Finance

Jewel Changi Airport Sees Record Surge with Over 80 Million Visitors in 2024 – What’s Next for This Iconic Destination?

2025-01-27

Author: Mei

SINGAPORE – Jewel Changi Airport Hits 80 Million Visitors

Jewel Changi Airport has achieved an impressive milestone in 2024, welcoming an astounding 80 million visitors – the highest number since its grand opening in 2019. The announcement came on January 27, showcasing a robust 10% increase in footfall from 2023, when approximately 74 million people frequented the complex.

This boom in visitors is a sign of Jewel's successful resurgence post-pandemic, with a reported 5% rise in sales. While specific sales figures for 2023 remain undisclosed due to concerns regarding commercial confidentiality, the numbers indicate a thriving retail atmosphere.

Changing Visitor Demographics

A notable shift in visitor demographics was observed this year, with the share of overseas travelers rising to 35%. The top five markets contributing to this influx were China, Taiwan, Malaysia, Australia, and the Philippines. This denotes Jewel’s growing appeal as a global destination, with tourists significantly contributing to the footfall.

National Day Celebrations

The excitement peaked on Singapore's National Day, August 9, 2024, which turned out to be the busiest day of the year, with a remarkable footfall of 354,036 visitors – the highest daily figure since 2020. During the long National Day weekend alone, Jewel welcomed a million visitors, primarily thanks to celebrations and special promotions.

Retail Performance and Future Plans

Furthermore, the mall's retail sales per square foot rose by 6% compared to the previous year, suggesting a thriving retail environment. Mr. James Fong, CEO of Jewel Changi Airport Development, expressed enthusiasm about these achievements, especially in a frail retail climate, and emphasized their commitment to expanding customer experiences and introducing appealing new brands.

In an exciting development for shoppers, Jewel is set to welcome nearly 30 new retail outlets in 2025, including prominent names like Adidas, Salomon, a Nintendo pop-up store, and the Korean eatery Bookmagol, making its Singapore debut.

Jewel as a Business Hub

Looking ahead, Jewel will also serve as a distinguished venue for a high-profile two-day event organized by CNBC and NBCUniversal, aimed at global business leaders and investors. This venture highlights Jewel's versatility as it transforms into not just a retail paradise but also a dynamic business hub.

Valuation and Future Prospects

The Jewel complex, valued at a staggering $1.7 billion, is the result of a joint venture between Changi Airport Group and CapitaLand Development, and it boasts over 260 retail outlets and dining options.

This remarkable retail performance aligns with Changi Airport's revival, achieving passenger traffic levels at 99.1% of pre-pandemic statistics, accommodating 67.7 million travelers in 2024. As the network along with flight schedules expands to nearly resemble those of January 2020, industry predictions are optimistic for passenger traffic to surpass pre-pandemic figures by 2025.

The Future of Jewel Changi Airport

With the mega Changi Airport Terminal 5 projected to launch in the mid-2030s, plans are already in motion to connect Singapore to over 200 cities worldwide, further solidifying its status in the global travel network.

Despite Jewel's success, some visitors like Ms. Gerry Tng have shared suggestions for improvement. Ms. Tng, a psychologist who visits the mall every two weeks, praised its ambiance but expressed grievances regarding congestion during peak periods, noting long waits for parking spaces and elevators.

Jewel Changi Airport not only stands as a testament to Singapore’s resilience in tourism but also continues to capture the imagination of millions worldwide, proving it is an essential destination at the intersection of retail, leisure, and now, business. What's next for Jewel, and how will it continue to evolve in this ever-changing landscape? Stay tuned!