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Business Times
6 days ago
- Business
- Business Times
Singapore tourism receipts edge down 0.1% in Q1
[SINGAPORE] The city-state's tourism receipts (TR) marginally fell 0.1 per cent in the first quarter of 2025 to S$8.07 billion, from S$8.08 billion in the year-ago period. This came as international visitor arrivals rose 0.1 per cent year on year (yoy) to 4.31 million, just a touch above 4.30 million in Q1 2024, Singapore Tourism Board (STB) figures showed on Wednesday (Jul 16). On a quarterly basis, visitor spending grew 9.4 per cent, from S$7.4 billion in the final quarter of 2024. 'Singapore's tourism sector continues to perform steadily,' said an STB spokesperson. Major components mixed The largely consistent TR performance in Q1 2025 came as major components made mixed showings compared with the same quarter in the preceding year. Expenditure on food and beverages (F&B) increased the most yoy, up 14.1 per cent to S$1.3 billion. This was followed by accommodation, where TR rose 6.5 per cent to S$1.4 billion. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The 'other components' segment – which includes spending on airfares on Singapore-based carriers, port taxes, local transportation, business, medical, education and transit visitors – was also up 4.1 per cent to S$2.5 billion. In contrast, shopping TR slowed 2.5 per cent to S$1.3 billion; and the sightseeing, entertainment and gaming (SEG) component moderated 16 per cent compared with the corresponding 2024 period. But STB noted that the first quarter of last year 'featured an exceptional line-up of events', including the Singapore Airshow 2024 and Taylor Swift's The Eras Tour concerts. Singapore hotels' average room rates, revenues, and occupancy for Q1 2025 similarly fell on a yearly basis. Quarter on quarter, the higher TR was due to growth in spending across all major components except shopping, where TR declined marginally. F&B expenditure picked up most on a quarterly basis, at 16.9 per cent. China drives receipts By market, Mainland China remained the top TR generator for Singapore tourism in the Q1 2025, contributing S$1.3 billion in revenue, excluding the SEG segment. This was up 9.3 per cent from its S$1.2 billion contribution to TR in Q1 2024. 'Mainland China's top TR-contributing market position is consistent with its strong IVA (international visitor arrival) performance in Q1 2025, boosted by the 30-day mutual visa exemption and the Chinese New Year peak travel season,' said the STB spokesperson. China was the source of 831,472 tourists to Singapore in the quarter. In Q1 2025, Indonesia (S$719.8 million) and Australia (S$538 million) were the second and third-largest contributors to TR respectively. The US (S$474.6 million) and India (S$342.9 million) rounded out the list of Singapore's top five TR-generating markets. Indonesia was the origin of 640,259 visitors; 312,218 came from Malaysia; 308,124 arrived from Australia; and 261,456 hailed from India. Among these key markets, Australia and the US both recorded strong TR growth of nearly 15 per cent yoy, which the STB spokesperson attributed to robust spending on accommodation and F&B. The spokesperson also pointed to F&B as a strong growth driver in general, with eight of the top 10 markets recording yearly growth in this segment in Q1 2025. This growth, they said, reflects 'Singapore's growing appeal as (a) culinary destination, and follows STB's launch of a marketing campaign in October 2024 to position Singapore as a culinary capital, showcasing the city's vibrant, diverse and innovative food scene to a global audience'.
Business Times
6 days ago
- Business
- Business Times
Singapore tourism receipts edge down 0.1% in Q1 on year
[SINGAPORE] The city-state's tourism receipts (TR) marginally fell 0.1 per cent in the first quarter of 2025 to S$8.07 billion, from S$8.08 billion in the year-ago period. This came as international visitor arrivals rose 0.1 per cent year on year (yoy) to 4.31 million, just a touch above 4.30 million in Q1 2024, Singapore Tourism Board (STB) figures showed on Wednesday (Jul 16). On a quarterly basis, visitor spending grew 9.4 per cent, from S$7.4 billion in the final quarter of 2024. 'Singapore's tourism sector continues to perform steadily,' said an STB spokesperson. Major components mixed The largely consistent TR performance in Q1 2025 came as major components made mixed showings compared with the same quarter in the preceding year. Expenditure on food and beverages (F&B) increased the most yoy, up 14.1 per cent to S$1.3 billion. This was followed by accommodation, where TR rose 6.5 per cent to S$1.4 billion. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The 'other components' segment – which includes spending on airfares on Singapore-based carriers, port taxes, local transportation, business, medical, education and transit visitors – was also up 4.1 per cent to S$2.5 billion. In contrast, shopping TR slowed 2.5 per cent to S$1.3 billion; and the sightseeing, entertainment and gaming (SEG) component moderated 16 per cent compared with the corresponding 2024 period. But STB noted that the first quarter of last year 'featured an exceptional line-up of events', including the Singapore Airshow 2024 and Taylor Swift's The Eras Tour concerts. Singapore hotels' average room rates, revenues, and occupancy for Q1 2025 similarly fell on a yearly basis. Quarter on quarter, the higher TR was due to growth in spending across all major components except shopping, where TR declined marginally. F&B expenditure picked up most on a quarterly basis, at 16.9 per cent. China drives receipts By market, Mainland China remained the top TR generator for Singapore tourism in the Q1 2025, contributing S$1.3 billion in revenue, excluding the SEG segment. This was up 9.3 per cent from its S$1.2 billion contribution to TR in Q1 2024. 'Mainland China's top TR-contributing market position is consistent with its strong IVA (international visitor arrival) performance in Q1 2025, boosted by the 30-day mutual visa exemption and the Chinese New Year peak travel season,' said the STB spokesperson. China was the source of 831,472 tourists to Singapore in the quarter. In Q1 2025, Indonesia (S$719.8 million) and Australia (S$538 million) were the second and third-largest contributors to TR respectively. The US (S$474.6 million) and India (S$342.9 million) rounded out the list of Singapore's top five TR-generating markets. Indonesia was the origin of 640,259 visitors; 312,218 came from Malaysia; 308,124 arrived from Australia; and 261,456 hailed from India. Among these key markets, Australia and the US both recorded strong TR growth of nearly 15 per cent yoy, which the STB spokesperson attributed to robust spending on accommodation and F&B. The spokesperson also pointed to F&B as a strong growth driver in general, with eight of the top 10 markets recording yearly growth in this segment in Q1 2025. This growth, they said, reflects 'Singapore's growing appeal as (a) culinary destination, and follows STB's launch of a marketing campaign in October 2024 to position Singapore as a culinary capital, showcasing the city's vibrant, diverse and innovative food scene to a global audience'.
Bangkok Post
08-07-2025
- Business
- Bangkok Post
Thailand weighs casino legalisation
As Thailand edges closer to legalising casinos under its proposed Entertainment Complex Bill, the debate over potential benefits and risks is intensifying. But the future of the bill is now in doubt. Amid mounting public opposition to casinos, the legislation has stalled in parliament and may be withdrawn entirely -- a reflection of just how controversial the idea remains in this predominantly Buddhist country. Thailand's heavy reliance on tourism -- accounting for up to 20% of its economy -- has prompted policymakers to consider whether integrated resorts, complete with casinos, could reinvigorate the sector. Proponents argue it could help revive a stagnating tourism industry. Opponents warn that the social costs may outweigh any economic gains. For Bo Bernhard, Vice President of Economic Development at the University of Nevada, Las Vegas, this is familiar territory. For the past three decades, Mr Bernhard has advised governments on the economic and social impacts of casino-driven tourism, from Singapore and South Korea to South Africa and Japan. Lesson from Singapore Speaking to the Bangkok Post's Deeper Dive podcast, Mr Bernhard told stakeholders that Thailand now faces the same dilemma Singapore confronted more than two decades ago. "At the time, the Singapore Tourism Board admitted, 'We're a beautiful country, a business hub, a banking centre, but ... we're afraid we're a little bit boring,'" he recalled. The city-state feared tourists would fly in for a conference, then rush straight back to the airport. Singapore ultimately adopted the concept of the "fun economy" by introducing integrated resorts, including the iconic Marina Bay Sands and Resorts World Sentosa. The result: tourism grew by 10%, the nation's GDP increased, and Singapore became a destination where families now choose to holiday, not just pass through. The lesson, Mr Bernhard said, is simple. "If you don't create new rides at the amusement park, people stop coming. That's as true for Las Vegas and Orlando as it is for Bangkok or Phuket." Nobody thinks of Thailand as boring, of course. However, the kingdom, he argued, is showing signs of slowing tourism. "If you are Tokyo and tourism is just a side business, that's manageable. But for Thailand, stagnation in tourism is devastating," he warned. Mega-resorts, anchored by casinos, have proven to be powerful tools for reviving flagging tourism sectors worldwide, he said. Crime, Addiction, Resistance The economic benefits are only one side of the equation. Mr Bernhard acknowledged widespread concerns about gambling addiction -- a "sickness of our time", as he described it. "We live in an era where problems of excess, whether it's gambling, alcohol, or even social media, are more devastating than problems of deficiency," he told the podcast. Thailand, which currently bans almost all forms of gambling, has little in the way of support services for problem gamblers. But Mr Bernhard pointed to Singapore as a case study showing that legalisation can actually lead to better public health outcomes, if properly managed. Contrary to expectations, Singapore's problem gambling rate fell after the opening of the integrated resorts, thanks to rigorous safeguards, education, and treatment programmes. Concerns about crime also loom large. Mr Bernhard argued that, when properly regulated, casinos are actually a poor choice for criminal enterprises. "A casino is the worst place to launder money," he said. "Every dollar is monitored by cameras, by humans, by digital systems. The chips themselves are traceable." But the key, he cautioned, is enforcement. "You need a strong regulatory framework. If it's weak, or if there's corruption, then yes, the risks are real," he said. In Thailand, many question whether the government has the capacity to enforce such standards. Mr Bernhard admitted the risk cannot be dismissed but noted that modern surveillance and tracking systems offer strong deterrents, if used properly. To further address addiction concerns, Thailand's draft bill proposes limiting casino access to foreign tourists and the ultra-wealthy. Locals would reportedly have to prove bank deposits of 50 million baht -- a threshold that would effectively bar 99.8% of Thais. Mr Bernhard questioned the practicality of this. "Singapore uses a S$100 entry fee to discourage impulsive or excessive gambling. But requiring proof of vast wealth is unprecedented and may not be workable," he said. His view was clear: locals should be allowed entry if they can afford it and if adequate safeguards are in place. "It's about choice," he said. "If the right protections are built, people should be allowed to make that decision." Beyond the immediate debate about addiction and crime, Mr Bernhard pointed to a global shift. "For the first time in human history, more than 50% of the world's population is middle class or above," he said. "And what do people buy when they enter the middle class? They buy experiences." With regional competitors like Japan and Singapore already capitalising on this boom, Thailand risks falling behind. "It's like standing at the dawn of the automobile age and saying, 'No thanks, we'll skip that,'" he said. Ultimately, the decision rests with the Thai public and its lawmakers. "If you are morally opposed to gambling, that's your choice and it's a perfectly valid one," he said. "Our job as researchers isn't to argue morality. It's to give governments the data to make informed decisions." For now, with the Entertainment Complex Bill stalled and possibly facing withdrawal, Thailand's gamble on the future of its tourism economy remains unresolved. Scan the QR code to watch the full interview in the latest edition of Bangkok Post's Deeper Dive podcast.
Tatler Asia
03-07-2025
- Entertainment
- Tatler Asia
The rise of concert tourism: How live music is shaping global travel trends
Live music is driving a new wave of tourism. Here, we look into how major music events and concerts such as Taylor Swift's The Eras Tour are starting travel trends Concert tourism is booming, transforming live music from a cultural experience into a powerful driver of travel and economic growth. From Taylor Swift's record-breaking Eras Tour to Coldplay's multi-night spectacles, live concerts are no longer just events—they are catalysts that shake up everything from airline bookings to restaurant reservations. Across Asia, cities like Singapore and Bangkok are becoming live music capitals, leveraging mega tours as a tourism strategy. This new wave of concert tourism is transforming the way we travel: fans fly in, spend big and leave with memories that last longer than the merchandise. Read more: 6 futuristic music venues transforming the concert experience Above Taylor Swift's The Eras Tour at the Singapore National Stadium () Singapore Tourism Board's director of leisure events, Guo Teyi highlights the significant economic impact of major concerts with international visitors typically making up 25 to 30 per cent of attendees. For example, Taylor Swift's The Eras Tour concert in Singapore back in 2024 saw over 300,000 tickets sold, with a significant number of fans travelling into Singapore from other countries. While the Singapore Tourism Board does not track the economic impact of individual concerts, Guo notes that such live entertainment events generate positive returns for Singapore, with spillover benefits for retail, dining and other tourism-related industries. The trend is reflected in traveller behaviour as well. According to Momentum 2025: Travel's Next Big Trends report, 66 per cent of travellers now plan trips around live events. Singapore's general manager Edmund Ong observes: 'When international artists announce Singapore concert dates, we typically observe exceptionally strong booking patterns.' For one, Lady Gaga's latest concert in Singapore from May 18 to 24 saw hotel reservations spike 200 per cent. Above Sabrina Carpenter opens for Taylor Swift () The impact of concert tourism is not limited to established destinations. In January 24, 2025, Ed Sheeran kicked off the 2025 leg of his iconic Mathematics Tour in Bhutan's Changlimithang Stadium, marking the country's first-ever major international concert. Department of Tourism Bhutan's chief marketing officer Carissa Nimah shares how the concert was a 'milestone moment' which alined with the country's 50 years of tourism celebrations. 'Bringing Ed Sheeran to Bhutan was not just about hosting a superstar. It was a strategic step to diversify our tourism offerings and demonstrate our ability to stage world-class sustainable events,' she continues, highlighting how sustainability was built into every step of the planning process. A defining moment for Bhutan, the concert allowed Bhutanese to see a world-class artist live. Internationally, the concert redefined perceptions of the country. 'We are not only a destination for hiking, monasteries and mountains. We're also a creative, connected society capable of staging events that leave a deep emotional impact,' Nimah explains. Above Bhutan's Changlimithang Stadium () Above Ed Sheeran performs in Bhutan (Photo: Department of Tourism Bhutan) Staging such a large-scale event in Bhutan came with unique challenges, from repurposing the Changlimithang Stadium to managing logistics for 23,000 attendees. Sheeran's team transported over 45 trucks of equipment and meticulous planning was required for infrastructure, security and crown management. Despite these hurdles, the concert's success showcased Bhutan's capacity for cultural innovation and high-value, low-impact tourism. The ripple effects were felt across the country. 'We heard from young musicians who said it renewed their passion. From business owners who saw increased footfall. And from elders who, while unfamiliar with Ed's music, were moved by the way the event brought people together,' Nimah shares. Above Ed Sheeran performs in Bhutan to 23,000 attendees (Photo: Department of Tourism Bhutan) Ong notes that travellers are increasingly seeking immersive and meaningful experiences beyond attending main concert events, turning their concert trips into full vacation experiences. 'Rather than flying in just for the performance, fans typically extend their trips by several days to explore the destination,' he adds. Beyond concerts, Ong shares how movies and TV series are increasingly shaping travel decisions. 'Following the premiere of The White Lotus Season Two, social media chatter about Thailand surged 60 per cent, driving increased interest in the destination,' Ong continues. As concert tourism continues to surge, it's clear that live music is no longer just about the show. Rather, it's shaping travel and economies across Asia, with these cities benefiting far beyond the final encore.
Business Times
25-06-2025
- Business
- Business Times
DBS, CapitaLand and more: Singapore's long-term wealth creation set to boost local stocks, says Morgan Stanley
[SINGAPORE] As Singapore reaches its 60th birthday, Morgan Stanley said the city-state is 'primed for wealth creation'. That could unlock real gains for investors, the investment bank said in a report released on Tuesday (Jun 24). Tapping its global leadership as a data, energy, finance and transport hub, combined with rapid adoption of emerging technologies, Singapore is set to build upon its extraordinary economic success, the bank said. 'The next step forward, we believe, will be wealth creation – building upon Singapore's established brand and economic success to further grow the country's capital and global financial standing,' it said. 'In our view, Singapore needs to pursue broad-scale wealth creation to keep its ageing population both happy and healthy – and in doing so could unlock real gains for investors,' Morgan Stanley added. It forecast a five-year GDP compound annual growth rate (CAGR) of 3 per cent – the highest among developed economies – and expects household net assets to nearly double to US$4 trillion by 2030. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The bank also predicts that stock market capitalisation will double by 2030. Morgan Stanley identifies three key pillars set to underpin Singapore's wealth creation. Hub industries Singapore's hub industries – spanning energy, finance, transport and increasingly data infrastructure – now contribute about 63 per cent of gross domestic product. The city-state is already a major centre for global energy and metals trade, handling around 20 per cent of total trade and hosting over 400 international trading firms, Morgan Stanley noted. In finance, Singapore remains a critical hub for Asian foreign exchange trading, insurance and asset management. Tourism is also being scaled up under the Singapore Tourism Board's 2040 roadmap, which aims to raise tourism receipts to S$50 billion. Crucially, Singapore is now emerging as a regional data and artificial intelligence (AI) inference hub, Morgan Stanley said. Asia is expected to host over one-third of global data centre capacity by 2027, and Singapore is among a few key markets – alongside Malaysia and Japan – set to get 'disproportionate' investments from hyperscalers such as AWS, Microsoft and GDS. Early adoption of new technologies Singapore has made rapid strides in AI, with over 1,000 startups, 150 research and development teams and more than 80 active academic AI faculties, the investment bank said. It ranks among the top 10 global AI markets and is now positioning itself as a regional AI inference hub. Autonomous vehicles (AVs) are another area of national focus. Singapore rolled out provisional AV standards as early as 2019 and has approved 13 AVs for public road trials. Key commercial use cases are likely to emerge in logistics, mobility and municipal services. Robotics adoption is also accelerating, especially in the form of humanoids deployed in airports and transport nodes. To support these energy-intensive technologies, Singapore is also investing heavily in future-proofing its power infrastructure, said the bank. Plans are underway to add 3 gigawatt (GW) of green hydrogen and gas-fired capacity by 2030, with a further pipeline of more than 7 GW of renewables, including potential nuclear generation, in the longer term. Equity market reforms Singapore's equity market – long seen by global investors as 'small, safe and boring' – is on the cusp of a transformation, said Morgan Stanley. With a limited supply of new economy listings and low trading liquidity, the market has often been overlooked, despite its solid fundamentals and stable institutional base. But this perception could be about to shift dramatically, said the bank. In 2025, Singapore channelled billions in national reserves and third-party funds into the domestic market, and explored a 'value-up' programme modelled after successful initiatives in Japan and South Korea. 'We believe this could ignite significant interest and confidence in the Singapore stock market globally and potentially underpin a multiyear re-rating in valuation multiples,' it added. Below are some stocks that Morgan Stanley earmarked as potential beneficiaries. Large cap opportunities Sembcorp Industries The utilities group is set to benefit from Singapore's growth ambitions in carbon trading and solutions for industrial customers, as well as increased electricity generation needs. The company is already one of the highest returns on equity utilities in Asia (18 per cent) and is forecast to maintain that position as it continues to grow. DBS The bank is set to benefit from Singapore's deepening push towards higher return on equity wealth business, where it is already the third-largest player in Asia-Pacific after UBS and HSBC. With a broader pivot towards higher value-add and higher-return wholesale banking services, the group is forecast to maintain a robust return on tangible equity of 18 per cent. CapitaLand Investment The largest real estate investment trust (Reit) manager in Asia – by assets under management (AUM) – stands to benefit from Singapore continuing to develop as a regional Reit hub. It plans to scale AUM to S$200 billion by 2028. CapitaLand Ascendas Reit Singapore's largest new economy Reit is poised to ride the wave of Singapore's continued rise as a regional Reit hub. Morgan Stanley Research highlights a longer-term data centre opportunity worth over S$1 billion, which could catalyse further upside from the Reit's current 6 per cent yield. Singapore Exchange The bourse operator is likely to emerge as a key beneficiary of ongoing equity market reforms and rising volumes in FX and energy trading. Morgan Stanley expects FY2026-2027 net profit to come in 5 to 7 per cent ahead of consensus, raising its bull-case price-to-earnings multiple to 30 times, from 26 times previously. Genting Singapore The company offers steady earnings and dividend visibility amid a rebound in visitor arrivals and new attractions. The stock trades at compelling valuations, with yields at over 5 per cent. Technology-driven growth opportunities Singapore's early move into emerging technologies is opening up new opportunities for investors, with several listed names set to ride the Republic's push into AI, automation and the digital economy. Grab Grab remains the market leader in Singapore's on-demand services space, generating more than 20 per cent of group revenue – and a substantial portion of earnings before interest, taxes, depreciation and amortisation (Ebitda) – from its home market. According to Oxford Economics, Grab contributed 0.8 per cent of Singapore's gross domestic product in 2023. Its newly launched AI Centre of Excellence is expected to accelerate the group's foray into autonomous vehicles and intelligent logistics solutions. Sea The Singapore-headquartered tech giant is intensifying investments in AI, fintech and local talent. Its new fintech headquarters, which will house an AI research centre, is expected to support long-term growth. Morgan Stanley Research projects revenue and Ebitda CAGR of over 20 per cent and 40 per cent, respectively, from 2024 to 2027. Singtel The telco is currently building Nvidia's accelerated AI factories across South-east Asia and has a partnership with Bridge Alliance. Despite these efforts, Morgan Stanley Research notes that the market has yet to assign meaningful value to Singtel's AI initiatives. Keppel Corp and Sembcorp Industries Both companies are seen as beneficiaries of increased electricity and gas demand, driven by growth in Singapore's core hub sectors. Keppel, in particular, is targeting S$200 billion in AUM as it aligns with global megatrends including the energy transition and sustainable infrastructure development.
