Albany, NY -- (SBWIRE) -- 04/22/2014 -- The report 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.
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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.
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Key Topics Covered in the Report:
- Market Size of Singapore luxury goods market by Revenue Generated, 2007-2012.
- Market Segmentation of Luxury Goods Market by Different Types of Products, 2007-2012
- Market Share of Major Players in Singapore Luxury Goods Industry by Different Market Segments
- Cause and Effect Relationship and SWOT Analysis of Singapore Luxury Goods Market Space
- Trends and Developments of Singapore Luxury Goods market.
- Profiles of Major Players Operating in the Luxury Goods Business on the Basis of Different Types of Products in Singapore.
- Prices Comparison of Products on the basis of Different brands
- Future Outlook and Projections of the Singapore Luxury Goods Market on the basis of Revenue and Different Product Categories, 2013-2017
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