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Luxury Timepieces in
Singapore

Country Report

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Executive Summary

Feb 2019
PROSPECTS
Positive performance on the back of a rise in tourist arrival

Since 2016, Singapore has been experiencing record numbers of tourist arrivals. With a spike in international travellers, demand for luxury timepieces has been revived.

Changes in retail landscape

The retail landscape saw a rapid change over the review period. For example, some watch specialist retailers refurbished their stores in a bid to deliver a better shopping experiences.

New sharing service potential threat to luxury timepieces

A local firm, Acquired Time, started up Singapore’s first monthly subscription model for luxury timepieces in 2017. With prices starting from SGD175.

COMPETITIVE LANDSCAPE
Challenging times in 2017

Classic, well-known brands of luxury timepieces such as Rolex, Omega and TAG Heuer have a long-standing history and remain highly sought after in Singapore. However, a significant number of players in luxury timepieces witnessed a decline in 2017 in current value terms, with retailers struggling with dwindling foot traffic as fewer local shoppers frequented shopping malls.

Innovative marketing to build awareness

Producers of luxury timepieces ramped up their marketing efforts to broaden their brand image over the review period. For example, in August 2017 Rolex held its Submariner Exhibition in Singapore for the first time.

Customisation generates interest

With consumers in Singapore constantly looking for unique ways to stands out there has been a growing market for customisation, with this extending to luxury timepieces. As such, new company’s such as Nomad Watch Works have appeared in Singapore which offer a wide range of watch straps in a variety of colours and materials that enable wearers to modify their timepieces to match their outfit or occasion.

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Luxury Timepieces in Singapore

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Overview

Discover the latest market trends and uncover sources of future market growth for the Luxury Timepieces industry in Singapore with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Luxury Timepieces industry in Singapore, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Timepieces in Singapore market research report includes:

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

Our market research reports answer questions such as:

  • What is the market size of Luxury Timepieces in Singapore?
  • What are the major brands in Singapore?
  • How dynamic is the growth of Luxury Timepieces internet sales?
  • What is driving growth?

Why buy this report?

  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply function

Luxury Timepieces in Singapore - Category analysis

HEADLINES

PROSPECTS

Positive performance on the back of a rise in tourist arrival
Changes in retail landscape
New sharing service potential threat to luxury timepieces

COMPETITIVE LANDSCAPE

Challenging times in 2017
Innovative marketing to build awareness
Customisation generates interest

CATEGORY DATA

Table 1 Sales of Luxury Timepieces by Category: Value 2013-2018
Table 2 Sales of Luxury Timepieces by Category: % Value Growth 2013-2018
Table 3 NBO Company Shares of Luxury Timepieces: % Value 2013-2017
Table 4 LBN Brand Shares of Luxury Timepieces: % Value 2014-2017
Table 5 Distribution of Luxury Timepieces by Format: % Value 2013-2018
Table 6 Forecast Sales of Luxury Timepieces by Category: Value 2018-2023
Table 7 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2018-2023

Luxury Goods in Singapore - Industry Overview

EXECUTIVE SUMMARY

Experiential and personal luxury grow moderately; luxury cars decline
Singapore put on the global map via milestone events
Personal luxury highly fragmented while Marina Bay Sands rules the hotel market
Store-based retailing remains dominant, but internet retailing sees rapid growth
Threat lies in US trade conflict; tourism push to promote luxury shopping

MARKET INDICATORS

Table 8 Number of High Net Worth Individuals (HNWI): 2013-2018

MARKET DATA

Table 9 Sales of Luxury Goods by Category: Value 2013-2018
Table 10 Sales of Luxury Goods by Category: % Value Growth 2013-2018
Table 11 Inbound Receipts for Luxury Goods by Country of Origin: Value 2013-2018
Table 12 NBO Company Shares of Luxury Goods: % Value 2013-2017
Table 13 LBN Brand Shares of Luxury Goods: % Value 2014-2017
Table 14 Distribution of Luxury Goods by Format and Category: % Value 2018
Table 15 Forecast Sales of Luxury Goods by Category: Value 2018-2023
Table 16 Forecast Sales of Luxury Goods by Category: % Value Growth 2018-2023
Table 17 Forecast Sales of Luxury Goods by Category: % Value Growth 2018-2023

SOURCES

Summary 1 Research Sources