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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.


According to the Boston Consulting Group, Singapore has the world's highest proportion of millionaire households, and the number of millionaires is expected to more than double by 2016, to 408,000.


Singapore's economy is steadily growing after rebounding from 2009 global economic downturn. It 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.

Job losses during the global recession were few, which has helped keep Singapore's consumers among those with the highest levels of income in the world. Singapore's per capita GDP is the fifth-highest in the OECD.

Key Indicators

Exchange Rate vs NZD: SGD 1 = NZD 0.915801 (April 2014)
Expected GDP Growth:   +2.5% to 3.5% for 2013 (Aug 2013 est.)

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

Outbound Travel

Travel buyers report that 35.4 per cent of clients are spending over US$5,000 on travel. Nearly all buyers (93 per cent) are expecting business to increase, while 94 per cent of agents also expect an increase, citing New Zealand among the markets recording the most significant growth in demand.

Airline Update

Aviation competition has heated up between Singapore Airlines and Qantas, with Air New Zealand and Malaysia Airlines also becoming more active, making this a very attractive time for Singaporeans to travel to New Zealand.

A new alliance between Singapore Airlines and Air New Zealand means there are daily flights between Singapore and Auckland and Singapore Airlines continues to fly daily between Singapore and Christchurch.