The travel industry in 2019 continues to look favourable, with tourism receipts and inbound tourist arrivals reaching new highs. Despite economic uncertainties, a few high-profile events held in Singapore and improved connectivity boosted the travel industry.
The use of online travel intermediaries is widely accepted, and it has been one of the main drivers of growth in online travel sales. However, with the increased popularity, other players are vying for a share of sales.
Competition between scheduled airlines and low-cost carriers is intensifying, with LCCs experiencing tremendous growth, while scheduled airlines lagged behind. This is partly due to LCCs moving into scheduled airlines’ territory of long-haul flights, resulting in scheduled airlines losing one competitive advantage against LCCs.
Boutique hotels are seeing rising demand in the lodging industry as consumers’ tastes and preferences are changing. Travellers are no longer looking for standardised luxurious accommodation for comfort, but seeking more unique experiences.
The travel industry in Singapore is expected to record strong current value growth over the forecast period. The government has always placed huge importance on developing the tourism industry in Singapore.
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