The country’s 2024 year-on-year growth surged past every other Asian market tracked by the analytics firm — except Japan. Next year, it’s projected to catch up to its 2019, pre-Covid peak of $14.7 billion.
Luxury spending is defying a global slump in wealthy Singapore, a beacon for high-end retailers grappling with sluggish demand in major markets including China and the US.
Luxury sales in the Southeast Asian city-state are expected to climb 7% to $13.9 billion this year compared to 2024, outpacing heavyweight regional shopping hubs Japan, China and South Korea, according to data shared with Bloomberg by Euromonitor International.
