FOR IMMEDIATE RELEASE
Pressnews.biz (Press Release) Dec 6, 2014
-- Singapore Luxury Goods Market Outlook to 2017 – Rising HNWI Population to Propel the Growth” provides a comprehensive analysis of the market size of Singapore luxury goods Industry on the basis of revenue generated from the sale of different types of luxury goods in the country. The report provides a brief overview of luxury goods sales in Singapore covered in terms of various segments such as designer apparels, luxury footwear, premium cosmetics and fragrances, luxury watches, designer jewellery, luxury spirits and wines, cigars and other luxury fashion accessories.
The analysis has been further extended to cover the competitive picture of the industry, thereby detailing the market share and company profiles of major players operating in the luxury goods business in Singapore. The report also provides the major trends and developments driving the growth of luxury goods market in Singapore, observed over the last few years. Future outlook of this market in the country has been provided on the basis of revenue over the next five years.
Luxury goods have gradually become the symbols of economic status especially for the middle and upper class population in the country. Singapore luxury goods market size stood at nearly USD ~ million in 2012, showcasing a healthy CAGR of 13.8% from 2007. The market observed a slightly sluggish growth rate of 9.4% in 2012 as compared to the past years. During this year, the growth rate slowed across all the major segments of the market relative to the previous years. However, the segment of luxury watches suffered the maximum, noting a significant depreciation of 3.8% from 2011.
Luxury goods have become an integral part of the lifestyles in Singapore as compared to countries such as India, China, Taiwan and others. 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 recording USD ~ million at a CAGR of 7.2% during 2007-2012. Designer jewelry has emerged as one of the fastest growing segments in the market for luxury goods in the country over the period 2007-2012.
The market is projected to grow to USD 7,187.4 million in 2017 at a CAGR of 8.3% from 2012-2017. Some of the important factors which have fueled growth in the luxury goods market of Singapore include increasing levels of gross domestic production, inclining income levels, growing population of upper middle class people, high urbanization, growing proportion of affluent class in the overall population, shifting social attitudes towards the display of wealth and others. Moreover, apart from the aforementioned attributes, the advantage of being an international free port is another major factor which has encouraged the sales of luxury products in the country over the years. This has resulted in a comparatively higher spending by tourists in Singapore relative to its neighbors. Owing to these factors, many premium international brands are looking forward to expand their investments and presence in Singapore.
The consumers of luxury products in Singapore are relatively more flexible and open to squander a little ahead of their budget for the purchase of popular and exclusive items. The luxury goods industry in Singapore has largely been import driven with stocks arriving directly from the luxury stores located in Europe and the Americas. Some of the popular luxury brands sold in Singapore luxury goods market across various product categories include Chanel, Louis Vuitton, Ralph Lauren, Prada, Burberry, Jimmy Choo, Salvatore Ferragamo, Estee Lauder, Clinique, Lancôme, Rolex, Cartier, Omega, Panerai, TAG Heuer and others.