Northstar

The Indispensable Travel Industry Read Feature Highlight Serviced apartments on the rise Vol. 8 | 7 December 2010 | www.travelweeklyweb.com | Published by Travel & Meetings Group, Ten Alps Communications Asia Pte Ltd MICE in Asia catches up with Europe News Garuda Indonesia joins SkyTeam News Page 3 With Asia's sustained economic growth, Singapore is well-placed to leverage this growth. Reports and studies have shown t h a t As i a's MICE indus t r y i s outperforming other markets in Europe and is the only region that has recovered from the economic crisis from last year said Melissa Ow, assistant chief executive, Industry Development (II) Group, Singapore Tourism Board. According to a 2009 report by IHS Global Insight, it is estimated that the world's business travel spending will expand from US$929 billion in 2008 to US$986 billion in 2013 with Asia leading the growth at an estimated growth of between 3 and 6.5 percent, far surpassing the growth of 1.2 percent in other markets, including Europe. In a recent global barometer survey conducted in June 2010, an overwhelming ma jor i t y of tradeshow owners (76%) surveyed had indicated an increase of turnover in business in Asia for the first half of 2010 as compared to the same period last year. The survey also reported that tradeshow owners had an optimist ic outlook for Asia in 2011 – with 77 per cent expecting an increase in business for the fi rst half of next year. A majority of respondents (about 57 per cent) also indicated that the impact of the economic crisis in Asia was over. This is in contrast to the business sentiments of the respondents on the European market. Only 41 per cent of respondents had reported an increase in turnover in business for the first half of the year in Europe, while 64 per cent were expecting an increase for business in Europe in 2011, indica t ing the region's prolonged delay to recovery. Over the next few years, the world's business travel spending is expected to expand from US$929 billion in 2008 to US$986 billion in 2013 said IHS Global Insight. This represents year-on-year growth of 1.2 per cent. The compound annual growth rate of business travel spending between 2008 and 2013 in key markets in Asia such as China and India, Japan, Korea, Hong Kong, Taiwan, Indonesia and Malaysia will grow at a rate of between 3 and 6.5 per cent , with China leading the way due to continued strong economic growth and the sheer size of its business travel market. "Wi t h A s i a ' s s u s t a i n e d economic growth, Singapore is well-placed to leverage this growth and provide unique and attractive value propositions with our strong business fundamentals and excellent infrastructure and capabilities. Singapore hosts over 6,000 business events every year, and 2010 saw a healthy number of meetings, Starwood Hotels & Resorts unveils plans to ramp up spas Page 6 incent ive groups, conferences and exhibitions," said Ow. At the same time, business travellers are developing higher expectations, and business event organisers seek to address these demands by providing more per sonalised, high- impact experiences. With S i n g a p o re's ar r ay of e a s i l y accessible attractions, hotels, MICE facilities and other activities, such dif ferentiated experiences can b e org a ni se d wi t h e a se and fl exibility. Event organisers can also make innovative use of new venues such as the integrated resorts, and upcoming developments such as River Safari and Gardens by the Bay. The Singapore Tourism Board (STB) will continue to focus ef for t s on at tracting business tr avellers to fur ther develop the BTMICE sector into a key economic driver for Singapore's tourism.

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