Luxury Goods in Singapore

July 2022
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Overview:

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.

Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.

Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:

  • Experiential Luxury
  • Luxury Hotels
  • Fine Wines/Champagne
  • Premium and Luxury Cars
  • Personal Luxury
  • Designer Apparel and Footwear
  • Luxury Eyewear
  • Luxury Jewellery
  • Luxury Leather Goods
  • Luxury Portable Consumer Electronics
  • Luxury Timepieces
  • Luxury Writing Instruments and Stationery
  • Super Premium Beauty and Personal Care

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.

The Luxury Goods in Singapore report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volume and value sizes, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent research methodology, conducted in-country

This report answers:

  • What is the market size of Luxury Goods in Singapore?
  • Which are the leading brands in Luxury Goods in Singapore?
  • How are products distributed in Luxury Goods in Singapore?
  • How important is tourism in evaluating demand for Luxury Goods in Singapore?
  • How is the rise of e-commerce changing the retail and competitive landscape?
  • How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
  • Where is future growth expected to be most dynamic?

Luxury Goods in Singapore

EXECUTIVE SUMMARY

Luxury goods in 2022: The big picture
2022 key trends
Competitive landscape
Retailing developments
What next for luxury goods?

MARKET DATA

Table 1 Sales of Luxury Goods by Category: Value 2017-2022 Table 2 Sales of Luxury Goods by Category: % Value Growth 2017-2022 Table 3 Inbound Receipts for Luxury Goods by Country of Origin: Value 2017-2022 Table 4 NBO Company Shares of Luxury Goods: % Value 2017-2021 Table 5 LBN Brand Shares of Luxury Goods: % Value 2018-2021 Table 6 Distribution of Luxury Goods by Format and Category: % Value 2022 Table 7 Forecast Sales of Luxury Goods by Category: Value 2022-2027 Table 8 Forecast Sales of Luxury Goods by Category: % Value Growth 2022-2027

DISCLAIMER

SOURCES

Summary 1 Research Sources

Experiential Luxury in Singapore

KEY DATA FINDINGS

2022 DEVELOPMENTS

Rebound in 2021, with full recovery expected over 2022
Hotels offering more flexible food and beverage services
Pricing promotions and deals to attract consumers

PROSPECTS AND OPPORTUNITIES

Resumption of global and regional tourism
Organisation of more MICE events
Hotels going green

CATEGORY DATA

Table 9 Sales of Experiential Luxury by Category: Value 2017-2022 Table 10 Sales of Experiential Luxury by Category: % Value Growth 2017-2022 Table 11 NBO Company Shares of Experiential Luxury: % Value 2017-2021 Table 12 LBN Brand Shares of Experiential Luxury: % Value 2018-2021 Table 13 Forecast Sales of Experiential Luxury by Category: Value 2022-2027 Table 14 Forecast Sales of Experiential Luxury by Category: % Value Growth 2022-2027

Fine Wines/Champagne and Spirits in Singapore

KEY DATA FINDINGS

2022 DEVELOPMENTS

Expectations of personal consumption boom during pandemic are an exaggeration considering existing practices
Brands seek to bypass distributors and connect directly with consumers via physical retail channels
Introduction of bespoke membership clubs drives interest in wine appreciation

PROSPECTS AND OPPORTUNITIES

Brands seek greater recognition through large-scale marketing campaigns and establishing bricks-and-mortar stores
Affordable New World wine alternatives likely to drive more regular consumption among locals
Perceived production scarcity linked to climate change fears may translate to more regular purchasing habits

CATEGORY DATA

Table 15 Sales of Fine Wines/Champagne and Spirits by Category: Value 2017-2022 Table 16 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2017-2022 Table 17 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2017-2021 Table 18 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2018-2021 Table 19 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2017-2022 Table 20 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2022-2027 Table 21 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2022-2027

Premium and Luxury Cars in Singapore

KEY DATA FINDINGS

2022 DEVELOPMENTS

Strong rebound for premium and luxury cars
Consumers may be pushed to resale market
Complimentary services used to attract consumers

PROSPECTS AND OPPORTUNITIES

New tax systems likely to hinder demand from mid-income consumers
Luxury electric vehicles set to expand in Singapore

CATEGORY DATA

Table 22 Sales of Premium and Luxury Cars: Value 2017-2022 Table 23 Sales of Premium and Luxury Cars: % Value Growth 2017-2022 Table 24 NBO Company Shares of Premium and Luxury Cars: % Value 2017-2021 Table 25 LBN Brand Shares of Premium and Luxury Cars: % Value 2018-2021 Table 26 Forecast Sales of Premium and Luxury Cars: Value 2022-2027 Table 27 Forecast Sales of Premium and Luxury Cars: % Value Growth 2022-2027

Personal Luxury in Singapore

KEY DATA FINDINGS

2022 DEVELOPMENTS

Designer apparel and footwear (ready-to-wear)
Luxury eyewear
Luxury jewellery
Luxury leather goods
Luxury wearables
Luxury timepieces
Luxury writing instruments and stationery
Super premium beauty and personal care

PROSPECTS AND OPPORTUNITIES

Return of domestic demand and the opening of borders to aid recovery of personal luxury
Luxury players must consider potential competition from sustainability-based model

CATEGORY DATA

Table 28 Sales of Personal Luxury by Category: Value 2017-2022 Table 29 Sales of Personal Luxury by Category: % Value Growth 2017-2022 Table 30 NBO Company Shares of Personal Luxury: % Value 2017-2021 Table 31 LBN Brand Shares of Personal Luxury: % Value 2018-2021 Table 32 Distribution of Personal Luxury by Format: % Value 2017-2022 Table 33 Forecast Sales of Personal Luxury by Category: Value 2022-2027 Table 34 Forecast Sales of Personal Luxury by Category: % Value Growth 2022-2027
The following categories and subcategories are included:

Luxury Goods

Luxury Goods

This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.

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This report originates from Passport, our Luxury Goods research and analysis database.

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