Luxury goods in Singapore is set to experience further significant current value growth in 2022, following notable declines in 2020, in the first year of the pandemic. This is largely attributed to the effects brought about by the encouraging vaccination and booster rates, a relaxation of pandemic-related restrictions and the opening of Singapore’s borders to tourists from a wider range of countries, which is resulting in strong demand.
Technology was implemented during the pandemic to improve the omnichannel shopping experience for consumers. Many luxury brands chose Singapore as the ground for launching consumer engagement experiences, such as introducing their first e-commerce platforms.
Producers of premium and luxury cars, Daimler South East Asia (Mercedes-Benz) and Performance Motors (BMW), continued to lead overall luxury goods in 2021, due to the consolidated nature of this category and the high prices of these products. Meanwhile, within the second largest value category of personal luxury, the competitive landscape in 2021 saw Rolex Singapore retain its lead of a fairly fragmented environment, with it being the only player to hold double-digit value share.
Store-based retailers witnessed an increase in store traffic in line with an easing of restrictions, as domestic and international consumers started to shop more regularly. E-commerce is continuing to gain strong growth momentum in personal luxury, as a rising number of luxury players open their own online platforms.
Singapore is starting to take an endemic approach to the pandemic, as the country has achieved strong vaccination rates for the entire population. Therefore, improved consumer sentiment has been apparent, and continued recovery is expected for luxury goods in the country.
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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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This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
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