Latest news with #JonathanSiboni
Yahoo
08-07-2025
- Business
- Yahoo
Singaporeans Are Splurging Despite a Global Luxury Slump
A global luxury slump hasn't stopped Singaporeans from spending. Despite slow demand for luxury goods in major markets like the U.S. and China, sales on the Southeast Asian island nation are expected to increase by 7 percent to S$13.9 billion ($10.9 billion) this year compared to 2024, according to market research firm Euromonitor International, Bloomberg reported. More from Robb Report A Modernist Home in Montecito Designed by a Pioneering Architect Just Listed for $18 Million Profits at the Macallan's Parent Company Dropped 26% This Year Porsche Club of America Members Get First Dibs on This New, Ultra-Limited 911 The projected climb means Singapore will surpass the regional shopping hubs of Japan, China, and South Korea, cementing itself as a standout in Southeast Asia. The country's 2024 year-on-year growth outpaced nearly every other Asian market (besides Japan) tracked by the analytics firm. Next year, Singapore is estimated to reach its 2019, pre-Covid figure of S$14.7 billion (approximately $11.4 billion). The city-state's booming luxury sales coincide with a blossoming commercial real estate market, too. Last year, Singapore had the third-largest share of luxury store openings among 32 Asia-Pacific cities, excluding those in China's mainland, according to data from Savills, a real estate firm. 'Singapore has proved to be a very stable place for wealthy people. That has created a very strong local base for the luxury market,' Jonathan Siboni, founder and CEO of consultancy Luxurynsight, told Bloomberg. 'Singapore is an oasis in the desert.' Places like the Shoppes at Marina Bay Sands, where Italian label Marni opened its first store last August, are oases indeed. The locale is equipped with buggies to whisk VIP shoppers around the mall for personalized styling sessions, and it'll soon offer those same customers the opportunity to get a first look at unreleased luxe launches. Singapore is also home to over 240,000 millionaires, according to last year's report from Henley & Partners. Over the last decade, the city-state has seen a 64 percent increase in millionaires, due to the small nation's open economy, liberal immigration policies, and lax regulations on wealth taxes. As a result, the median household employment income has risen for five straight years, according to a report from Singapore's Department of Statistics. Brands have even started using the Singaporean market as a testing ground to gauge interest in luxury goods. 'These aren't just gimmicks,' Angelito Perez Tan, Jr., cofounder and CEO of RTG Group Asia, told Bloomberg. 'They're strategic soft launches that test how consumers engage emotionally with the brand.' We'll have to see how those tests pan out over the next few years. Click here to read the full article.
Malay Mail
07-07-2025
- Business
- Malay Mail
‘Oasis in the desert': Luxury keeps ringing the cash register in Singapore as global sales cool
SINGAPORE, July 7 — As luxury spending slows in markets like China and the United States, Singapore is bucking the trend — and retailers are cashing in. According to new data from Euromonitor International, and reported by Bloomberg today, luxury sales in the city-state are set to rise by 7 per cent this year to S$13.9 billion (RM46 billion), making it the best-performing Asian market outside Japan in 2024. This growth puts Singapore ahead of bigger regional shopping meccas like China, Japan and South Korea — no small feat for a city that's just 280 square miles in size with a population of six million. By 2026, luxury sales in the city are expected to return to their pre-pandemic peak of S$14.7 billion. For high-end brands feeling the pinch elsewhere, Singapore has become a financial safe haven and a strategic launchpad. The country accounted for the third-largest share of luxury store openings in Asia-Pacific last year (excluding mainland China), according to commercial real estate firm Savills. 'Singapore has proved to be a very stable place for wealthy people. That has created a very strong local base for the luxury market,' said Jonathan Siboni, founder and CEO of consultancy Luxurynsight, to Bloomberg. 'Singapore is an oasis in the desert.' Wealth in Singapore is not just growing — it's being flaunted. Median household employment income has climbed for five straight years. The city now boasts more than 240,000 millionaires, drawn by its low-tax environment, stable government and thriving finance sector. 'Singapore has transformed itself into a testing ground for brands, not just for South-east Asia, but for blending East and West,' Angelito Perez Tan, Jr., CEO of luxury consultancy RTG Group Asia, reportedly said. 'These aren't just gimmicks, they're strategic soft launches that test how consumers engage emotionally with the brand.' That emotional pull is translating into spend. Malls like The Shoppes at Marina Bay Sands are offering VIP concierge services and early previews of luxury collections. At Raffles City, 21 beauty brands — including Chanel, Dior and Gucci — are staging high-profile pop-ups this year. 'Spending is flowing across all segments of the luxury industry,' Irene Ho, CEO of The Luxury Network Singapore, was quoted as saying. 'We're seeing invitation-only events several times a week — it's all about ultra-personalised shopping now.' Tourists are still a key driver, with retail spend from visitors climbing to S$3.9 billion in the first nine months of 2024, up 5 per cent from a year earlier. Shoppers from China, Indonesia, India and the US continue to flow in, but it's the trust in Singapore's institutions that's keeping the high-net-worth dollars flowing. The country's crackdown on illicit wealth — most notably a S$3 billion money laundering scandal last year — hasn't scared the rich away. If anything, it's enhanced Singapore's appeal. 'It showed that the system works, and that's exactly what matters to legitimate high-net-worth individuals,' RTG's Tan reportedly added. 'When there's that kind of trust, spending naturally follows.' Still, not everyone is on board the luxury train. Singapore's government is under pressure to close the wealth gap, balancing the need for progressive taxes with the risk of driving billionaires to lower-tax cities like Dubai. That tension hasn't slowed luxury's momentum yet — but it may shape the next phase of Singapore's retail boom. For now, as the rest of the region hits the brakes, Singapore is speeding ahead — and luxury brands are more than happy to hitch a ride. High-end spending in the Lion City is expected to jump 7% to S$13.9 billion this year, outpacing China and South Korea amid global slowdown
Malay Mail
07-07-2025
- Business
- Malay Mail
‘An oasis in the desert': Luxury keeps ringing the cash register in Singapore as global sales cool
SINGAPORE, July 7 — As luxury spending slows in markets like China and the United States, Singapore is bucking the trend — and retailers are cashing in. According to new data from Euromonitor International, and reported by Bloomberg today, luxury sales in the city-state are set to rise by 7 per cent this year to S$13.9 billion (RM46 billion), making it the best-performing Asian market outside Japan in 2024. This growth puts Singapore ahead of bigger regional shopping meccas like China, Japan and South Korea — no small feat for a city that's just 280 square miles in size with a population of six million. By 2026, luxury sales in the city are expected to return to their pre-pandemic peak of S$14.7 billion. For high-end brands feeling the pinch elsewhere, Singapore has become a financial safe haven and a strategic launchpad. The country accounted for the third-largest share of luxury store openings in Asia-Pacific last year (excluding mainland China), according to commercial real estate firm Savills. 'Singapore has proved to be a very stable place for wealthy people. That has created a very strong local base for the luxury market,' said Jonathan Siboni, founder and CEO of consultancy Luxurynsight, to Bloomberg. 'Singapore is an oasis in the desert.' Wealth in Singapore is not just growing — it's being flaunted. Median household employment income has climbed for five straight years. The city now boasts more than 240,000 millionaires, drawn by its low-tax environment, stable government and thriving finance sector. 'Singapore has transformed itself into a testing ground for brands, not just for South-east Asia, but for blending East and West,' Angelito Perez Tan, Jr., CEO of luxury consultancy RTG Group Asia, reportedly said. 'These aren't just gimmicks, they're strategic soft launches that test how consumers engage emotionally with the brand.' That emotional pull is translating into spend. Malls like The Shoppes at Marina Bay Sands are offering VIP concierge services and early previews of luxury collections. At Raffles City, 21 beauty brands — including Chanel, Dior and Gucci — are staging high-profile pop-ups this year. 'Spending is flowing across all segments of the luxury industry,' Irene Ho, CEO of The Luxury Network Singapore, was quoted as saying. 'We're seeing invitation-only events several times a week — it's all about ultra-personalised shopping now.' Tourists are still a key driver, with retail spend from visitors climbing to S$3.9 billion in the first nine months of 2024, up 5 per cent from a year earlier. Shoppers from China, Indonesia, India and the US continue to flow in, but it's the trust in Singapore's institutions that's keeping the high-net-worth dollars flowing. The country's crackdown on illicit wealth — most notably a S$3 billion money laundering scandal last year — hasn't scared the rich away. If anything, it's enhanced Singapore's appeal. 'It showed that the system works, and that's exactly what matters to legitimate high-net-worth individuals,' RTG's Tan reportedly added. 'When there's that kind of trust, spending naturally follows.' Still, not everyone is on board the luxury train. Singapore's government is under pressure to close the wealth gap, balancing the need for progressive taxes with the risk of driving billionaires to lower-tax cities like Dubai. That tension hasn't slowed luxury's momentum yet — but it may shape the next phase of Singapore's retail boom. For now, as the rest of the region hits the brakes, Singapore is speeding ahead — and luxury brands are more than happy to hitch a ride. High-end spending in the Lion City is expected to jump 7% to S$13.9 billion this year, outpacing China and South Korea amid global slowdown
