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Nomura Group adopts more cautious view on China’s economy, tourism

November 29, 2023 China Industry Updates

The Nomura Group has revised its more cautious assessment of China’s economic prospects in light of recent data indicating a slowdown in outbound tourism from China to key destinations like Singapore.

Analysts at Nomura claim that foreign visits to Singapore decreased from 77.3% in September to 73.6% of 2019 levels in October. Notable was the decline in Chinese visits from 54.6% in September to 47.5% in October. Nomura believes that the moderate economic performance of China may have a bigger impact on the region’s tourism comeback.

The researchers claim that a “slowdown” in Chinese outbound tourism has occurred in tandem with the easing of travel restrictions associated with COVID-19. The overall number of tourists arriving in Singapore throughout the first 10 months of the year was almost 71% of the levels recorded in 2019, as per official data from Singapore. Particularly, China’s outbound tourist recovery has slowed from its initial surge after the border’s reopening in early 2023.

Following a 1.1% gain in the third quarter, Nomura projects that Singapore’s GDP will grow by 1.4% year over year (YoY) in the fourth quarter. On the other hand, there won’t be as much of an increase from the travel and tourist sectors. In an attempt to boost GDP via inbound tourism, Resorts World Sentosa and Marina Bay Sands formed a casino duopoly in Singapore more than ten years ago. These goals may be impacted by current tourism challenges as China’s economic performance and travel tastes evolve.

Original story by: GGRAsia

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