Singapore's "Strategy 2040" plans to lure leisure travelers with world-class attractions, boost business travel with major industry events and live performances, and capitalize on a big increase in stopover travelers with the opening of Changi Airport's fifth terminal in the mid-2030s.

Pulau Ujong

Singapore has launched its Tourism 2040 strategy, aiming to raise tourism receipts by over 50% within the next 15 years. The government is investing in new and expanded attractions, such as the recently opened Raffles Sentosa, the Mandai Rainforest Resort, and a major new tower at Marina Bay Sands. These developments are designed to appeal to a range of visitors, including business travelers and stopover tourists, with the goal of tripling business travel revenue and capitalizing on the region's growing travel demand.

Despite these efforts, Singapore faces challenges such as competition from other Asian destinations and its reputation for high costs. However, the country continues to see strong spending from international visitors, particularly Chinese travelers, who accounted for $1.3 billion of the $8 billion in international tourism receipts in the first quarter of the year, a 16% increase from pre-pandemic levels.

How Singapore plans to boost tourism receipts by billions

It's got swaying palms, year-round sun, and nearly 140 miles of coastline. But travelers to Singapore aren't looking for a typical island getaway. We've ventured through Gardens by the Bay, Marina Bay Sands. I plan to go to Universal Studios and after that, like tomorrow, I'm going to a nice safari. Attractions like these are integral to Singapore's ambitious Tourism 2040 strategy, which aims to increase tourism receipts by more than 50% in the next 15 years. So to lure travelers, the government continues to focus in on world-class attractions like Jewel Chengi Airport here. But it's also leaning into cruising as well as so-called destination hotels. Raffles Sentosa, Singapore's second Raffles Hotel. And first, All Villa Resort opened in March, followed by the Mandai Rainforest Resort by Banyan Tree, which gives visitors to Singapore's five zoological parks a place to stay overnight. Resorts World Sentosa opened Minion Land inside Universal Studios Singapore, as well as a new oceanarium, which is triple the size of the older Sea Aquarium. So over the next few years, all the way down to 2030, we will continue to launch new attractions. Also ahead, an $8 billion fourth tower at Marina Bay Sands, which broke ground last month alongside Singapore's Prime Minister Lawrence Wong. The all-suite resort is set to have shopping, gaming facilities, and a 15,000-seat arena to help attract live events to the island. So the fourth tower is being constructed in this space right behind me. It's set to add an additional 200,000 square feet of conference area to the city center, which could help the government achieve its goal of tripling revenue from business travelers. Singapore estimates they spend double the amount of tourists. But there's another group that's critical for Singapore to achieve its long-term goals, stopover travelers, a segment set to jump after Changi Airport's fifth terminal opens in the mid-2030s. We're right in the middle of this massive region that comprises especially for China, India, Indonesia. So these are three massive economies with huge population growth. There will be a lot of travel demand from these countries. Still, challenges remain. Convincing stopover travelers to stay longer and tourists to make the city-state a repeat destination continue to be an issue. The country faces rising competition from Vietnam and Japan. And there is, of course, the issue of costs, with Singapore often ranking among the most expensive places in the world to live. However, some travelers say they aren't feeling the pinch. You always hear in Europe that Singapore is extremely expensive. That's not true. Singapore turned 60 this month. Ahead of this milestone, it's planning for a future, one based on innovation and growth, and an increase in interest from outsiders who will pay to visit a small country with big ambitions. Now, part of Singapore's tourism success has depended upon its popularity with Chinese travelers, which are the largest inbound source market for the island. In the first quarter of this year, Chinese travelers spent around $1.3 billion on the island. That's of the total $8 billion spent by all international travelers. That's an increase of 16% from the first quarter in 2019. And that, Emily, despite the fact that those arrival numbers still not, quote-unquote, back to normal.

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