Channel NewsAsia
Updated: 09/04/2014 13:07 | By Channel NewsAsia

Airshow added S$319m to Singapore economy

Airshow added S$319m to Singapore economy


Airshow added S$319m to Singapore economy

SINGAPORE: This year's edition of the Singapore Airshow brought in a total of S$319 million for the local economy, according to the latest figures released by marketing consultancy Kadence International.

The biennial aerospace and defence exhibition, held at the Changi Exhibition Centre in February, attracted more than 146,000 visitors from a total of 125 countries and regions, the show's organisers said in a press release on Thursday (Sep 4).

The airshow attracted a range of people who work in the aviation industry, from top corporate executives to technical experts. While most of them were in Singapore to network and look for business opportunities - some S$32 billion worth of deals were signed - they also chalked up other expenditures while in Singapore.

GREATER FOREIGN EXPENDITURE

The amount generated for this year's airshow translated to a 25 per cent increase from the previous edition, a hike which organisers said was supported by greater foreign expenditure. A total of S$284.9 million was accrued from foreign visitors’ spending in the airshow this year, a 30 per cent increase from 2012.

International participants accounted for 89.3 per cent of spending, according to Mr Leck Chet Lam, managing director of Experia Events, which organised the Singapore Airshow.

Foreign visitors spent mostly on travel and accommodation, event and exhibition space, as well as other personal expenditure including food and beverage, leisure, shopping and transport, the press release added. 

"It spans across the entire value chain, whether it is coming to the event - that means airfares, ground transportation and hotel stays - to at the event itself, which means exhibition setup, space rental and F&B. It also spans all the way to their personal spending, such as shopping and dining," said Mr Leck.

While trade and public visitors to the show saw an increase in personal spend per day, the largest increase was among exhibitors, who spent an average of S$491 per day in 2014, a 30.9 per cent increase from the previous instalment.

“Singapore Airshow has fast established itself as Asia’s largest and most important aerospace and defence exhibition. This year, we witnessed record exhibitor numbers, strong industry participation and strategic partnerships forged during the Airshow,” said Mr Lim Kok Kiang, assistant managing director of the Singapore Economic Development Board.

ASIA PACIFIC A GROWING MARKET FOR AVIATION INDUSTRY

With the Asia Pacific region seen as a growing market for the aviation industry, organisers said the airshow in Singapore will continue to attract interest.

Mr Leck said: "Airbus and Boeing did a study that indicates that as far as global aviation traffic growth is concerned over the next 20 years, it is about 4.5 to 5 per cent. But as for Asia Pacific, it is up a notch, in the region of 6 to 6.5 per cent.

Mr Leck added that while the other key airshows - the Farnborough Airshow and the Paris Airshow in Europe - are too far away to tap into the "business or action in Asia Pacific", Singapore is strategically placed to do so. "In terms of proximity, in terms of connectivity, we have the advantage," he said.

The Singapore Airshow will return in 2016, running from Feb 16 to 21 at the Changi Exhibition Centre.  - CNA/xk/by

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