Growth only stopped in 2014 when the key China market declined 24.1% due to curbs on shopping tours.
This chart from Savills Singapore shows that international visitor arrivals to Singapore significantly rose from 9.7 million in 2009 to around 16.7 million in 2017.
For the nine months of 2016, visitor arrivals went over 12 million, which grew by 5.1% to 13.1 million the next year.
Across 10 years, growth only stopped in 2014 when the key China market declined by 24.1% as a result of the Chinese authorities’ curbs on low-cost shopping tours.
The growth rate has swung between -10% to +20%, but the 10-year Compounded Annual Growth Rate (CAGR) stood at 5.1%.
According to data until the end of September 2017, the rolling 12-month growth rate currently stands at 4.5% and is on track to double the Singapore Tourism Board’s (STB) forecast set at the beginning of the year of 0 – 2% growth.
Do you know more about this story? Contact us anonymously through this link.