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Market Trends

Singapore's luxury travel market appears to offer a huge opportunity for New Zealand, with local demand for high-end travel matching the Asian-wide upswing.

Economy

According to WealthInsight, 1 in 35 Singaporeans is now a millionaire, with their number increasing by 17 per cent from 130,000 in 2010 to 154,000 in 2015. They collectively hold US$806.3 billion (S$1.15 trillon) in net wealth.

WealthInsight forecasts Singapore's millionaire population to reach 188,000 in 2020.

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Singapore's economic growth is slowing and the Ministry of Trade and Industry (MTI) described the economy’s growth outlook for 2017 as “modest”, while adding that it expects GDP to come in between 1 to 3 per cent. . Singapore however remains one of the most competitive economies in the world with an almost corruption-free business and government sector. Economic growth is heavily driven by exports - particularly consumer electronics, information technology products, pharmaceuticals - and a growing service sector.

According to the International Monetary Fund Singapore's per capita GDP is the seventh-highest in the world.

Key Indicators

Exchange Rate vs NZD: SGD 1 = NZD 0.999303 (December 2016)
Expected GDP Growth:  Real GDP is forecast to expand by 2.2% on average in 2017-21

Data sources:
www.mas.gov.sg (GDP growth)
www.economist.com (GDP Growth)
www.xe.com (Exchange rates)
http://www.wealthinsight.com

Outbound Travel

Outbound travel from Singapore is strong and growing. In 2015 Singapore residents made 9.1 million trips abroad (up from 8.9 million in 2014).

Despite lower consumer confidence as a result of a weakening economy Singaporeans are still keen on travel.

 A 2016 survey by market research firm Nielsen found that Singaporeans placed third in a ranking of top 10 countries where consumers are allocating their spare cash to holidays.

Consumer travel fairs are experiencing strong attendance. The Travel Revolution Fair saw a record 110,000 visitors attend in 2016 and travel agent Dynasty Travel saw a 20 percent increase in booking to New Zealand.

Airline Overview

Aviation connectivity between Singapore and New Zealand is strong with many non-stop and direct options.  Competition between Singapore Airlines, Qantas, Air New Zealand and Malaysia Airlines makes for very attractive fares for Singaporeans.

The alliance between Singapore Airlines and Air New Zealand means there are daily flights between Singapore and Auckland. Singapore Airlines continues to fly daily between Singapore and Christchurch, and has recently added a four times weekly service to Wellington (via Canberra).