Boston Business Management School

Hospitality industry is in a sense the largest business activity in the world.  This is even more emphasised today where rising affluence and affordable transportation has combined to push tourism and business travel to unprecedented levels on a global scale.   This is particularly true in Singapore where the hospitality industry has grown into one of the key pillars of the economy.  This growth is not surprising given that Singapore is one of the world’s major transhipment centres with the world’s busiest seaport.

Visitor arrivals in 2008 reached 10.1 million that is slightly more than double of Singapore’s population.  Tourism receipts topped off at S$14.12 billion in 2007, accounting for 13.4% of total Singapore’s service exports.  Singapore ranks among the top 15 countries in the world in terms of tourism receipts.  Nearly half of tourism receipts in Singapore were spent on accommodation.  Room revenue in the hotel sector doubled over the last ten years while food and beverage revenue increased by 50%.  The hospitality industry employed 120,000 persons as of June 2008, accounting for 6.5% of total employment.

Against this sterling statistics, Singapore will soon see the opening of two multi-billion integrated resorts.  This will propel the hospitality industry in Singapore to new heights and open a wide range of opportunities for all.