New Retailing research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 02/10/2015 -- Despite disappointing levels of economic growth over 2014, Singapore's disposable incomes have continued to rise, unemployed has remained low and the tourism sector remains robust. As a result of this, we forecast further growth in the retail sector over the coming five years and expect to see areas such as health, education and recreation and culture to receive the largest amounts of household spending. The city state's high cost of living will mean that the highest proportion of the household budget is channelled to housing and utility expenses. Singapore's retail market may face certain headwinds during 2015 owing to the government's ongoing economic restructuring as well as the slowdown in the Chinese economy.
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While Singapore's economy is generally robust, the city-state only managed to achieve economic growth of 2.5% during 2014. This is expected to improve marginally to 3.33% in 2015. Nonetheless, household spending successfully remained strong and has continued to increase. We forecast the average net household income to be an impressive USD91,066 in 2015, with 45% of households falling into the top wage bracket of USD75,000+. By 2019 more than 57% of households are expected to qualify for this top income bracket, which represents the key demographic for increased household spending on luxury and branded items. We forecast corresponding growth in household spending on personal, insurance and other; restaurants and hotels; recreation and culture; and transport.
Singapore's most notable retail district is the Orchard Road, which has been compared to New York's Fifth Avenue, the Champs Elys?es in Paris and Oxford Street in London. Major players in this district include the large, locally-owned department store chains Metro and Tangs. Global luxury brands such as Chanel, Hermes and Gucci all have flagship stores in this particular retail district. Government-led initiatives to develop suburban and decentralised areas are slowly...
The Singapore Retail Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the retail sector. The report examines key drivers of retail sales growth and future prospects, including consumer spending and private sector investment.
BMI's Singapore Retail Report also examines the level of development and potential for growth of the retail sector, the commercial initiatives of major players, changing consumer demographics that influence demand and the regulatory environment. Key sub-sectors include mass grocery retail, autos, over-the-counter pharmaceuticals, computers and consumer electronics.
- Benchmark BMI's independent retail industry forecasts for Singapore to test other views - a key input for successful budgeting and strategic business planning in the Singaporean retail market.
- Target business opportunities and risks in Singapore through our reviews of latest industry trends, regulatory changes and major deals, projects and investments.
BMI Industry View
Summary of BMI?s key forecasts and industry analysis, plus a discussion of major industry developments and a snapshot of key short-term demand-driving macroeconomic movements.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the retail sector and within the broader political, economic and business environment.
BMI Industry Forecasts
There are four separate 5-year forecast modules in the retail reports. These are:
- Headline Retail Forecast: Total household spending (local currency and USDbn, % growth, % GDP, per capita, per household), spending by retail sector (food & non-alcoholic drink, alcoholic drink, clothing & footwear, housing & utilities, furnishings & home, health, transport, recreation, education, restaurants & hotels, personal care & insurance (local currency and USDbn, % growth, % GDP, % of total spending)
- Retail Sector Forecast: Breakdown of Food, Non Alcoholic Drink, Alcohol, Tobacco, Clothing, Footwear, Household Goods, Furnishings, Appliances, Glass and Tablewear, Household Textiles, Consumer Electronics, Garden Toys and Pets, Home and Garden tools, Personal Care, Personal Effects Spending (USDbn, % Growth)
- Household Income and Numbers Forecast: Number of Households (?000, % growth); gross income per household and per capita; net income per household and per capita; tax and social contributions per capita; breakdown of household incomes ? USD5000+, USD10,000+ USD50000+ (?000, % of total); labour force, employment and unemployment (?000, % change)
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