- Global air passenger traffic is tracking well against our estimates, reaching 90.5% of 2019 levels in Apr-23, up from 76.9% in Dec-22. This growth was primarily driven by a resurgence of travel in Asia, led by China’s long-awaited reopening coupled with a broad-based turnaround in other regions.
- - Read this at SGinvestors.io -
Asia Pacific to regain the most lost ground in 2023; Singapore maintains its lead over other countries in the region.
- We expect Singapore to continue outperforming other countries due to
- the strong propensity for outbound travel among Singaporeans given a strong S$,
- sustained improvement in tourist arrivals given an exciting lineup of major events, and
- its greater success at restoring flights to China (~63% of pre-COVID-19 levels in June 23), with Singapore as one of the preferred tourist destinations for the Chinese, based on recent travel sentiment surveys.
Solid recovery in inbound travel to Singapore in 2023 thus far.
- - Read this at SGinvestors.io -
- The top five source markets remain unchanged, namely China, Indonesia, India, Malaysia, and Australia, and they account for ~50% of the total number of visitors to Singapore. However, we note that the ranking now differs, with China falling from the first to the fifth position, which is unsurprising considering that it was the last country to lift travel restrictions compared to Australia which is close to full recovery. Meanwhile, Indonesia has taken over the first position to become Singapore’s top source market this year.
Inbound tourism in 2023 on track to more than double from 2022 and normalise in 2024.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Jason SUM CFA DBS Group Research | Tabitha FOO DBS Research | Paul YONG DBS Research | https://www.dbs.com/insightsdirect/ 2023-06-26
