Overview
Gateway to Asia’s Tourism Growth
Visitor arrivals, hotel occupancy rates, tourism investment growth and business travel spend have been rising across Asia for the past decade, taking the region to the top of international market growth charts. With Asian travellers projected to account for at least half of global tourism expenditure by 2020, all eyes are on the region for future growth prospects.
Singapore is at the heart of this explosive growth, situated as it is within a seven-hour flight radius of half the world’s population. It is also ranked as Asia’s most competitive tourism and aviation hub by the World Economic Forum. The travel trade recognises its strategic importance and a wide range of Multinational Corporations (MNCs), Small and Medium Enterprises (SMEs), as well as start-ups call Singapore home.
Singapore as a regional hub
Half of the 10 largest global hotel groups have their regional headquarters in Singapore, including InterContinental Hotels Group, Hilton Worldwide and Carlson Rezidor. Singapore’s attractive business environment and investment in entrepreneurship have also helped it maintain a steady ecosystem of travel technology companies keen to expand into Asia such as TripAdvisor, Rakuten Travel and Skyscanner.
Travel Business Events: Opportunities for growth
Current business events landscape
Singapore’s vibrant ecosystem of travel companies and access to the region makes it a prime launch pad for successful tourism events. Held in October, ITB Asia in Singapore regularly attracts participants from more than 110 countries – hot on the heels of its parent show, ITB Berlin,which saw the participation of 187 countries in 2016. Trade conferences targeting different segments of the travel and tourism industry have also gained traction in Singapore. Web In Travel (WIT) gathers industry professionals in the Asian travel distribution, marketing and technology sector annually. Meanwhile, the Singapore MICE Forum which takes place in July, is a platform for international and regional MICE players to convene. Come December, influential stakeholders from the segments of travel, hospitality, technology, retail, and fine dining meet at the New York Times Luxury Travel Conference to discuss upcoming developments, trends and challenges facing the luxury travel industry at a time of unprecedented demographic and social change.
Opportunities
Asia’s intensely competitive travel industry are seeking opportunities to showcase as well as access innovative tourism concepts and business opportunities. Events that cater to sectors such as attractions, cruise and gaming as well as broad areas of tourism investment, experience development, travel marketing and capability-building are particularly relevant as the industry looks to scale up and prepare for the future.
Did you know?
- Travel demand into the Asian region is expected to register growth of 4.6 per cent per annum from 2016 to 2020 from 538 million to 657 million. Asia is also poised to grow its share of global foreign arrivals to more than 73 per cent by 20201.
- With travel gross bookings of US$137 billion (S$186.1 billion), Asia will be the largest digital travel market in the world by 20182.
- The Asia Pacific region is expected to attract US$8.5 billion (S$11.9 billion) in hotel investments in 2016 (a slight 5 to 10 percent decline on the previous year)3.
1https://www.pata.org/travel-demand-for-asia-pacific-to-grow-by-4-6-each-year-until-2020/
2http://www.travelweekly-asia.com/Travel-News/Travel-Technology/Reunite-and-reimagine
3http://www.straitstimes.com/business/property/asia-pacific-to-see-about-us85-billion-in-hotel-deals-this-year-jll-report
