While other luxury markets in the US and China struggle with weak demand, Singapore is defying the trend—consolidating its position as a robust and increasingly important centre for high-end retail. The country is set to witness luxury sales climb by 7% in 2025 at US $ 10.9 billion, Euromonitor International figures indicate. That growth rate places Singapore above regional giants such as China, South Korea, and even Japan, with only the latter beating it in year-on-year growth.
Singapore’s recovery is particularly remarkable given its humble size—only 280 square miles and six million people—but it is now a centre of luxury growth. In 2024, it had the third-largest proportion of luxury retail openings among 32 major Asia-Pacific cities (excluding mainland China), says real estate firm Savills.
At Marina Bay Sands’ shopping wing, The Shoppes, local high-enders and high-spending tourists are driving demand for retailers to double down on premium experiences. Italian fashion brand Marni opened its first Singapore boutique there in August, and the mall now provides VIPs with chauffeured buggies and private styling lounges. Future additions include private salons showing off unreleased collections, says senior VP of retail Hazel Chan.
Islandwide, ultra-personalised engagement is what brands are adopting. Irene Ho, CEO of The Luxury Network Singapore, said invitation-only sale events now take place several times a week—a clear pivot toward high-touch, experience-based retail.
“Singapore has shown itself to be a safe haven for the wealthy,” said Jonathan Siboni, CEO of consultancy Luxurynsight. “It’s an oasis in an otherwise deflating market.
This haven is supported by decades of pro-rich economic policy, a strong financial industry, and political stability. The nation now has more than 240,000 millionaires, with median household income increasing for five straight years. International tourists are also driving luxury sales, with Chinese, American, Indian, and Indonesian visitors injecting S$3.9 billion in retail spend between January and September 2024—a 5% year-on-year growth.
Retailers are increasingly using Singapore not only as an affluent customer base, but also as a testing ground for wider regional strategy.
