Singapore targets $50 billion in tourism receipts by 2040; eyes Mice sector as key growth driver

The Singapore Tourism Board expects the growth of tourism receipts to overtake international traveller arrivals by 2040. ST PHOTO: AZMI ATHNI

Sarah Stanley

UPDATED Apr 11, 2025, 10:44 AM

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SINGAPORE – Tourism spending in Singapore is projected to reach between $47 and $50 billion by 2040 – around 1.7 times more than 2024’s figures, Minister-in-Charge of Trade Relations Grace F u said on April 11.

In 2024, the country recorded an all-time-high of $29.8 billion in tourism receipts, driven largely by visitors from top spending markets such as China, Indonesia and Australia. 

International visitor arrivals also hit 16.5 million, underscoring a strong post-pandemic rebound.

Looking ahead, the rate of tourism spending is expected to outpace the growth in visitor arrivals, as Singapore shifts its focus from volume to value, said Singapore Tourism Board (STB) chief executive Melissa Ow.

This vision is encapsulated in the STB’s Tourism 2040 roadmap, which revolves around three key pillars: cultivating future demand, enhancing Singapore’s appeal as a destination, and developing a future-ready tourism sector.