Tourist Arrivals and Other Hotel Indicators Continue to Decline
Singapore’s hotel industry experienced a decline in key metrics in June 2024, with the average room rate (ARR) dropping to its lowest level in a year. According to data from the Singapore Tourism Board (STB), ARR fell to S$268.87, marking a 3.9% decrease from May’s S$279.87. Compared to the previous year, the rate saw only a marginal increase of 0.4%, barely surpassing June 2023’s S$267.84.
Tourist arrivals in Singapore have been steadily falling for three consecutive months, following a peak in March when Taylor Swift’s six concerts at the National Stadium drove a surge in visitors. The decline in tourism has affected other hotel performance indicators, including overall room revenue, revenue per available room (RevPAR), and average occupancy rates, all of which registered decreases in June.
