March 3, 2021

Toughest Year On The Record For Singapore’s Hospitality Industry.

Key Insights:

  • Tourist arrivals at record low levels although there were monthly improvements in second half of 2020
  • Tourism receipts fell to S$4.4 billion in the first three quarters of 2020, a y-o-y decline of 78.4%
  • Passenger movements in Changi Airport hits record low of 11.75 million for full year 2020
  • Reciprocal green lane arrangements with Germany, Malaysia and South Korea suspended for three months, effective 1 February 2021
  • A total of 29 MICE event pilots, holding up to 250 attendees, was held since 1 October 2020. The first being Singapore International Energy Week in end October 2020
  • World Economic Forum (WEF) in Singapore postponed from May 2021 to August 2021
  • Event Industry Resilience Roadmap (IRR) formulated to guide the safe resumption of business/MICE events
  • The aviation, aerospace and tourism sectors to enjoy an extension of Job Support Scheme (JSS) up until September 2021
  • First business travel bubble facility - [email protected], to welcome international business guests from early March 2021
  • Tourist arrivals at record low levels although there were monthly improvements in second half of 2020
  • Tourism receipts fell to S$4.4 billion in the first three quarters of 2020, a y-o-y decline of 78.4%
  • Passenger movements in Changi Airport hits record low of 11.75 million for full year 2020
  • Reciprocal green lane arrangements with Germany, Malaysia and South Korea suspended for three months, effective 1 February 2021
  • A total of 29 MICE event pilots, holding up to 250 attendees, was held since 1 October 2020. The first being Singapore International Energy Week in end October 2020
  • World Economic Forum (WEF) in Singapore postponed from May 2021 to August 2021
  • Event Industry Resilience Roadmap (IRR) formulated to guide the safe resumption of business/MICE events
  • The aviation, aerospace and tourism sectors to enjoy an extension of Job Support Scheme (JSS) up until September 2021
  • First business travel bubble facility - [email protected], to welcome international business guests from early March 2021

CLICK HERE to view the full report. 

Contact


Zhang Jiahao
Associate Director, CBRE Hotels Asia Pacific 
+65 6326 1674
[email protected]

Wee Ting Ting 
Senior Analyst, CBRE Hotels Asia Pacific 
+65 6328 1336
[email protected]