In a world clouded by tariffs, tensions and teetering economies, Singapore is doubling down on a singular message – tourism is not just nice to have, it’s critical to its future. And from Pop Mart’s shaggy star Labubu to pop icon Lady Gaga, dinosaurs to robots, the Singapore Tourism Board (STB) is pulling out all the stops.
At its annual Tourism Industry Conference (TIC), the STB laid out an exhaustive game plan –part rallying cry, part roadmap – to keep tourism humming, even as headwinds gather.
Grace Fu: “We expect a more challenging global environment.”
“We expect a more challenging global environment,” warned Grace Fu, Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations. “As countries revise their growth rates downwards, we expect consumer confidence to be adversely affected. We will continue to monitor and assess the impact to the tourism sector.”
Yet despite the uncertainty, the government has set a bold target – to grow tourism receipts by 1.7 times to S$47–$50 billion by 2040. And the engine driving that growth? MICE (Meetings, Incentives, Conferences, and Exhibitions). The sector is expected to triple its receipts in the next 15 years.
Last year, Singapore welcomed 16.5 million visitors, up 21% from the year before, with receipts hitting S$29.8 billion. For 2025, the target is even more ambitious: 17 to 18.5 million visitors and up to $30.5 billion in receipts.
But it’s no longer just about how many people arrive – it’s about who they are and what they spend.
Fu said it would focus more on receipts than arrivals and hence would chase high growth and quality visitors such as MICE visitors who spend twice as much as leisure visitors.
In 2024, China returned as Singapore’s top market in tourism receipts, contributing 19%, followed by Indonesia (12%) and Australia (8%).
Melissa Ow: Betting on global star power to pull in the high spenders.
Melissa Ow, CEO of STB, unveiled a slate of initiatives designed to excite and entice, including:
A 3-year collaboration with Pop Mart to bring beloved character Labubu to Singapore’s parks.
A partnership with Klook to explore emerging markets and events.
Blockbuster themes and events like Jurassic World, NBA Rising Stars, Botero Immersive, and the Festival of Football.
The return of the World Robot Olympiad International Finals.
And of course, Lady Gaga’s Eras-like tour, which aims to replicate the Swift effect. Some 200,000 fans are expected across four sold-out shows at the National Stadium.
On the business front, Singapore is preparing to host:
Passenger Terminal Expo Asia 2026, the first APAC edition of the world’s leading passenger terminal event.
SIBOS 2027, which will bring 7,000 global finance leaders.
The return of World Robot Olympiad, two decades after its debut here.
A new downtown MICE hub is also in the works, a nod to Singapore’s continued bet on business events as economic multipliers.
To fuel tourism innovation, STB announced:
An extended Kickstart Fund (now four years).
A new Hotel Rejuvenation Fund, with up to 70% support for sustainability upgrades.
An expanded Experience Step-Up Fund.
A fresh $300 million injection into the Tourism Development Fund.
On the home front, Fu pointed to several new attractions unveiled at the Mandai Wildlife Reserve recently to create immersive “City in Nature” experiences. These include the Mandai Boardwalk, Rainforest Wild Asia, and the Mandai Rainforest Resort by Banyan Tree.
Marina Bay Sands will also break ground on its expansion works in mid-2025, adding a 15,000-seat entertainment arena, additional MICE spaces, a new iconic hotel tower, and a public rooftop attraction when it is completed in 2029.
The broader picture, however, is more sobering. High costs, regional competition, and the global economic outlook are raising industry concern. Leisure may feel the pinch. Corporate travel might tighten.
But Singapore, Fu reminded the audience, has never had the luxury of playing it safe.
Just as it built a world-class economy without natural resources, it built a tourism sector without the usual natural assets or icons. “Through agility, hard work and innovation, we transformed Singapore into a clean, green, and safe destination with an exemplary airline and an award-winning airport,” said Fu. “Time and again, we’ve overcome the odds.”