Singapore Resident Year End and Lunar New Year Travel Spending Hit New Highs : Visa

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Key Statistics

  • Retail spend: $4 billion
  • Restaurants and fast food: $1 billion
  • Total travel spend: $5 billion

    • The Rise of Travel Spend

    Travel spend by Singapore consumers for December and January reached record levels, with a significant increase in retail spend and spending on restaurants and fast food. The retail sector experienced a 14 per cent year-on-year increase, with total retail spend reaching $1.4 billion. This growth can be attributed to the festive season, which typically sees a surge in demand for gifts and other items. On the other hand, spending on restaurants and fast food surged by 27 and 30 per cent, respectively. This increase can be attributed to the growing popularity of dining out and the desire for convenience and variety.

  • The festive season, which typically sees a surge in demand for gifts and other items
  • The growing popularity of dining out and the desire for convenience and variety
  • The increasing number of tourists visiting Singapore, which can lead to increased spending on travel-related services

    • Impact on the Economy

    The growth in travel spend has a positive impact on the economy, as it generates revenue for businesses and creates jobs.

    The Rise of Cross-Border Travel

    The COVID-19 pandemic has accelerated the growth of cross-border travel, with many countries experiencing a surge in international tourism. The easing of travel restrictions and the relaxation of quarantine measures have enabled people to travel more freely, leading to an increase in travel spend.

  • Travel spend in China increased by 86% year-on-year in 2022, driven by the implementation of visa-free travel to China.
  • Singapore travellers’ card spending in Japan grew 138% compared to pre-pandemic levels in
  • The number of international tourist arrivals in Malaysia, Japan, and Thailand has increased significantly, with Malaysia seeing a 55% year-on-year increase inThe Impact of Visa-Free Travel

    • The implementation of visa-free travel to China has had a significant impact on travel demand, with many Chinese citizens taking advantage of the new policy to travel abroad. The ease of travel has also enabled people to explore new destinations and experience different cultures.

  • Increased travel demand: The implementation of visa-free travel has led to an increase in travel spend, with many countries experiencing a surge in international tourism.
  • Economic benefits: The growth in travel spend has had a positive impact on the economy, with many countries experiencing an increase in revenue from tourism.
  • Cultural exchange: The ease of travel has enabled people to explore new destinations and experience different cultures, promoting cultural exchange and understanding.The Future of Cross-Border Travel

    • The growth of cross-border travel is expected to continue, with many countries investing in infrastructure and marketing campaigns to attract international tourists.

    The Importance of Travel in Singaporean Society

    Travel is a vital part of Singaporean culture, with the majority of the population prioritizing it over other expenses.

    Top Travel Destinations for Lunar New Year

    The Lunar New Year, also known as Chinese New Year, is a significant holiday in many East Asian countries, including China, Taiwan, and Singapore.

    Top Travel Corridors in the Lunar New Year

    The Lunar New Year is a significant holiday in many Asian cultures, marking the beginning of the new year on the traditional Chinese calendar. It is a time for family reunions, festive celebrations, and travel.

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