Travel in 2024 and the evolving behaviors of Singapore-based travellers
SINGAPORE (Commonwealth Union)_ Taylor Swift‘s anticipated Asia Pacific tour has caused a sensation among music fans, and the impact has not been limited to the entertainment industry. Recent data 1 analysis by Amadeus has revealed that the cities hosting significant concerts are experiencing noteworthy surges in travel searches. After examining travel search data, Amadeus data researchers have identified an extraordinary increase in interest for the cities featured on the tour itinerary. With the return of live concerts approaching pre-pandemic levels, Singapore, Japan and Australia are gearing up for a tourism boom.
Travel, once an escape from reality, is now the essence of life has taken a surprising twist. Booking.com has released its yearly Travel Predictions research that shows that travel is life in 2024, with four in five Singapore-based travellers (82%) revealing that they feel more alive than ever when they are on vacation. That’s because over half (64%) think they are the best version of themselves on holiday. And with artificial intelligence (AI) on the rise, travellers are progressively plugging into tech to do the grunt work, freeing them up to spark more soul-stirring experiences.
Tourist arrivals across Asia have yet to return to pre-Covid levels but as travel resumes, nations in the region are competing to attract travellers. Singapore has been lately building itself into a global entertainment hub. In the wake of this year’s Formula 1 Singapore Grand Prix, which was held in September, more sports and entertainment events are expected to bolster tourism in the Lion City.
Thousands will be travelling there in early 2024 as British rock band Coldplay and American singer-songwriter Taylor Swift are scheduled to perform, each in a series of six dates at National Stadium. Entertainment companies Airlines and airport services all stand to benefit.
Amidst an ever-hectic world, travellers are booking trips to bring themselves back to the life they truly want again. The new era of sleep tourism, for example, welcomes sleep concierges and cutting-edge tech to serve the 67% of Singapore-based travellers who want to travel in 2024 to solely focus on uninterrupted shut-eye.
For those used to sleeping solo, 40% would even carve out time for a matchmaking holiday to find a spark with a new partner or lover, while more than one third, or 34% would focus on a heartbreak holiday to get over an ex. Of those still rocking a relationship, a quarter (24%) has made it their priority to deepen the human connection with their partner through travel in 2024.
Not forgetting parents: they are surprisingly seeking solace on completely solo holidays, with the majority (55%) planning to travel alone in 2024, dropping the kids and their partners to prioritise their vitality.
Airlines
Singapore Airlines Ltd. is at the forefront of the country’s reopening, as the national carrier of the city-state. The group reported a record annual profit of S$2.2 billion ($1.6 billion) for its latest fiscal year, after a S$948 million loss the previous year and may continue its strong performance in both its fundamentals and its share price.
Singapore Airlines had been leading the pack since 2022, while its peer group had largely similar passenger load factors, a measure of how many of its planes’ seats are filled when they fly, and analysts expect the margin to be sustained through 2025.
Airport Services
As Singapore sees increase in the number of flights and air passengers, flight catering and gateway-services companies are also poised for a strong rebound. Using supply chain analysis, you can find that Singapore Airlines’ suppliers include SATS Ltd., which is a Singapore-based gateway-services and food provider.
Singapore Airlines appears as a supplier to SATS as well as one of its customers, like other carriers such as Air France-KLM and Cathay Pacific. SATS accounts for about 80% of Changi Airport’s airline catering and air-cargo services market, and may have an edge over rivals in this sector to capitalize on gains in the hub’s traffic growth.
Entertainment
Concerts by stars like Swift have provided notable boosts for local hospitality industries. The city of Chicago in the USA, for example, set a record for its rate of hotel occupancy during the three-day stint of her Eras Tour, according to reporting by Bloomberg News.
