Visitor spending down 12% in first half as arrivals drop
Singapore
HEADWINDS depressed tourism spend in the first half of this year, as tourism receipts slumped 12 per cent year on year to S$10.5 billion against a smaller decline in visitor arrivals.
Visitor arrivals slid about 3 per cent to 7.3 million due to softening volumes from key source markets such as Indonesia, Malaysia and Australia. The tourism performance in the first half of the year was dragged down partly by a sizeable drop in the number of business travellers (BT) and meetings, incentives, conferences, and exhibitions (MICE) travellers, while the Singapore dollar has also strengthened against certain regional currencies.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Japan may introduce tax breaks to spur repatriation into yen: Sankei
Asset owners can’t afford to sidestep sustainability
Japan should leave the yen bazooka at home
South Korea’s export growth picks up, supporting outlook
China says Hamas and Fatah express will for reconciliation
US consumer confidence at lowest level since 2022