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[SINGAPORE] Scoring business events and drawing leisure travellers are two pillars of the Singapore Tourism Board’s (STB) road map for the industry through 2040, after tourism receipts hit a record high of S$29.8 billion in 2024.

Tourism receipts are expected to grow faster than international visitor arrivals, to reach S$47 billion to S$50 billion by 2040, said Minister-in-charge of Trade Relations Grace Fu at STB’s annual Tourism Industry Conference on Friday (Apr 11).

In 2024, the record 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.

The global environment is expected to be more challenging after US tariffs, warned Fu, with consumer confidence being adversely affected.

She added: “Even as we look ahead to a pipeline of events that will invigorate our tourism landscape, we must brace ourselves for near to medium-term volatility that will test our adaptability.”

Still, STB’s forecasts for 2025 remain at S$29 billion to S$30.5 billion for tourism receipts, and 17 million to 18.5 million for arrivals.

Singapore’s diversified portfolio of source markets will serve it well in “building resilience”, STB chief executive Melissa Ow told reporters on Friday.

Travel and tourism have been been among the most resilient sectors, bouncing back from global recessions, pandemics and other crises, she added.

“Even as we look at the immediate year with caution and optimism, the more important thing is to keep an eye out for the long-term prospects,” she said.

That is addressed in the Tourism 2040 road map. More details were shared at Friday’s event, where STB also inked eight agreements with local businesses and global stakeholders.

The road map’s three key pillars are: capturing demand from high-potential areas such as meetings, incentives, conventions and exhibitions (Mice); strengthening Singapore’s attractiveness as a leisure destination; and developing the industry.

Growing the Mice segment

For high-potential areas, Singapore will aim to grow its Mice segment, and also increase stopovers in tandem with the opening of Changi Airport Terminal 5.

With Mice travellers spending twice as much as leisure visitors on average, the target is to triple Mice receipts by 2040, said the minister.

By then, Mice receipts should contribute about 10 per cent of overall tourism spending, up from 4 per cent now, said Ow.

To this end, STB and the Singapore Business Federation will build up the capabilities of local trade associations so they can bid to host international or local business events, under a two-year partnership signed on Friday.

Both organisations will work together to develop the Trade Associations and Chambers (TAC) Summit – staged for the first time this year – as Asia’s premier business association event. The partnership also aims to facilitate content collaboration between local trade associations and foreign association partners.

Separately, STB will launch a new 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 Fu.

Besides Mice, stopovers also present “an immense opportunity” as Terminal 5 should bring more passenger movements when it opens, noted Ow.

Transits and transfers currently form about a third of Changi Airport’s overall passenger traffic. The aim is to get more such passengers to leave the airport and experience Singapore’s other attractions, she said.

Attracting leisure travellers

A second pillar of Tourism 2040 is boosting Singapore’s attractiveness to leisure travellers, not just as a transit hub or a business destination.

Leisure visitors will remain a dominant contributor to overall arrivals in 2040, said Ow.

These efforts include developing key tourism precincts and new attractions. In 2024, tourism companies committed more than S$3.2 billion towards developing products and experiences.

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.

The Marina Bay Cruise Centre Singapore will be expanded to capture opportunities in the cruise sector and facilitate dual ship calls, said Fu.

STB and terminal operator Sats-Creuers Cruise Services will invest S$40 million to increase the terminal’s capacity from 7,000 to 12,000 passengers. New cruise concepts, such as themed and wellness cruises, will also be developed.

In wellness tourism, STB has identified potential areas such as science-backed wellness and longevity experiences, as well as wellness hotels.

It will also aim to bring in popular hotel brands. Said Ow: “Properties are also increasingly building loyal fan bases of guests that travel just to enjoy a hotel brand’s global properties.”

Building industry capabilities

Third, STB will develop local industries through investment promotion and capabilities development.

A new Hotel Rejuvenation Fund will help hotels go green and develop new tech products. Hotels with projects approved by Mar 31, 2026, may get up to 70 per cent support for sustainability solutions.

Support schemes are also being enhanced. The Experience Step-Up Fund, which co-funds the development and enhancement of tourism experiences, will have its scope widened from Friday.

Qualifying costs will now include airfares and living allowances for feasibility studies overseas, as well as rental and manpower costs during the rejuvenation period. Marketing support will be available for up to 12 months, from six months before.

The Kickstart Fund will offer a longer four-year qualifying period for projects, up from three. This supports local event organisers and small and medium-sized enterprises to test-bed innovative concepts, build event branding and scale.

Separately, the Attractions Sustainability Roadmap was launched on Friday by STB and the Association of Singapore Attractions (ASA).

The aim is for 70 per cent of attraction spaces under ASA to get internationally recognised sustainability certification by 2028. STB will also work with attractions to track and reduce carbon emissions by 2030.

This July, a road map for travel agents will be launched. Developed by STB and the travel agent industry, it aims to equip agents with capabilities for the future.

Meanwhile, more than 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.

On Friday, it inked a three-year partnership with China toy company Pop Mart International to deliver at least six projects, bringing exclusive products and experiences to Singapore. Under this, Singapore has been made the exclusive host for the Pop Toy Show – Asia’s largest toy exhibition – outside of China in 2025 and 2026.

STB and the Singapore Flyer will also partner South Korean lifestyle brand Wiggle Wiggle to transform the observation wheel starting from the second quarter of 2025.

The four-month collaboration – Wiggle Wiggle’s first in South-east Asia – will feature specially themed capsules and giant inflatables at the Flyer. There will also be a 1,200 square foot experience zone and pop-up store showcasing Wiggle Wiggle’s products.