Singapore is fast becoming the region’s key testing ground for global luxury brands, as sales surge and demand holds steady despite a wider slowdown in major markets, Bloomberg reported. “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. The city-state now has over 240,000 millionaires. Median household income has increased for five consecutive years. This has created a strong local customer base for luxury goods, even as international tourists continue to spend. From January to September 2024, retail spending by tourists reached $3.9b, up 5% year-on-year, driven by visitors from China, Indonesia, India and the US. https://sbr.com.sg/news/why-singapore-emerging-key-launchpad-luxury-retail-in-asia (ICE SINGAPORE)

Fonte notizia: Singapore Business Review, 7 July 2025