Surveys
Singapore's Luxury Spending Rises, Defying Regional Trends β Report
The city-state β now an established wealth management powerhouse β appears to be pushing against wider trends in the luxury goods space.
A report says Singapore is bucking a global trend in declining luxury spending.
Luxury sales in the Southeast Asian city-state are expected to rise by 7 per cent to S$13.9 billion ($10.9 billion) in 2025 from where it was in 2024, beating regional shopping hubs of Japan, China and South Korea. The figures, reported by Bloomberg, come from Euromonitor International.
In 2026, Singapore is projected to catch up to its 2019, pre-Covid peak in luxury spending of S$14.7 billion, the report said.
While smaller than New York and outshone in population size by places such as Shanghai and Tokyo, the Asian city-state had the third-largest share of luxury store openings last year among 32 Asia-Pacific cities excluding those in Chinaβs mainland, another report from real estate firm Savills said, according to the news service.
As reported here, Knight Frank β another real estate firm β noted that Singapore outranked other major Asian locations across metrics of economy, human capital, quality of life, environment, and infrastructure and mobility. It beat jurisdictions in Asia-Pacific such as Australia, Taiwan, Hong Kong, South Korea and New Zealand.
