Market Size of Singapore Luxury Goods Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.64 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Luxury Goods Market Analysis
The Singapore luxury goods market is projected to register a CAGR of 4.64% during the forecast period (2022 - 2027).
With the onset of COVID-19, players realized the disadvantages of having only brick and mortar as the sales channel; thereby, they started to strategize and diversify their distribution channels. The majority of the players started developing their digital channels in an effort to reduce the buyer-seller gap.
Over the medium term, the rising growth for hard luxury goods in Singapore is supported by the new entrants of jewelry brands and rising sales of watches. Rapid urbanization coupled with increasing disposable income in the country is predicted to boost the customer base and prominent contributor to the revenue of the hard luxury goods market.
Some of the important factors which have fueled growth in the luxury goods market of Singapore include consumers demanding luxury goods from different backgrounds, rapidly changing consumer trends, the growth of boutique luxury brands, and the massive shift from physical to digital channels, shifting social attitudes towards the display of wealth and others are creating a new competitive landscape for the luxury goods market.
Moreover, apart from the aforementioned attributes, the advantage of being an international free port is another major factor that has encouraged the sales of luxury products in the country over the years. This has resulted in comparatively higher spending by tourists in Singapore relative to its neighbors. Owing to these factors, many premium international brands are looking forward to expand their investments and presence in Singapore. In May 2022, the high-jewellery brand Buccellati opened its first boutique in Singapore at the shops at Marina Bay Sands, that has brought over the best of Italian savoir-faire with its iconic High Jewellery pieces.
The emergence of e-commerce has provided consumers easy access to product-related information and prices through online sources. This has further contributed to the overall growth of the luxury goods market. Consumers in Singapore are highly conscious about their choices of luxury cosmetics and fragrances. Hence, the companies operating in the market are working to enhance their packaging styles that are sustainable.
