Why Aren’t Visitors Splurging in Crazy Rich Singapore?
Photo Credit: The Outpost Hotel, one of three properties by Far East Hospitality which will open on Sentosa Island in the third quarter. Skift's Asia Forum will be held on the island on May 27, 2019. Far East Hospitality
Skift Take
Singapore grapples with affordability, as seen in drops in shopping, dining, and hotel spending by tourists, who are also staying a shorter time. Going for more high-yield tourists and giving them the value they'd expect from paying high prices is the solution, and Singapore must do it fast. Here's why.
More visitors are coming to Singapore. Problem is, they are not spending on shopping, dining, and accommodations.
An even bigger problem may be a higher number of day-trippers, stopovers and those who combine, say, Singapore and Batam in Indonesia, are all reducing the average length of stay.
Affordability could be an issue, but expensive is a word that the Singapore Tourism Board management avoided at a recent media briefing on Singapore’s 2018 tourism performance.
Figures point to the cost pressures that the tiny but rich island is facing and will no doubt help its new tourism chief, Keith Tan, formulate what next steps to take.
Tan took over from former Singapore Tourism Board CEO Lionel Yeo last October.
The Lion City, whose popularity worldwide was boosted last year by the "Crazy Rich Asians" movie, saw an estimated 20 percent decline in shopping, 5 percent in accommodation and 4 percent in dining expenditures. These comprise half of total tourism receipts.
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