Singapore Luxury Hotels and Resorts Market Introduction and Overview
According to SPER Market Research, the Singapore Luxury Hotels and Resorts Market is estimated to reach USD 6.5 billion by 2033 with a CAGR 4.47%.
The report includes an in-depth analysis of the Singapore Luxury Hotels and Resorts Market, including market size and trends, product mix, distribution channels, and supplier analysis. Luxurious hotels and resorts are the definition of hospitality; they provide an experience that is unmatched in terms of extravagance, attentive service, and first-rate amenities. These places offer customers to enjoy both comfort and magnificent views because they are frequently located in prime areas, such as busy city centers, immaculate beaches, or breathtaking natural landscapes. The rooms usually have luxurious furnishings, roomy floor plans, and special amenities like gourmet dining, spa services, and personal concierges. A wonderful stay is guaranteed by staff that is trained to anticipate and meet guests' demands with the utmost attention to detail.
- December 2023: With a historic agreement with Worldwide Hotels Group—the nation's largest hotel operator by room count and Accor's longtime partner—the largest international hospitality group in the Middle East, Africa, and Asia Pacific is bringing the largest Mercure hotel in the world—with 989 keys—to Singapore.
- The Singapore Airlines Group and Sarovar Hotels & Resorts global rewards program KrisFlyer announced in May 2023 that they would be collaborating to offer flyers and travelers exclusive benefits.
Market Opportunities and Challenges
Opportunities: There has been an increase in visitors to Singapore. According to a DBS Bank report, more hotels and other housing choices are required statewide to meet the growing number of tourists. The average number of visitors to each country has climbed by 6% over the last ten years, while the availability of hotel rooms has only expanded by 4.2%, especially in the last four years, placing pressure on the country's tourism industry. Through the establishment of trends in areas like technology innovation, sustainability, and holistic health, Singapore has completely transformed the hotel industry. Furthermore, In the past ten years, Singapore has seen a continuous rise in the number of foreign visitors, with only three small dips. Despite increasing competition from Indonesia, Vietnam, and Thailand, Singapore is predicted to enjoy modest visitor arrivals and strong growth rates over the forecast period as a result of the Tourism Board of Singapore's (STB) marketing initiatives aimed at luring tourists from all over the world.
Challenges: The rising costs of staying in hotels with higher star ratings and the rise of low-cost shared lodging platforms like Airbnb in low-income nations are expected to impede the expansion of the sector. The genuineness and flexibility provided by accommodation-sharing services may be more appealing to younger and millennial tourists in particular. Rather than choose the luxury and amenities offered by regular hotels, they might prefer the chance to stay in local communities, engage with hosts, and explore locations like a local. Further limiting market expansion would be the increasing ubiquity of low-cost and mid-range hotels in numerous nations across the globe.
Market Competitive Landscape
Singapore's hospitality market is partially consolidated, with both local and foreign companies participating. Most hotels are located in areas that are quite popular with tourists. Because there aren't as many hotels in the area, there is a high demand for them. With the backing of government initiatives, investors find the location to be attractive. The top businesses in Singapore include Marriott International, Far East Hospitality, Accor SA, Pan Pacific Hotels Group, and InterContinental Hotels Group Plc.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type, By Segment.
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| Regions covered | Eastern Region, Western Region, Northern Region, Southern Region.
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| Companies Covered | Accor S A, Far East Hospitality, Forward Land, Hotel 81, InterContinental Hotels Group Plc, Marina Bay Sands, Marriott International, Millennium & Copthorne International Limited, and Pan Pacific Hotels Group.
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COVID-19 Impact on Singapore Luxury Hotels and Resorts Market
The COVID-19 pandemic drastically changed both the operational dynamics and consumer behavior of Singapore's luxury hotel and resort industry. Travel restrictions and security concerns initially caused a significant drop in foreign arrivals, who are important for upscale restaurants. Unprecedented declines in occupancy at many upscale hotels led to their closure and employee layoffs. As a result, establishments improved their health and safety procedures, instituted flexible reservation guidelines, and focused more on the local market by offering staycation packages to draw in domestic tourists. In order to accommodate changing guest tastes, a lot of upscale hotels have also made investments in digital technologies including virtual experiences and contactless services.
Key Target Audience:
- Affluent Travelers
- Business Executives
- Couples and Honeymooners
- Families
- International Tourists
- Special Event Guests
- Wellness Seekers
- Eco-conscious Travelers
Our in-depth analysis of the Singapore Luxury Hotels and Resorts Market includes the following segments:
| By Type: | Chain HotelsIndependent Hotels |
| By Segment: | TherapeuticDiagnosticBiotechnology and Pharmaceutical IndustryOthers |
Key Topics Covered in the Report:
- Singapore Luxury Hotels and Resorts Market Size (FY’2024-FY’2033)
- Overview of Singapore Luxury Hotels and Resorts Market
- Segmentation of Singapore Luxury Hotels and Resorts Market By Type (Chain Hotels, Independent Hotels)
- Segmentation of Singapore Luxury Hotels and Resorts Market By Segment (Therapeutic, Diagnostic, Biotechnology and Pharmaceutical Industry, Others)
- Expansion Analysis of Singapore Luxury Hotels and Resorts Market
- Problems and Obstacles in Singapore Luxury Hotels and Resorts Market
- Competitive Landscape in the Singapore Luxury Hotels and Resorts Market
- Impact of COVID-19 and Demonetization on Singapore Luxury Hotels and Resorts Market
- Details on Current Investment in Singapore Luxury Hotels and Resorts Market
- Competitive Analysis of Singapore Luxury Hotels and Resorts Market
- Prominent Players in the Singapore Luxury Hotels and Resorts Market
- SWOT Analysis of Singapore Luxury Hotels and Resorts Market
- Singapore Luxury Hotels and Resorts Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Singapore Luxury Hotels and Resorts Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Singapore Luxury Hotels and Resorts Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Singapore Luxury Hotels and Resorts Market
7. Singapore Luxury Hotels and Resorts Market, By Type (USD Million) 2020-2033
7.1. Singapore Luxury Hotels and Resorts Market Size, Share and Forecast, By Type, 2020-2026
7.2. Singapore Luxury Hotels and Resorts Market Size, Share and Forecast, By Type, 2027-2033
7.3. Chain Hotels
7.4. Independent Hotels
8. Singapore Luxury Hotels and Resorts Market, By Segment (USD Million) 2020-2033
8.1. Singapore Luxury Hotels and Resorts Market Size, Share and Forecast, By Segment, 2020-2026
8.2. Singapore Luxury Hotels and Resorts Market Size, Share and Forecast, By Segment, 2027-2033
8.3. Therapeutic
8.4. Diagnostic
8.5. Biotechnology and Pharmaceutical Industry
8.6. Others
9. Singapore Luxury Hotels and Resorts Market Forecast, 2020-2033 (USD Million)
9.1. Singapore Luxury Hotels and Resorts Market Size and Market Share
10. Singapore Luxury Hotels and Resorts Market, By Region, 2020-2033 (USD Million)
10.1. Singapore Luxury Hotels and Resorts Market Size and Market Share By Region (2020-2026)
10.2. Singapore Luxury Hotels and Resorts Market Size and Market Share By Region (2027-2033)
10.3. Eastern Region
10.4. Western Region
10.5. Northern Region
10.6. Southern Region
11. Company Profile
11.1. Accor S A
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. Far East Hospitality
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Forward Land
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. Hotel 81
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. InterContinental Hotels Group Plc
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. Marina Bay Sands
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. Marriott international
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. Millennium & Copthorne International Limited
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. Pan Pacific Hotels Group
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Others
12. Conclusion
13. Reference Links
14. List of Abbreviations
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
