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Kelvin Chan, Research Manager at Euromonitor International, explains how 2010 is an exciting year for the tourism industry in Singapore so far, mainly due to several new tourist attractions, including:
Chan explains that in July 2010, 1.1 million tourists visited Singapore, which is the first time visitor numbers exceeded 1 million in a single month. Chan attributes these massive numbers to Universal Studio’s exclusive rides and the Marina Bay Sands’ ability to host conventions and conferences.
Due to the large tourism numbers, new consumer foodservice opportunities are coming to Singapore. Several foreign operators have come to Singapore, including:
With these new foodservice operators, plus new retailing opportunities and casinos, tourism is expected to steadily grow in Singapore over the next 5 years. Chan does point out a downside to the draw of casinos in Singapore: Middle Eastern consumers will not be easily targeted by this sort of attraction. Middle Eastern tourists can be big spenders, so this market should will be an important sound for the tourism industry in Singapore and should be looked into.