Retail and Luxury

Southeast Asia's luxury market is expected to reach USD 33.2 billion by 2025, driven by a rising middle class with increasing disposable income and a growing appetite for luxury goods. Countries like Vietnam, Thailand, and Indonesia are witnessing significant growth in the luxury sector, attracting major international brands and investors. On another note, Local Southeast Asian luxury brands are gaining popularity, offering unique design aesthetics and competitive pricing.

In particular, Singapore is a thriving Luxury Hub: it is a major player in the global luxury market, ranking third in Asia (after mainland China and Japan) and 12th globally in terms of luxury sales in 2023. This position is attributed to its strong GDP, political stability, and strategic location as a gateway to Southeast Asia. Singaporean luxury consumers are increasingly experience-driven and digitally savvy, favoring personalized experiences and omnichannel shopping journeys. In addition, the online luxury market in Singapore is booming, with e-commerce sales expected to reach USD 4.2 billion by 2025.