Singapore saw a massive decline in luxury portable consumer electronics in 2020, which was mainly due to the poor performance of luxury mobile phones, which also continued its decline in 2021. Luxury mobile phones faces an enormous challenge from the popularity of household brands such as Apple and Samsung in mainstream smartphones, which are considered luxury by consumers due to their comparably high price points and technological advances.
Although luxury wearables also saw a decline in 2020, this was minimal, and growth returned in 2021, exceeding the sales seen pre-pandemic. Wearables appeal to consumers much like accessories such as watches, as they confer luxury status, whilst also offering high technology.
E-commerce saw growth in share 2020 and 2021, especially for luxury wearables, due to the temporary closure of retail outlets. Meanwhile, most products are offered online, for example Apple Hermès iWatch, which can be purchased online easily with 1-day free delivery.
After seeing dynamic current value declines during the pandemic, this trend is expected to continue in luxury mobile phones in the forecast period. This will mainly be due to the rapid growth of non-luxury smartphone technology.
The lack of consumer awareness of luxury wearables will remain the main barrier to purchase in the forecast period. Although the health and wellness trend and increasing interest in athleisure will remain main drivers of growth in wearable electronics in general, luxury wearables will only partly benefit, because consumers tend not to look for luxury wearables to improve their health, they mainly use them for status reasons.
There has not been much brand movement in terms of new luxury portable consumer electronics entering Singapore. This is expected to continue in the forecast period for luxury mobile phones, as there is little growth potential in this category.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics 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.
If you're in the Luxury Portable Consumer Electronics 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 portable consumer electronics include luxury mobile phones, luxury MP3 players and luxury wearables.
See All of Our DefinitionsThis report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!