Singapore Market Outlook H2 2025

HOTEL Tourism recovery still on track but at a slower rate

INTERNATIONAL VISITOR ARRIVALS

TOP SOURCE MARKETS

• China retains its standing as the top source market from January to May 2025. Among the top five source markets, China (83% of 2019 levels during corresponding period), Indonesia (91%) and India (89%) markets may see potential for further growth.

• International visitor arrivals in 2025 are on track to recover to close (89%) to pre-pandemic levels. Tourism receipts may reach around $29.0 billion in 2025.

20

10,000 15,000 20,000 25,000 30,000 35,000

1.5

1.3

16

1.2

1.2

1.1

1.1

12

May 2025 YTD

0.6

0.5

0.5

0.5

0.5

8

0.5

0.5

0.5

0.5

4

0 5,000

Visitors Arrivals (million)

Visitor Arrivals (million)

Tourism Receipts (S$ million)

0

China

Indonesia

India

Malaysia

Australia

2018 2019 2020 2021 2022 2023 2024 2025F

2025 May YTD Visitor Arrivals 2019 May YTD Visitor Arrivals

2024 May YTD Visitor Arrivals

Total Visitor Arrivals

Tourism Receipts

Source: STB, Cushman & Wakefield Research

Source: STB, Cushman & Wakefield Research