PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1393285
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1393285
According to SPER Market Research, 'Singapore Travel and Tourism Market Size- By Type, By Service Type, By Occupants - Regional Outlook, Competitive Strategies and Segment Forecast to 2033' state that the Singapore Travel and Tourism Market is predicted to reach USD 41.58 billion by 2033 with a CAGR of 4.21%.
People move throughout the world for a variety of purposes, including business, sports, education, and leisure. This movement is referred to as travel and tourism. Long distance, short distance, and international travel are all possible. The surge in disposable income, government assistance, infrastructure development, and technological integration to ease commuting are all contributing to the enormous growth potential that the tourist business is experiencing globally.
Furthermore, the tourism industry suffered greatly with the arrival of COVID-19 in 2019, which was brought on by health-related travel restrictions. The epidemic had a significant impact as evidenced by the sharp percent drop in foreign tourist numbers by July 2020. Retail and eating were among the industries that were impacted, in addition to tourism. The demand for a wide range of goods and services was subsequently influenced by tourism, which became a significant economic factor.