Business travellers are still flocking to Singapore despite soaring hotel room rates tied to the Singapore Grand Prix.
FCM Consulting travel trends report revealed that while Q1 2023
recorded an average nightly rate of S$366 (US$268), a slight dip to
S$354 (US$259) was observed in Q2 2023. However, the upcoming Singapore
Grand Prix tells a different story.
Pre-booked travellers visiting Singapore during this event
experienced a significant rate increase, soaring from an average of
S$693 (US$508) in 2022 to S$880 (US$645) this year.
Singapore's hotel occupancy levels remain robust, with Q1 2023
averaging 87% and Q2 2023 at 122%. This surge in demand for
accommodations underscores Singapore's appeal as a hub for meetings and
events, despite its position as the third most expensive city to stay in
within Asia.
“The reopening of China has been the catalyst for travel resurgence
globally including Singapore,” shared Scott Reddie, chief business
officer, FCM Asia.
“This is reflected by the increase of business class fares of 37%
from Shanghai Hongqiao International Airport to Singapore and 20% from
Shanghai Pudong International Airport to Singapore.”