Luxury Goods in Singapore

October 2024 | | ID: L80270A304EEN
Euromonitor International Ltd

Abstracts

Retail value sales of luxury goods in Singapore increased by 14% in 2024 in current terms to reach sales of SGD13.5 billion. Despite ongoing inflation, affluent consumers remained willing to invest in luxury experiences and premium products, especially limited edition and exclusive goods. This positive growth was bolstered further by international leisure tourism, in addition to business travellers. In-store focused on expanding luxury services to offer personal shopping, complimentary offerings...

Euromonitor International's Luxury Goods in Singapore report offers a comprehensive guide to the size and shape of the Luxury Goods market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market and their effects on Luxury Goods retailing along with the development of consumers’ shopping patterns. Forecasts to 2028 illustrate how the market is set to change

Product coverage: Experiential Luxury, Fine Wines/Champagne and Spirits, Personal Luxury, Premium and Luxury Cars.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?

• Get a detailed picture of the Luxury Goods market;
• Pinpoint growth sectors and identify factors driving change;
• Understand the competitive environment, the market’s major players and leading brands;
• Use five-year forecasts to assess how the market is predicted to develop.

Euromonitor International has over 40 years' experience of publishing market research reports, business reference books and online information systems. With offices in London, Chicago, Singapore, Shanghai, Vilnius, Dubai, Cape Town, Santiago, Sydney, Tokyo and Bangalore and a network of over 800 analysts worldwide, Euromonitor International has a unique capability to develop reliable information resources to help drive informed strategic planning.

Contents

Luxury Goods in Singapore
Euromonitor International
October 2024

LIST OF CONTENTS AND TABLES

LUXURY GOODS IN SINGAPORE
EXECUTIVE SUMMARY
Luxury goods in 2024: The big picture

2024 KEY TRENDS

Competitive landscape
Retailing developments
What next for luxury goods?
MARKET DATA
Table 1 Sales of Luxury Goods by Category: Value 2019-2024
Table 2 Sales of Luxury Goods by Category: % Value Growth 2019-2024
Table 3 Inbound Receipts for Luxury Goods by Country of Origin: Value 2019-2024
Table 4 NBO Company Shares of Luxury Goods: % Value 2019-2023
Table 5 LBN Brand Shares of Luxury Goods: % Value 2020-2023
Table 6 Distribution of Luxury Goods by Format and Category: % Value 2024
Table 7 Forecast Sales of Luxury Goods by Category: Value 2024-2029
Table 8 Forecast Sales of Luxury Goods by Category: % Value Growth 2024-2029
DISCLAIMER
SOURCES
Summary 1 Research Sources
EXPERIENTIAL LUXURY IN SINGAPORE
KEY DATA FINDINGS

2024 DEVELOPMENTS

A movement towards experiences and services benefits luxury hotels
Luxury hotels offer unique, immersive experiences to engage consumers
Sustainable features increase, aligning with consumer demands
PROSPECTS AND OPPORTUNITIES
Events and business clientele support the ongoing growth of luxury hotels
New openings support growth for the luxury hotels landscape as Accor expands
Luxury food service has opportunity to expand as brands invest in new experiences
CATEGORY DATA
Table 9 Sales of Experiential Luxury by Category: Value 2019-2024
Table 10 Sales of Experiential Luxury by Category: % Value Growth 2019-2024
Table 11 NBO Company Shares of Experiential Luxury: % Value 2019-2023
Table 12 LBN Brand Shares of Experiential Luxury: % Value 2020-2023
Table 13 Forecast Sales of Experiential Luxury by Category: Value 2024-2029
Table 14 Forecast Sales of Experiential Luxury by Category: % Value Growth 2024-2029
FINE WINES/CHAMPAGNE AND SPIRITS IN SINGAPORE
KEY DATA FINDINGS

2024 DEVELOPMENTS

Fine wines drives overall growth, supported by notable events and gatherings
Moлt Hennessy Diageo Singapore retains its lead through well-established brands
Limited-edition products and immersive experiences engage wealthier consumers
PROSPECTS AND OPPORTUNITIES
Positive retail value growth as many consumers favour a quality-over-quantity approach
Fine wine is set to led retail growth as consumers' product knowledge rises
Flavour exploration set to boost sales of premium spirits over the forecast period
CATEGORY DATA
Table 15 Sales of Fine Wines/Champagne and Spirits by Category: Value 2019-2024
Table 16 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2019-2024
Table 17 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2019-2023
Table 18 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2020-2023
Table 19 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2019-2024
Table 20 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2024-2029
Table 21 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2024-2029
PREMIUM AND LUXURY CARS IN SINGAPORE
KEY DATA FINDINGS

2024 DEVELOPMENTS

Double-digit growth as high-net-worth individuals invest in premium and luxury cars
New launches from top competitors drive growth on the premium and luxury car landscape
Electric cars gain ground and drive growth, aligning with consumer demand
PROSPECTS AND OPPORTUNITIES
Retail sales rise as electric vehicles continue to launch and drive growth
Technological advancements and personalised features drive ongoing growth
Online and offline channels engage consumers through unique benefits
CATEGORY DATA
Table 29 Sales of Premium and Luxury Cars: Value 2019-2024
Table 30 Sales of Premium and Luxury Cars: % Value Growth 2019-2024
Table 31 NBO Company Shares of Premium and Luxury Cars: % Value 2019-2023
Table 32 LBN Brand Shares of Premium and Luxury Cars: % Value 2020-2023
Table 33 Forecast Sales of Premium and Luxury Cars: Value 2024-2029
Table 34 Forecast Sales of Premium and Luxury Cars: % Value Growth 2024-2029
PERSONAL LUXURY IN SINGAPORE
KEY DATA FINDINGS

2024 DEVELOPMENTS

Designer apparel and footwear (ready-to-wear) benefit from the rising trend of quality over quantity
Pop-up shops and new collections bolster sales of luxury eyewear
Luxury jewellery exhibitions hosted in Singapore boost consumers' interest
Luxury leather good players focus on enhancing sustainability to attract consumers
Luxury wearables offer cutting-edge technology and customisable features
Consumers increasingly view luxury timepieces as investments
Luxury writing instruments offer customisation to boost retail value sales
Quality ingredients drive growth in super premium beauty and personal care
PROSPECTS AND OPPORTUNITIES
Players invest in digital features to enhance customer services online
Luxury jewellery and travel goods are key sales areas over the forecast period
Sustainable practices increase, responding to consumers' rising demands
CATEGORY DATA
Table 22 Sales of Personal Luxury by Category: Value 2019-2024
Table 23 Sales of Personal Luxury by Category: % Value Growth 2019-2024
Table 24 NBO Company Shares of Personal Luxury: % Value 2019-2023
Table 25 LBN Brand Shares of Personal Luxury: % Value 2020-2023
Table 26 Distribution of Personal Luxury by Format: % Value 2019-2024
Table 27 Forecast Sales of Personal Luxury by Category: Value 2024-2029
Table 28 Forecast Sales of Personal Luxury by Category: % Value Growth 2024-2029