06-07-2025
Singapore's 240,000 Millionaires Spur Spending on Luxury Brands
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 S$13.9 billion ($10.9 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.
