It is no secret that Singaporeans enjoy pampering themselves. From vacations to the Maldives or Europe, fine dining at Marina Bay Celebrity restaurants, to shopping at Ion for Louis Vuitton’s latest bags, Singapore’s affluent know how to spend on the finer things in life. This being one of the many reasons luxury brands thrive in Singapore.
The luxury market however is increasingly becoming hyper competitive. With consumer needs becoming more and more complex, luxury products are competing with other categories such as travel. Also new consumer journeys, younger segments, and the entire digital landscape evolving at a rapid pace means luxury brands need to be proactive to ensure their new design and products are exactly what the affluent are looking for.
In this brief report, Agility Research takes you through the pulse of Singapore’s Affluent; looking into how confident they are about the future, what motivates them to buy luxury goods, which brands are popular now, and which ones are likely going to do well in the next year. Findings come from a study conducted in May-June 2015 where we spoke to 300 affluent consumers in Singapore, at least 100 of whom can be classified as high net-worth.
AFFLUENT CONSUMER CONFIDENCE
Affluent Singaporeans will be spending more over the next year. They are confident in the stability and growth potential of their finances leading to more disposable income, particularly amongst males (see fig.1). This, however, does not deter females as their propensity to spend for travel and luxury goods is similar to males.
Read the full article at Affluential.com