Luxury Goods in Singapore
Retail value sales of luxury goods in Singapore increased by 14% in 2024 in current terms to reach sales of SGD13.5 billion. Despite ongoing inflation, affluent consumers remained willing to invest in luxury experiences and premium products, especially limited edition and exclusive goods. This positive growth was bolstered further by international leisure tourism, in addition to business travellers. In-store focused on expanding luxury services to offer personal shopping, complimentary offerings...
Euromonitor International's Luxury Goods in Singapore report offers a comprehensive guide to the size and shape of the Luxury Goods market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market and their effects on Luxury Goods retailing along with the development of consumers’ shopping patterns. Forecasts to 2028 illustrate how the market is set to change
Product coverage: Experiential Luxury, Fine Wines/Champagne and Spirits, Personal Luxury, Premium and Luxury Cars.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Why buy this report?
* Get a detailed picture of the Luxury Goods market;
* Pinpoint growth sectors and identify factors driving change;
* Understand the competitive environment, the market’s major players and leading brands;
* Use five-year forecasts to assess how the market is predicted to develop
- Luxury Goods in Singapore
- Euromonitor International
- October 2024
- List Of Contents And Tables
- LUXURY GOODS IN SINGAPORE
- EXECUTIVE SUMMARY
- Luxury goods in 2024: The big picture
- 2024 key trends
- Competitive landscape
- Retailing developments
- What next for luxury goods?
- MARKET DATA
- Table 1 Sales of Luxury Goods by Category: Value 2019-2024
- Table 2 Sales of Luxury Goods by Category: % Value Growth 2019-2024
- Table 3 Inbound Receipts for Luxury Goods by Country of Origin: Value 2019-2024
- Table 4 NBO Company Shares of Luxury Goods: % Value 2019-2023
- Table 5 LBN Brand Shares of Luxury Goods: % Value 2020-2023
- Table 6 Distribution of Luxury Goods by Format and Category: % Value 2024
- Table 7 Forecast Sales of Luxury Goods by Category: Value 2024-2029
- Table 8 Forecast Sales of Luxury Goods by Category: % Value Growth 2024-2029
- DISCLAIMER
- SOURCES
- Summary 1 Research Sources
- EXPERIENTIAL LUXURY IN SINGAPORE
- KEY DATA FINDINGS
- 2024 DEVELOPMENTS
- A movement towards experiences and services benefits luxury hotels
- Luxury hotels offer unique, immersive experiences to engage consumers
- Sustainable features increase, aligning with consumer demands
- PROSPECTS AND OPPORTUNITIES
- Events and business clientele support the ongoing growth of luxury hotels
- New openings support growth for the luxury hotels landscape as Accor expands
- Luxury food service has opportunity to expand as brands invest in new experiences
- CATEGORY DATA
- Table 9 Sales of Experiential Luxury by Category: Value 2019-2024
- Table 10 Sales of Experiential Luxury by Category: % Value Growth 2019-2024
- Table 11 NBO Company Shares of Experiential Luxury: % Value 2019-2023
- Table 12 LBN Brand Shares of Experiential Luxury: % Value 2020-2023
- Table 13 Forecast Sales of Experiential Luxury by Category: Value 2024-2029
- Table 14 Forecast Sales of Experiential Luxury by Category: % Value Growth 2024-2029
- FINE WINES/CHAMPAGNE AND SPIRITS IN SINGAPORE
- KEY DATA FINDINGS
- 2024 DEVELOPMENTS
- Fine wines drives overall growth, supported by notable events and gatherings
- Moët Hennessy Diageo Singapore retains its lead through well-established brands
- Limited-edition products and immersive experiences engage wealthier consumers
- PROSPECTS AND OPPORTUNITIES
- Positive retail value growth as many consumers favour a quality-over-quantity approach
- Fine wine is set to led retail growth as consumers' product knowledge rises
- Flavour exploration set to boost sales of premium spirits over the forecast period
- CATEGORY DATA
- Table 15 Sales of Fine Wines/Champagne and Spirits by Category: Value 2019-2024
- Table 16 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2019-2024
- Table 17 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2019-2023
- Table 18 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2020-2023
- Table 19 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2019-2024
- Table 20 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2024-2029
- Table 21 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2024-2029
- PREMIUM AND LUXURY CARS IN SINGAPORE
- KEY DATA FINDINGS
- 2024 DEVELOPMENTS
- Double-digit growth as high-net-worth individuals invest in premium and luxury cars
- New launches from top competitors drive growth on the premium and luxury car landscape
- Electric cars gain ground and drive growth, aligning with consumer demand
- PROSPECTS AND OPPORTUNITIES
- Retail sales rise as electric vehicles continue to launch and drive growth
- Technological advancements and personalised features drive ongoing growth
- Online and offline channels engage consumers through unique benefits
- CATEGORY DATA
- Table 29 Sales of Premium and Luxury Cars: Value 2019-2024
- Table 30 Sales of Premium and Luxury Cars: % Value Growth 2019-2024
- Table 31 NBO Company Shares of Premium and Luxury Cars: % Value 2019-2023
- Table 32 LBN Brand Shares of Premium and Luxury Cars: % Value 2020-2023
- Table 33 Forecast Sales of Premium and Luxury Cars: Value 2024-2029
- Table 34 Forecast Sales of Premium and Luxury Cars: % Value Growth 2024-2029
- PERSONAL LUXURY IN SINGAPORE
- KEY DATA FINDINGS
- 2024 DEVELOPMENTS
- Designer apparel and footwear (ready-to-wear) benefit from the rising trend of quality over quantity
- Pop-up shops and new collections bolster sales of luxury eyewear
- Luxury jewellery exhibitions hosted in Singapore boost consumers' interest
- Luxury leather good players focus on enhancing sustainability to attract consumers
- Luxury wearables offer cutting-edge technology and customisable features
- Consumers increasingly view luxury timepieces as investments
- Luxury writing instruments offer customisation to boost retail value sales
- Quality ingredients drive growth in super premium beauty and personal care
- PROSPECTS AND OPPORTUNITIES
- Players invest in digital features to enhance customer services online
- Luxury jewellery and travel goods are key sales areas over the forecast period
- Sustainable practices increase, responding to consumers' rising demands
- CATEGORY DATA
- Table 22 Sales of Personal Luxury by Category: Value 2019-2024
- Table 23 Sales of Personal Luxury by Category: % Value Growth 2019-2024
- Table 24 NBO Company Shares of Personal Luxury: % Value 2019-2023
- Table 25 LBN Brand Shares of Personal Luxury: % Value 2020-2023
- Table 26 Distribution of Personal Luxury by Format: % Value 2019-2024
- Table 27 Forecast Sales of Personal Luxury by Category: Value 2024-2029
- Table 28 Forecast Sales of Personal Luxury by Category: % Value Growth 2024-2029
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