-travelers-cruising-and-live-events.html
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Publish Date: 2025-04-17 05:59:00
