Singapore Luxury Goods Market Trends

Singapore is among the most visited countries in the world. The sustained growth of the luxury goods market can be attributed to the continuing rise in the tourism industry. The travelers visiting the countries are from high disposable income and often buy luxury goods from the outlets of various multinational brands. The country holds an economically strong market, and therefore, major multinational brands often launch their luxury products earlier in the country than many others. Travelers visiting from around the world are, attracted by the new luxury products, which they almost always purchase. Due to high disposable incomes, visitors from the neighboring countries often buy luxury products and take them back to their homes, where certain products may not be commonly available. The millennial group comprises most of the buyers. Tourists often come across things that Singapore is famous for, such as apparel, jewelry, and watch products. On the other hand, the increasing influence of culture and social pressure in the society, along with the growing wealth and super-rich population, who are willing to spend millions on luxury items, is driving the market for luxury goods in the country. Thus, the growing cultural influence and the rising tourism in the country is likely to grow at a healthy rate, posing significant opportunities for the players to introduce their products in the local market which will boost the luxury goods market.