Sterling’s decline to multi-year lows against the Singapore dollar in the wake of Britain’s decision to leave the European Union has presented big questions for companies, individuals, and investors. Channel NewsAsia assesses who might stand to lose or gain in the current conditions.
Travel booking companies Wego.com and TripZilla.com said they saw the developments as a positive for UK-bound Singapore travellers, but a negative for Singapore’s tourism market in the short run.
“We expect there will be a overall drop in inbound tourists from the UK due to weakness in pound and uncertain economic impact of the Brexit. The UK makes up almost 30 per cent of Singapore’s inbound travellers from EU, so we would certainly feel some impact,” said Ms Winnie Tan, CEO, TripZilla.com.
Ms Tan was a shade more circumspect about the numbers of Singaporean tourists looking to take advantage of the cheaper pound.
“We do not expect the number of bookings to skyrocket overnight. Again, drawing comparison to what happened when the Australian dollar fell below parity versus the Sing recently, it will take a while for travellers to react and travel bookings to pour in.”
Read the full article at Channel NewsAsia