Singapore vs Hong Kong Event Planning Market Comparison: Advantage Analysis and Competitive Strategies

Market Size and Development Overview

Singapore Market Performance

Singapore's MICE (Meetings, Incentives, Conferences, and Exhibitions) market demonstrated robust growth in 2024. According to Singapore Tourism Board data, tourism receipts reached S$22.4 billion from January to September 2024, representing a 10% increase compared to the same period in 2023 . Singapore hotels and venues experienced a 12% year-on-year increase in meeting requests, generating an additional US$82 million in revenue opportunities for the industry.

Hong Kong Market Recovery

The Hong Kong Tourism Board reported a strong rebound in MICE tourism during the first half of 2024, with over 60 world-class events held in the city. Hong Kong welcomed over 1.42 million overnight MICE visitors in 2024, with MICE tourism emerging as a key driver of high-value travel to the city.

Competitive Advantage Analysis

Singapore Advantages

1. Superior Infrastructure: Singapore boasts world-class meeting facilities and international connectivity, attracting event planners to choose the Lion City as their preferred destination 

2. Government Support: The Singapore government provides strong support for the MICE industry, with the Singapore MICE market projected to grow at a CAGR of 9.20% from 2025 to 2032 

3. Strategic Location: As one of the top five meeting destinations in Asia Pacific, Singapore holds strategic advantages within the region 

Hong Kong Advantages

1. Traditional Strengths: As an international financial center, Hong Kong possesses deep-rooted expertise in business meetings and exhibitions

2. One Country, Two Systems: The unique political status provides a convenient business environment for international enterprises

3. Cultural Integration: The convergence of Eastern and Western cultures offers diverse options for event planning

Market Challenges and Opportunities

Common Challenges

The global event management market is expected to grow from US$1,227.3 billion in 2024 to US$1,346.92 billion in 2025 at a certain compound annual growth rate . Both destinations face intense regional competition and need to stand out among cities like Tokyo, Bangkok, and Sydney.

Competitive Strategy Recommendations

1. Differentiated Positioning: Singapore should continue strengthening its image in innovation technology and sustainable development, while Hong Kong should leverage its position as a financial center

2. Service Quality Enhancement: Both destinations need to invest in talent training and service standardization

3. Digital Transformation: Adapt to post-pandemic hybrid event model demands

Conclusion

Singapore and Hong Kong each possess distinct advantages in the event planning market. Singapore leads in infrastructure and government support, while Hong Kong maintains competitiveness through its unique position and traditional strengths. Both destinations need to continue innovating and enhancing service quality to maintain leadership positions in the highly competitive Asia Pacific market.