According to the STB, Singapore aims to become a world-class destination by 2040 and an innovation-driven global city where companies and talent contribute together to sustainable tourism growth. The country also aims to increase tourism revenue to $47-50 billion. The STB noted that MICE visitors spend twice as much as leisure travelers.
The Importance of MICE Tourism
The STB aims to triple MICE tourism revenue by 2040. MICE visitors currently spend nearly twice as much as leisure travelers.
The global MICE market is expected to double in value over the next decade, putting Singapore in a strong position to achieve significant growth in the sector. The STB highlighted the significant economic potential of MICE beyond tourism revenue, emphasizing that hosting MICE events in Singapore will contribute to broader economic growth.
