Retail value sales of luxury goods in Singapore increased by 14% in 2024 in current terms to reach sales of SGD13.5 billion.
The proportion of HNWIs and Ultra HNWIs amongst the adult population in Singapore continues to support and increase sales of luxury goods, especially big-ticket items such as cars, investment products, and timepieces. Ongoing inflation has little impact on the purchasing decision of these consumers.
Competition is fierce on the luxury goods landscape, with innovation at the forefront of product development, with wealthier consumers looking for advanced technology, unique features, and exclusive goods. The competitive landscape for luxury goods in Singapore was led by Daimler South East Asia Pte Ltd in 2023, with a retail value share of 12% overall.
Digitalisation is changing the face of the retailing landscape, with e-commerce having seen a significant increase following the outbreak of COVID-19 when physical retailers were closed, and online channels were forced to innovate. Consequently, the share of e-commerce sales in personal luxury has risen from 3% in 2019 to reach 6% in 2024.
The forecast for luxury goods is positive, with retail value sales set to rise at a CAGR of 8% in current value terms (6% constant 2024 value CAGR) over the forecast period to amount to SGD20.1 billion in 2029.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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If you're in the Luxury Goods industry in Singapore, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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