Retail Industry: Singapore Luxury Goods Market Research Report
Singapore has been one of the most open and competitive markets in the world. The economy of Singapore is broadly characterized as the mixed economy. Even though Singapore firmly promotes its free market policies and practices, the government intervention in the management of macro-economic issues and major resources of production including land, labor and capital is apparent to a certain extent. Despite the deficiency of natural resources, the country has been able to empower its economy largely on account of its strategic location, at the center of Southeast Asia. This has significantly resulted in its progress as a prominent center of trade, services, communications and tourism. Regardless of its small geography and the scarcity of raw materials, Singapore’s per capita GDP has remained amongst the highest in the world, amounting to approximately USD 51,250 as witnessed in 2012.
The luxury goods market in Singapore has displayed a strong growth trajectory over the past few years. Luxury goods have become an integral part of the lifestyles in Singapore as compared to countries such as India, China, Taiwan and others where the purchases of luxury goods are mostly driven by the idea of a public display of wealth and affluence. Although, the economy of Singapore has been significantly impacted by impact of euro crises, the domestic luxury goods market has however showcased a remarkable resilience with regard to these pressures. Singapore luxury goods market has registered a significant growth in revenues, reporting a healthy CAGR of 13.8% from 2007-2012.
Singapore luxury goods market covers various types of product categories including designer apparel, premium footwear, luxury watches, high end cosmetics and fragrances and others. Designer apparels have been the highest contributing category in the market, forming around 26.0% of the market revenues. Premium cosmetics and fragrances stood as the second highest category in terms of revenue contribution.
The luxury goods market in Singapore has displayed a strong growth trajectory over the past few years. Luxury goods have become an integral part of the lifestyles in Singapore as compared to countries such as India, China, Taiwan and others where the purchases of luxury goods are mostly driven by the idea of a public display of wealth and affluence. Although, the economy of Singapore has been significantly impacted by impact of euro crises, the domestic luxury goods market has however showcased a remarkable resilience with regard to these pressures. Singapore luxury goods market has registered a significant growth in revenues, reporting a healthy CAGR of 13.8% from 2007-2012.
Singapore luxury goods market covers various types of product categories including designer apparel, premium footwear, luxury watches, high end cosmetics and fragrances and others. Designer apparels have been the highest contributing category in the market, forming around 26.0% of the market revenues. Premium cosmetics and fragrances stood as the second highest category in terms of revenue contribution.