{"id":47240,"date":"2025-07-07T23:50:11","date_gmt":"2025-07-07T23:50:11","guid":{"rendered":"https:\/\/www.europesays.com\/us\/47240\/"},"modified":"2025-07-07T23:50:11","modified_gmt":"2025-07-07T23:50:11","slug":"singaporeans-are-splurging-on-luxury-goods-despite-industry-slowdown","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/47240\/","title":{"rendered":"Singaporeans Are Splurging on Luxury Goods Despite Industry Slowdown"},"content":{"rendered":"

\n\tA global luxury slump<\/a> hasn\u2019t stopped Singaporeans from spending.<\/p>\n

\n\tDespite slow demand for luxury goods<\/a> in major markets like the U.S. and China, sales on the Southeast Asian island nation are expected to increase by 7 percent to S$13.9 billion ($10.9 billion) this year compared to 2024, according to market research firm Euromonitor International, Bloomberg<\/a> reported.<\/p>\n

\n\tThe projected climb means Singapore<\/a> will surpass the regional shopping hubs of Japan, China, and South Korea, cementing itself as a standout in Southeast Asia. The country\u2019s 2024 year-on-year growth outpaced nearly every other Asian market (besides Japan) tracked by the analytics firm. Next year, Singapore is estimated to reach its 2019, pre-Covid figure of S$14.7 billion (approximately $11.4 billion).<\/p>\n

\n\tThe city-state\u2019s booming luxury<\/a> sales coincide with a blossoming commercial real estate market, too. Last year, Singapore had the third-largest share of luxury store openings among 32 Asia-Pacific cities, excluding those in China\u2019s mainland, according to data from Savills, a real estate firm.<\/p>\n

\n\t\u201cSingapore has proved to be a very stable place for wealthy people. That has created a very strong local base for the luxury market,\u201d Jonathan Siboni, founder and CEO of consultancy Luxurynsight, told Bloomberg. \u201cSingapore is an oasis in the desert.\u201d<\/p>\n

\n\tPlaces like the Shoppes at Marina Bay Sands<\/a>, where Italian label Marni opened its first store last August, are oases indeed. The locale is equipped with buggies to whisk VIP shoppers around the mall for personalized styling sessions, and it\u2019ll soon offer those same customers the opportunity to get a first look at unreleased luxe launches. <\/p>\n

\n\tSingapore is also home to over 240,000 millionaires, according to last year\u2019s report<\/a> from Henley & Partners. Over the last decade, the city-state has seen a 64 percent increase in millionaires<\/a>, due to the small nation\u2019s open economy, liberal immigration policies, and lax regulations on wealth taxes<\/a>. As a result, the median household employment income has risen for five straight years, according to a report<\/a> from Singapore\u2019s Department of Statistics. <\/p>\n

\n\tBrands have even started using the Singaporean market as a testing ground to gauge interest in luxury goods.<\/p>\n

\n\t\u201cThese aren\u2019t just gimmicks,\u201d Angelito Perez Tan, Jr., cofounder and CEO of RTG Group Asia, told Bloomberg. \u201cThey\u2019re strategic soft launches that test how consumers engage emotionally with the brand.\u201d<\/p>\n

\n\tWe\u2019ll have to see how those tests pan out over the next few years.<\/p>\n","protected":false},"excerpt":{"rendered":"A global luxury slump hasn\u2019t stopped Singaporeans from spending. Despite slow demand for luxury goods in major markets…\n","protected":false},"author":3,"featured_media":47241,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[64,13089,36504,135,50,23134,67,132,68],"class_list":{"0":"post-47240","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-luxury","10":"tag-market-trends","11":"tag-markets","12":"tag-news","13":"tag-singapore","14":"tag-united-states","15":"tag-unitedstates","16":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114814636700194633","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/47240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=47240"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/47240\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/47241"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=47240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=47240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=47240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}