Singapore’s tourism leaders will look ahead to the next 20 years, highlighting the global landscape fraught with intense competition for tourism dollars, the challenges of a rapidly aging world, and business opportunities arising from the global economy and Asia’s importance to the world. Announcing a year-long vision for the industry. Further technological advances.
Ms Grace Foo, Singapore’s Minister for Sustainability and Environment and Minister for Trade Relations, highlighted three visions for Singapore as it approaches 2040. A vibrant and lovely home that Singaporeans and residents are proud to claim. and a global hub for innovative and productive tourism enterprises, where businesses and talent co-create sustainable tourism growth.
Singapore Tourism Board invites public and private sectors to contribute ideas to help achieve tourism’s 2040 goals
Reflecting on these visions, Mr. Fu said: “While 2040 may seem a long way off, the work starts today. Changi Airport’s Terminal 5 is expected to be operational around the mid-2030s. We are reviewing our 2025 Masterplan, which outlines key developments and plans over a 15-year period.
“We need to act boldly today to seize the opportunities of tomorrow. Start thinking about where we want to be with Singapore as a destination, and develop our competitive advantage. You need to make a plan.”
To chart a path towards the Tourism 2040 goals, the Singapore Tourism Board (STB) has conducted a series of engagements and workshops with industry stakeholders, the public and representatives from higher education institutions to ensure that all We plan to encourage people to contribute to Tourism 2040. A conversation about the future of tourism.
Between now and then, Singapore’s tourism industry stakeholders must collectively “take advantage of the pressing opportunity to fend off competition, impacting our workers, our businesses and our industry.” We will need to pay close attention to global trends and major changes that will occur in the coming decades. ” said STB Chief Executive Officer Melissa Ou.
“The world is aging rapidly,” she said, noting that the number of people aged 65 and over is estimated to double to more than 1.3 billion, and half of this population will live in Asia. did.
“This phenomenon will be one of the biggest social and economic transformations of our time and will undoubtedly impact consumption patterns, lifestyles and, of course, travel,” she said.
Ou also pointed out that Asia will continue to be the engine of global economic growth, led by India, China and the major economies of Southeast Asia. The region will also lead the way to global wealth thanks to its vibrant startup scene and wealth creation by first-generation entrepreneurs, as well as intergenerational wealth transfer.
This could boost business event activity in Singapore, while rising affluence could drive demand for leisure travel and experiences.
“At the same time, the quality of lifestyle experiences and tourism services in a visitor’s home country or in a competitive destination will become more attractive. Those that are inherently unique, those that truly offer quality and value. “There will be a greater emphasis on this,” she predicted.
Mr. Ou pointed to a third trend to watch, saying that technological advances could accelerate over the next decade, leading to greater product innovation and productivity breakthroughs.
“The key question for us is whether Singapore continues to appeal and attract visitors.
“Tourism 2040 is therefore a planning roadmap to identify and coordinate efforts around new growth areas in this sector as we embark on the next stage of quality tourism travel,” Mr Ou said. added.
While recognizing the value of a yield-focused strategy, Ou said gradual increases in tourist numbers are likewise “necessary to maintain baseload demand for many tourism businesses.”
To achieve this volume, Singapore needs to grow its core visitor base, which consists of leisure, business and corporate event visitors.
