Zebelle | Travel Industry in Singapore | Market Reports 2018

Singapore Travel Market Report

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The tourism industry in Singapore is a very well developed sector. Singapore services as a hub for travel within Asia Pacific, and with that comes several opportunities for the sector to grow.The Singapore government has actively strived to expand the reach of tourism, mainly growing in different niche areas such as Arts & Entertainment, Attractions; Cruise; Dining; Retail; Medical Travel; Hotels; Integrated Resorts; Meetings, Incentive Travel, Conferences & Exhibitions (MICE); Sports; Tourist Guides; and Travel Agents. In this report, especially we focus on the severity of travel agency markets where small size OFF-LINE TYPE travel agency tends to suffer from a significant sales drop due to an entrance of foreign major players and online player with a boost of IoT boom. We hope you will enjoy this report that we have put together to deep dive into construction trends and the travel tourism and agency sector in Singapore. After reading, we hope that the report will allow you to gain a better understanding and bring ideas to you for your next course of action.

Globally, it is a norm that travel agency/ intermediary operates with marginal profit, averages at around 1-2% (and higher depending on the accounting method). Singapore, despite being commonly deemed as one of the best place to do business, is no exception when it comes to the travel industry. Currently, the government is actively supporting this business, and the tourism statistics are boding well for the future. However, in the long term, any business owner in the travel industry should seek innovative and creative way to attract the youngsters whom, for now, are the least interested in booking tours with travel agencies.

 


Contents

  • 1.            Executive Summary  
  • “Learn from the past to stay innovative and competitive in the travel industry”
  • 2.            Introduction      
  • 3.            Overview of the tourism industry in Singapore   
  • 3.1.         What comprises the tourism industry in Singapore?        
  • 3.1.1.     Shopping (Retail)
  • 3.1.2.     Food & Beverage (Dining)
  • 3.1.3.     Sightseeing, Entertainment & Gaming
  • 3.1.3.1. Arts & Entertainment
  • 3.1.3.2. Attractions
  • 3.1.3.3. Integrated Resorts
  • 3.1.3.4. Sports
  • 3.1.4.     Other Tourism Receipt Components
  • 3.1.4.1. Cruise
  • 3.1.4.2. Medical Travel
  • 3.1.4.3. Meetings, Incentive Travel, Conferences & Exhibitions
  • 3.1.4.4. Travel Agents and Tourist Guides
  • 3.1.5.     Accommodation
  • 3.2.         Inbound and outbound tourism results  
  • 3.2.1.     Inbound tourist arrival and receipt
  • 3.2.1.1. Tourist receipts
  • 3.2.1.2. Tourist arrivals
  • 3.2.2.     Outbound tourist figures
  • 3.3.       Outlook
  • 2.          Macro-environment of the Singapore tourism industry
  • 2.1.       Governmental factors
  • 2.1.1.    Cooperation between Singapore and other countries on boosting tourism
  • 2.1.2.    Memorandum of Understanding between Singapore and Japan
  • 2.1.3     Other campaigns/ partnerships
  • 2.2.       Health & Safety factors
  • 2.2.1.    Disease outbreak
  • 2.1.2.    Natural disasters and political unrest
  • 2.3.      Currency fluctuations
  • 2.4.       The impact of the macro-environment on the local tourism industry
  • 2.5.       WOT analysis of the Singapore tourism industry
  • 3.            Travel Agency Industry in Singapore
  • 3.1.         Travel Agency numbers on an increasing trajectory
  • 3.2.         Two main travel associations: NATAS and SOTAA
  • 3.2.1.     NATAS

 

  • 3.2.2.     Singapore Outbound Travel Agents Association (SOTAA)
  • 6.2.         Laws and Regulations Which Travel Agents need to abide by
  • 6.2.1.     Application for Travel Agent License in Singapore
  • 6.3.         Challenges of operating a travel agency in Singapore
  • 6.3.1.     Increasing use of online or mobile travel bookings
  • 6.3.2.     Increased expectations from consumers
  • 6.3.3.     Labour crunch
  • 6.3.4.     Increase regulatory scrutiny
  • 6.3.5.     Lack internal-know-how
  • 6.4.         Advantages of opening travel agency in Singapore
  • 6.4.1.     Good infrastructure and labour force
  • 6.4.2.     Grants and Incentives by the Singapore Tourism Board (STB)
  • 6.4.3.     Developing the travel agent industry in Singapore via enhancing human capital skillsets
  • 6.4.4.     High potential of using Singapore as a launch pad to expand into other countries
  • 6.4.5.     Collaboration with industry associations to improve travel agents
  • 6.5.         Overview of Leading Travel Agents in Singapore
  • 6.5.1.     Dynasty Travel
  • 6.5.2.     Chan Brothers
  • 6.5.3.     SA Tours
  • 6.5.4.     CTC Travels
  • 6.6.         Enhancing new products to suit new customer needs
  • 6.6.1.     Niche tour segments
  • 6.6.2.     Catering to the younger or female segment (Higher Spending Power Groups)
  • 6.6.3.     Using technology to enhance processes
  • 6.6.4.     Partnering with agencies (locally or globally) to expand scale and reach
  • 6.7.         Conclusion
  • 7.            Opportunities for the Tourism Industry
  • 7.1.         Millennials are Prized Demographic for Travel Industry
  • 7.2.         The Asian traveller
  • 7.3.         Striking a Balance within the Sharing Economy
  • 7.4.         Robotics and Analytics to Drive Tourism Innovation
  • 7.5.         Singapore’s Unique Selling Point: Urban Eco-Tourism
  • 7.6.         Youths Incorporate Volunteering in Travel Plans
  • 7.7.         Targeting Affluent Travellers for Travel Personalization
  • 8.            Compounding Impacts by Other Industries
  • 8.1.         Online Travel Intermediaries to Experience Better Performance
  • 8.2.         Stable Growth for Car Rental Industry
  • 8.3.         Growing Awareness for Travel Insurance and its Necessity
  • 9.            Key Insights and Takeaways

 


<Data>

  • Table 1: Company X Income Statement (2012-2016)
  • Table 2: Company X Revenue (2012-2016)
  • Table 3: Revenue Growth Y-O-Y (2012-2016)
  • Table 4: Company X Main Expense Categories (2012-2016)
  • Table 5: Administrative Expenses to Total Expenses (2012-2016)
  • Table 6: Company X Manpower Expenses to Administrative Expenses (2012-2016)
  • Table 7: Company X Assets (2012-2016)
  • Table 8: Liabilities
  • Table 9: Share Capital
  • Table 10: Cash Assets to Liabilities
  • Table 11: Millennial’s Travel Planning Model & Business Opportunities
  • Table12: Country and tourism cooperation agreements
  • Table13: Grants and incentives
  • Table14: Campaigns with countries and details
  • Table15: Financial Statement of SA Tours
  • Table16: Financial Statement of Dynasty Travel
  • Table17: Financial Statement of CTC Travel
  • Table18: Customer Service Attributes (Affluent Outbound Travellers – Singapore)
  • Table19: Travel Intermediaries Company Market Value % (2011-2015)

 

  • Graph 1: Total tourism receipts Jan-Sep 2016: S$ 18.5 billion
  • Graph 2: Total casino revenues (2011- 2015)
  • Graph 3: Project hotel room supply in Singapore (2015 – 2018)
  • Graph 4: Spending by category of tourism
  • Graph 5: Total tourism receipts (Jan – Sep 2016)
  • Graph 6: Spending by Japanese tourists
  • Graph 7: Total tourist arrivals January – September 2016
  • Graph 8: Breakdown of Japanese tourists by age groups
  • Graph 9: Breakdown of Japanese tourists by length of stay
  • Graph 10: Industries falls and growth during and after the SARS epidemic
  • Graph 11: SWOT analysis of the Singapore tourism industry
  • Graph 12: Industry revenue breakdown by types of travel
  • Graph 13: Process for Travel License Application and Renewal
  • Graph 14: The Millennial travellers
  • Graph 15: Characteristics of the Millennial Travellers
  • Graph 16: Four types of Asian Travellers
  • Graph 17: Comparison of different private hire cars
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