Well known for its tourism and commerce, Singapore is one of the nations renowned for its ease of doing business. This gives rise to plenty of business and leisure travelers, allowing the various sectors of the hospitality industry to thrive in Singapore. Let’s take a look at the hospitality industry in Singapore in this article.
Where does Singapore stand?
Singapore is well known for its food industry and hotels. According to the SBR (Singapore Business Review), Singapore attracts visitors from all around the world. While Asian countries like China, India, Malaysia, etc are the biggest source of international tourists in Singapore, the developed nations are not far behind. This makes the hospitality industry in Singapore vibrant with enough room for growth.
Singapore was ranked 2nd in the Ease of Business index by the World Bank in 2019. This is great news for the Singapore Hospitality and Tourism industry as it gives a positive signal about the future of the hospitality industry in Singapore.
The island City-state of Singapore inhabits just over 5.6 million residents; one-third of which includes the international community. That speaks of the cosmopolitan culture of this small and beautiful country.
What’s in store for Singapore’s Hospitality Industry?
The hospitality industry in Singapore has seen less than expected growth in recent years. At times, even seeing negative overall growth due to less hotel occupancy and less number of international visitors.
However, this is set to change soon as Singapore continues its measures to ease business norms and by promoting education and medical tourism. While the occupancy and growth report for Singapore’s hospitality and tourism industry doesn’t look that great, the future looks bright. Have a look at the below chart for details on how the Singapore Hospitality industry has fared and how it is expected to perform. (The forecasts are from before the COVID-19 pandemic). Singapore is also looking to promote more medical tourism as well as promoting Buddhist temples to attract more visitors to the country.
The hospitality industry of Singapore is set to come up with a lot of innovative marketing techniques to lure in more tourists. The food service industry, travel industry (predominantly Cruise and Aviation) and the hotel industry are all set to gain through the friendly measures the government is taking to promote the Singapore Hospitality industry. Be a part of this promising industry today, EduCareerSG offers a sponsored diploma to get you ahead in your job prospects. Do not miss your chance, sign up here