Slump in Room Revenue and Occupancy Post-Taylor Swift Concerts Reflect Decline in Tourism Arrivals
In April 2024, Singapore’s hotel industry saw a drop in key performance indicators following the surge in demand during the Taylor Swift concerts in March. Data from the Singapore Tourism Board (STB) released on June 4 shows a 6.6% month-on-month decline in the average room rate (ARR), which fell to S$279.44 from March’s S$299.04, despite being 3.2% higher than the same period in 2023.
April also saw a decrease in international visitor arrivals, down to 1.36 million from March’s high, which was largely driven by the popularity of the Taylor Swift events. As a result, overall hotel room revenue fell 17.5% from March, dropping to S$404.9 million, the lowest year-to-date figure for 2024. However, room revenue was up by 11.5% compared to the same month in 2023.
Other key metrics also reflected this downward trend. Revenue per available room (RevPAR) declined 13.6% to S$216.60, and the average occupancy rate dropped to 77.5%, compared to 83.8% in March. This occupancy rate is the lowest recorded so far in 2024 and below pre-pandemic levels.
Across hotel categories, the luxury segment saw a decline in ARR to S$644.96, with other categories also experiencing drops. Despite these month-on-month decreases, performance remained stronger compared to the previous year, with overall room revenue for the year to date reaching S$1.77 billion, a 27% increase from the same period last year.
