Singapore tourism receipts near new record

Record performance in the first nine months of 2025

Singapore’s tourism receipts reached S$23.9 billion between January and September 2025, marking a 6.5% year-on-year increase and the highest level ever recorded for a nine-month period, according to the Singapore Tourism Board’s annual review. The strong performance puts the full-year outcome on track to surpass the official forecast of S$29–30.5 billion, with final figures due to be released in the second quarter of 2026.

Higher spending despite softer arrivals

The revenue milestone was achieved even as international visitor numbers came in slightly below expectations. Singapore welcomed 16.9 million foreign visitors in 2025, compared with a projected range of 17 to 18.5 million. The tourism authority reiterated that its strategy prioritises value-driven tourism, focusing on economic contribution per visitor rather than headline arrival volumes.

Key source markets driving receipts

Mainland China, Indonesia and Australia emerged as the top revenue-generating markets during the first nine months of the year. Receipts from mainland China amounted to S$3.68 billion, followed by Indonesia at S$2.09 billion and Australia at S$1.54 billion. These figures exclude sightseeing, entertainment and gaming, which are traditionally omitted due to commercial sensitivities around Singapore’s casinos. Spending by visitors from mainland China rose 3% year on year, with food and beverage expenditure surging by 19%.

Visitor flows and regional dynamics

Mainland China also remained Singapore’s largest source market by arrivals, with about 3.1 million visitors in 2025. Indonesia followed with 2.4 million arrivals, while Malaysia and Australia each recorded around 1.3 million, and India 1.2 million. Arrivals from Australia increased by 8% year on year, reaching a new high.

Some markets recorded declines, notably Vietnam, where arrivals fell by 12.5% to 344,000 amid heightened price sensitivity, and the Philippines, which saw a 6.8% drop after an exceptional year in 2024 driven by major entertainment events. Overall, however, growth from Japan, Malaysia, Germany and the United States ensured a healthy mix of short-, mid- and long-haul markets.

Hotel and cruise sector performance

The hotel industry remained broadly stable in 2025. Average room rates edged down 1% to S$273.56, while revenue per available room slipped 0.4% to S$244.04. Occupancy, however, improved slightly to 81.9%. A total of 644 new hotel rooms were added during the year, including several high-profile openings across the city.

The cruise sector recorded strong momentum, with ship calls rising 10% and passenger throughput exceeding two million, up 9% year on year. These results further reinforced Singapore’s status as Southeast Asia’s leading cruise hub.

Infrastructure investment and destination appeal

Tourism spending was supported by a pipeline of new attractions, major cultural and entertainment events, a packed MICE calendar and significant infrastructure investments. Key developments included expansions at integrated resorts, the groundbreaking of the Porsche Experience Centre Singapore, a S$1 billion wellness project, and the completion of the Marina Bay Cruise Centre expansion.

Expert outlook

As experts at International Investment note, Singapore’s 2025 performance highlights the success of its shift towards high-value tourism. Rising per-capita spending, a diversified visitor base and continued infrastructure investment position the country to achieve new tourism revenue records in 2026 while strengthening its role as a regional travel and business hub.