Singapore targets $50b in tourism receipts by 2040

Tourism spending in Singapore is projected to reach between $47 billion and $50 billion by 2040 – around 1.7 times more than 2024’s figures, Minister-in-charge of Trade Relations Grace Fu said on April 11. Dr Ye Guangzhi, assistant professor of economics at NTU, believes the ongoing trade tensions could impact tourism. “When economic growth slows, overall demand for tourism tends to decline. This is because tourism spending is generally considered ‘elastic’. It is more likely to be reduced or postponed compared with more ‘inelastic’ types of spending, such as on every day necessities,” he said. “As a result, the tourism industry is particularly vulnerable to downturns in economic confidence and shifts in currency values, both of which can significantly influence travel decisions and destination preferences.”

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