Singapore Tourism Q4 2019
Singapore benefits from a well-established tourism industry that is set to post steady growth growth from an establishedbase. Singapore has one of the most advanced global air transportation hubs and a reputable tourism image that is well receivedglobally. The underlying growth dynamics are set to be driven by rising Asia Pacific travel trends, growing low-cost air transportnetworks and rising spending powers in both established and rising source markets. That said, we note that the rise in low-incomevisitors from a number of APAC markets such as India and Indonesia suggests that budget-sensitive accommodations will receivegreater investments. Downside risks to growth stem from competition by alternative tourism destinations in the region such asthe Philippines, Vietnam and Cambodia, and the US-China trade war, which is casting a shadow over the global economy.
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