Boston, MA -- (SBWIRE) -- 02/18/2014 -- A low unemployment rate, rising disposable income and a strong tourism industry resulting in a strong rise in household spending are all factors that will see the Singapore retail sector continue to grow over the next few years. We are particularly positive about the future growth prospects for health and education, with communications and personal care & insurance also forecast to grow steadily; however, we expect the highest proportion of the household budget to be spent on housing & utilities throughout our forecast period, with personal care & insurance; recreation & culture; and transport also taking a substantial share, as might be expected from a developed, sophisticated market.
View Full Report Details and Table of Contents
The new Singapore retail report provides an extensive and comprehensive forecast of various retail indicators including household spending and headline total spending across each retail subsector, household income and employment forecasts, demographic forecasts and a detailed breakdown of household and per capita spending across a large number of retail areas including food & drink, clothing & footwear, household goods and a number of other subsectors.
The Singaporean retail industry has grown in scale and sophistication over the past decade, with larger department stores, supermarkets and hypermarkets, chain stores and franchised operations, such as those operated by Wing Tai Retail, all proliferating. More recently, the opening of large shopping malls has increased the lifestyle element of shopping in Singapore, with retail concepts carefully chosen to appeal to specific consumer groups.
Today, Singapore is widely regarded as one of the most vibrant and exciting shopping destinations in Asia, and is a key target for international retailers. Its top retail asset is Orchard Road, which has been likened to New York's Fifth Avenue, the Champs Elysees in Paris and Oxford Street in London. Analysts estimate that Orchard Road derives some 40% of sales from tourists.
We see long-term potential in the Singapore consumer market, particularly for branded and luxury goods that appeal to a sophisticated and wealthy population. We forecast the average net household income to be a hefty US$90,347 in 2014, with almost 64% of households falling into the top wage bracket of US$50,000+.
By 2018, nearly 71% of households are expected to be in this top income bracket, which represents the key demographic for increased household spending on luxury and branded items. We expect a corresponding increase in household spending on personal, insurance & other; restaurants & hotels; recreation & culture; and transport.
However, we note downside risks to our forecasts from the rising level of household debt, which now stands at approximately 150% of household income. This places it second highest in the region behind Malaysia. Recent Developments Include:
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Retailing research reports at Fast Market Research
You may also be interested in these related reports:
- Indonesia Retail Report Q2 2014
- China Retail Report Q2 2014
- Chile Retail Report Q2 2014
- Hong Kong Retail Report Q2 2014
- European Business Travelers' Airport Retail Trends, 2013-2014
- Global Business Travelers' Airport Retail Trends, 2013-2014
- Romania Retail Report Q1 2014
- Mexico Retail Report Q1 2014
- Turkey Retail Report Q1 2014
- Croatia Retail Report Q1 2014