Singapore’s High-End Market Expected to Hit $10.9 Billion, Leading Asia’s Luxury Landscape

Singapore is home to global luxury. The city-state has become a beacon of light for high-end retailers, due to the high demand that brands are registering in the territory, and in the face of the drop in consumption of this type of goods in other Asian markets such as China. In 2025, sales in the sector will reach 10.9 billion dollars, according to Euromonitor data accessed by Bloomberg.

This figure represents a 7% growth compared to 2024, above the increase forecast for other traditional Asian markets for the luxury sector, such as China and Japan. In addition, the region was positioned in 2024 as the third city with the highest number of openings of establishments in the luxury market in the world, despite having a much smaller size than its competitors.

Luxury brands have embarked on a concept of sales through invitation-only events, revealing a quest for an increasingly exclusive and personalized model when interacting with consumers. These events, which used to happen occasionally, are now scheduled several times a week, Irene Ho, CEO of The Luxury Network Singapore group, told the same media outlet.

Singapore has positioned itself as the city with the third largest number of luxury stores in the world.

The luxury market in Singapore is now projecting to reach its peak results scored in 2019. Before the outbreak of the pandemic, luxury closed the fiscal year with sales of up to $11.5 billion in the country.

It is the country’s political stability and the large influx of tourism that has boosted its wealth locally. Singapore has more than 240,000 millionaires, and average household employment income has increased for five consecutive years. The tourists who contribute most to the luxury business are those from other major markets, such as China, Indonesia, India or the United States. Between January and September 2024, spending in the luxury sector in Singapore was US$3 billion, up 5% from the same period last year.

Singapore is one of the major drivers of international trade with a Gross Domestic Product (GDP) per capita of US$84,734, and a population of six million. According to the International Monetary Fund (IMF), after decades of high growth, the Singaporean economy will slow its rise in the coming years, with 2% in 2025 and 2026.