Retail value sales of luxury goods in Singapore increased by 11% in 2023 in current terms, to total SGD12.4 billion.
Luxury goods recorded positive sales growth in 2023, despite headwinds caused by the cost-of-living crisis, inflation, and the war in Ukraine. The pandemic significantly affected the luxury goods market, with consumers unable to travel due to enforced restrictions, which halted a lot of international travel, negatively impacting spending by inbound arrivals and leading to a drop in spending in store-based retail outlets.
Luxury players remain highly competitive. With many consumers thinking twice before buying, luxury players are putting value creation at the forefront of innovation, ensuring that their products and the services they offer are affordable and competitive.
Luxury retail is currently undergoing changes, with digitalisation changing where consumers shop and how they engage with luxury brands and retailers. As a result of this, online shopping is becoming more significant within the luxury sphere, with retailers having to adapt their experiences to attract consumers’ attention.
The outlook for luxury goods looks rosy, with demand that built up during the pandemic likely to lead consumers to buy more high-end goods during the forecast period. Retail sales of luxury goods in Singapore look likely to rise at a CAGR of 12% in current value terms (10% constant 2023 value CAGR) over the forecast period, to amount to SGD21.
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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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Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
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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