Singapore’s Tourism Board And NATAS To Partner With The FinLab To Help Travel Agencies Evolve Through Digital Transformation

Source: https://www.opengovasia.com/articles/singapores-tourism-board-and-natas-to-partner-with-the-finlab-to-help-travel-agencies-evolve-through-digital-transformation

The Ministry of Communications and Information announced that The FinLab would be collaborating with the Singapore Tourism Board (STB) and the National Association of Travel Agents Singapore (NATAS) to help travel agencies evolve and renovate their businesses via a digital transformation programme for the selected businesses.

Singapore’s economy relies heavily on the tourism industry, which accounts for approximately four per cent of its annual gross domestic product. However, changing consumer behaviour and the growing competition for tourism dollars regionally pose a significant challenge to the industry.

Consequently, to ensure the industry’s continued growth, it is important for members of the industry to grasp the currently available opportunities in the online travel market, particularly those in the Asia Pacific online travel market, which is expected to grow by 13 per cent by focusing on technological transformation.

None the less, it was noted that despite most consumers moving to online booking sites, travel agencies retain the opportunity to go beyond the usual issuance of e-tickets and vouchers and, in addition to these services, provide consumers with more personalised services. Thus, travel agencies must understand how they can apply digital solutions to understand and connect more effectively with their target audience along with personal interaction.

In the face of a dynamic economic landscape in Singapore, travel agencies and the companies and initiatives that seek to help them grow and transform must remain constantly cognizant of the challenges that SMEs (small and medium-sized enterprises) face in harnessing the potential of technology and in transforming it into benefits for their businesses.

Experts maintain that in order for the travel industry to continue to capitalise on growth opportunities in the long-term it must continue to innovate. One avenue to do this is to collaborate with partners who have the expertise to assist Singapore’s travel agents in developing digital competencies.

The FinLab, a partnership between SGInnovate and United Overseas Bank (UOB), is a business accelerator formed to propel technology companies and catalyse the digital transformation of businesses.

The FinLab’s programme presents the selected Singaporean travel agencies the opportunity to not only connect to The Finlab’s ecosystem of associates to transform their business digitally but also enables them to use what they have learned to improve their business’ performance, enhance consumer experiences and seize business opportunities present in the digital economy.

Ms Ong Ling Lee, Director at Travel Agents and Tourist Guides, STB stated that their collaboration with The FinLab is one of several initiatives created to support travel agencies and help them grown and transform their businesses in an increasingly competitive tourism market. “We hope that with the practical guidance provided by this acceleration programme, travel agents will be encouraged to take the first step towards achieving their growth ambitions”, Ms Lee added.

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Asia’s largest cruise liner to be based in Singapore for 6 months from 2019

Source : http://www.straitstimes.com/

Asia’s largest cruise vessel, Quantum of the Seas, will call Singapore home for six months next year to tap the growing cruise market.

It will be Royal Caribbean International’s longest deployment to Singapore for a quantum class liner.

To be based from November next year until April 2020, the liner will undertake 34 sailings – to and from Penang, Kuala Lumpur, Phuket, Bangkok and Ho Chi Minh – carrying up to 150,000 passengers into or out of Singapore.

The 170,000 ton, 18-deck high ship can carry up to 4,905 passengers, a 30 per cent increase in capacity for Singapore sailings. Basing it here will enable Royal Carribean to tap into the growing cruise market.

“We see Singapore as key in our strategy on two fronts. One, as a vibrant economy and two, as the destination of choice for international markets as well,” said president and chief executive Michael Bayley.

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Singapore Meetings, Incentives, Conventions, Exhibitions (MICE) Tourism Market Insights, Opportunity, Analysis, Market Shares & Forecast 2016 – 2021

Singapore MICE tourism market is projected to reach nearly US$ 2.5 Billion across the 20 countries covered in this reportby the year end of 2021.

Singapore is one of the world’s top MICE (Meetings, Incentives, Conventions & Exhibitions) destination. Singapore is a stellar MICE city, maintaining a perfect tourism impression among world-wide travelers with its stable and conducive business environment, convenient transportation, pleasant environment and well-appointed facilities. These factors tend to attract international organizations to base their regional offices in the city. Singapore has always been a magnetic venue for business and leisure. Sightseeing, catering, entertainment, business events and exhibitions together create an integrated tourism chain in this country. Facilities for both business and leisure such as World Resort Sentosa, Universal Studios Singapore, Merlion’s Park, Suntec Singapore and Singapore EXPO ensure Singapore’s position as a prime MICE destination.Singapore provides a conducive platform for MICE travelers to achieve their success in Singapore through a dynamic environment underpinned by vibrant knowledge, wide networks, ease of doing business and a sense of fun.

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Singapore MICE Travelers Insights

China and Indonesia will be the major source market for Singapore MICE tourism by the year end of 2021. India will be the third leading source market for Singapore MICE tourism by 2021. Japan stand at the fourth spot with XX% share of the Singapore MICE tourist arrivals. South Korea and Thailand holds the fifth and sixth highest share of the Singapore MICE tourist arrivals, being followed by United States by the year end of 2021.

Singapore MICE Tourism Market Revenue Insights

Japan MICE travelers has enjoyed a significant role in contributing revenue to the Singapore economy in 2015. Japan contributed 18.1% share in 2015 but Japan will not retain its #1 position in the revenue generator due to the fall in the MICE travelers’ in Singapore.  It is predicted that China, India and Indonesia will be leading revenue generators by the year end of 2021. Other countries such as South Korea, United States and Thailand will also be the major revenue generators by the year end of 2021.

The research report titled  Singapore Meetings, Incentives, Conventions, Exhibitions (MICE) Tourism Market Insights, Opportunity, Analysis, Market Shares & Forecast 2016 – 2021” provides detailed information on the Singapore MICE Tourism Market. This report analyzes market data and provides a better understanding of MICE travelers flows and revenue to Singapore. Market outlook in value terms for the forecasted period for Singapore MICE tourism market has been detailed in the report. This report also entails a detailed description of growth drivers and challenges of the Singapore MICE tourism market.

This 115 Page report with 84 Figures and 4 Tables has been analyzed from 5 viewpoints:

1.    Singapore MICE Travelers, Revenue & Forecast (2010 – 2021)

2.    Singapore MICE Travelers, Revenue Share & Forecast (2010 – 2021)

3.    Singapore MICE Travelers, Revenue & Forecast –  Top 20 Country Analysis (2010 –  2021)

4.    Singapore MICE Tourism Market – Growth Drivers

5.    Singapore MICE Tourism Market – Challenges

Singapore MICE Tourism Market – 20 Countries Covered

 

1.    Indonesia

2.    Malaysia

3.    Philippines

4.    Japan

5.    Thailand

6.    China

7.    Taiwan

8.    Hong Kong

9.    South Korea

10.  India

11.  France

12.  Germany

13.  Italy

14.  Netherlands

15.  United Kingdom

16.  Canada

17.  United States

18.  New Zealand

19.  Australia

20.  South Africa

India to be World’s Third Largest Travel and Tourism Economy in a Decade: Report

Source : https://littleindia.com/

India will establish itself as the third largest travel and tourism (T&T) economy in the world by 2028, both in terms of direct and total gross domestic product, according to a report released by the World Travel and Tourism Council (WTTC) on March 22.

India will follow China and the United States, the report said. South Asia is expected to be the fastest-growing world region over the next 10 years, with average annual direct T&T gross domestic product (GDP) growth of 6.9 per cent forecast, driven principally by a strong 7.1 per cent growth in India, revealed the report titled “Global Economic Impact & Issues 2018.”

The report covers 185 countries and 25 regions of the world, providing data on the 2017 performance as well as 10-year forecasts on the sector’s potential.

“2017 was the best year on record for the travel and tourism sector. We have seen increased spending as a result of growing consumer confidence, both domestically and internationally, recovery in markets in North Africa and Europe previously impacted by terrorism and continued outbound growth from China and India. This is great news for the millions of people who depend on our sector for their livelihoods,” said Gloria Guevara, WTTC president and CEO.

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Thailand will attract more than 1.3 Million MICE travelers and generated nearly about US$ 4 Billion revenues by 2022

The MICE industry is one of the key sectors that Thailand intends to develop in order to stimulate quality visitors both within the country and abroad. Thailand is one of the most important and popular MICE destination worldwide. Thailand is famous MICE destination due to its solid basic infrastructure, strategic location, developed transportation systems, international connectivity, a well-trained private sector, continual government support and sound regulations. Each year, it stages numerous meetings, seminars, and world-class exhibitions, and welcomes numerous visitors led by the world’s leading tour companies. Thailand has plans to develop more MICE-related amenities, especially convention centers and venues that can stage mega events, growing its capacity to serve an expanding market and rising demand for meetings, conventions and exhibitions.

It is forecasted that Thailand will attract more than 1.3 Million MICE travelers and generated nearly about US$ 4 Billion revenues by 2022.

Meetings are the most popular segment in the Thailand MICE Industry. Meetings controls a lion’s market share of around 75% for the year 2015 and it is expected to continue its dominance till 2022.

East Asia is the major source of MICE travelers in Thailand. East Asian countries representing XX% of all overseas MICE travelers. Europe and South Asia have shown its potential to become 2nd and 3rdpopular MICE traveler’s region. The Americas is the fourth leading source market for Thailand MICE industry. It is predicted that East Asia will continue its #1 position in the Thailand MICE travelers by the year 2022.

In Thailand MICE traveler Inflow, China holds the highest share in 2015, and it is expected that China will maintain its position in the forecasting period. Japan, Malaysia and Vietnam hold the 2nd, 3rd and 4th best source countries for MICE traveler visits to Thailand.

In Thailand MICE traveler’s revenue, China contributed XX% share in 2015 and likely that China will be best country to generate the maximum revenue to the Thailand MICE industry.  Other countries such as Cambodia, Indonesia, Japan, Malaysia, Vietnam and India are also the important source countries for the Thailand MICE industry.

The report titled “Thailand MICE Industry & Forecast to 2022” provides detailed information on the Thailand MICE Industry. This report analyzes market data and provides a better understanding of MICE travelers flows and revenue to Thailand.Market outlook in value terms for the forecasted period for Thailand MICE Industry has been detailed in the report. This report also entails a detailed description of growth drivers and challenges of the Thailand MICE Industry.

Thailand MICE Industry have been analyzed from 4 viewpoints:

1. Thailand MICE Travelers Inflow, Revenue & Forecast – Regional Analysis (2012 – 2022)

2. Thailand MICE Travelers Inflow, Revenue & Forecast – Country Wise Analysis (2012 – 2022)

3. Thailand MICE Travelers Inflow, Revenue & Forecast – Industry Analysis (2012 – 2022)

4. Thailand MICE Industry – Growth Drivers & Challenges

Thailand MICE Industry & Forecast to 2022 – By Industry Analysis

1.    Meetings

2.    Incentives

3.    Conventions

4.    Exhibitions

Thailand MICE Industry & Forecast to 2022 – By Regional Analysis

1.    East Asia

2.    Europe

3.    The Americas

4.    South Asia

5.    Oceania

6.    Middle East

7.    Africa

 

Thailand MICE Industry & Forecast to 2022 – Countries Wise Analysis

 

1.    Cambodia

2.    Indonesia

3.    Loas

4.    Malaysia

5.    Myanmar

6.    Philippines

7.    Singapore

8.    Vietnam

9.    China

10.Hong Kong

11.Japan

12.Korea

13.Taiwan

14.France

15.Germany

16.Russia

17.Italy

18.United Kingdom

19.USA

20.Canada

21.Brazil

22.Bangladesh

23.India

24.Pakistan

25.Sri Lanka

26.Australia

27.New Zealand

28.Isreal

29.UAE

30.South Africa

31.Other Countries

 

Data Sources

The information contained in this report is based on both primary and secondary sources.

Primary Sources:Questionnaires, surveystelephonic interviews with industry experts and observations

Secondary Sources:Secondary data analysis and review involves collecting and analysing a vast array of information. DPI Research seeks information from different sources such as published articles, company websites, magazine articles, associations, trade journals, annual reports, newspapers, books, Government official websites and other paid database sources.

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Singapore hosts record 1.27 million Indian travelers in 2017

Source : https://timesofindia.indiatimes.com/

For the third time in a row, Singapore has registered record arrivals from India with 1.27 travelers visiting the country last year.

Over 1.1 million Indian travellers went to Singapore in 2016. Visitor arrivals from India into Singapore has crossed the one-million mark at 1.27 tourists, according to data from the Singapore Tourism Board (STB).

India has moved a notch higher in becoming the third biggest source market for Singapore, from fourth earlier, ahead of Malaysia, but behind China, Indonesia. Tourist arrivals from India also registered the highest growth rate of 16 per cent among all other markets, according to STB.

Six others out of the top 15 source markets, including China, witnessed over 13 per cent growth.
“We are happy that Singapore continues to be perceived as one of the must-visit destinations,” Singapore Tourism Board regional director – SAMEA, GB Srithar said.

The board plans to focus on deepening and expanding partnership with travel trade partners, informed Srithar.

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UK think tank pushes for cheaper visas for Indians

Source : https://economictimes.indiatimes.com/

A leading UK-based think tank has released a research to support its call for a new, more economical visa regime to attract Indian visitors to the country.

The Royal Commonwealth Society (RCS) revealed that the UK was losing out as neighbouring France attracted 185,000 more Indian business visitors and tourists in 2016.

Overall the number of visits to the UK by Indian nationals fell by 1.73 per cent in 2016, while in France it grew by 5.3 per cent.

The UK’s market share of Indian outbound tourists has more than halved from 4.4 per cent in 2006 to 1.9 per cent in 2016 600,000 Indians visited France in 2016, 185,000 more than visited the UK, RCS says in its new Britain and India: Building a New Visa Partnership’ fact sheet presented to British MPs earlier this week as part of its campaign launched in 2016 for a new UK-India bilateral visa agreement which would considerably reduce the cost of tourist visas.

The new UK-India Visa Agreement being proposed would reduce the cost of a two-year visa from 388 pounds to just 89 pounds and allow travellers to make repeat visits within two years. This would mirror the reduced cost two-year multiple entry visa that was launched in January 2016 for visitors travelling both ways between the UK and China, RCS said in a statement.

The RCS feels the Commonwealth Heads of Government Meeting (CHOGM) in April, to be attended by Prime Minister Narendra Modi, presents the ideal setting for an announcement of a new agreement.

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