REPORT – Driven by the influx of wealthy fortunes from China or India, the market grew by more than 15% in 2022.
Singapore
At the entrance to the Dior store in the ION Orchad shopping mall, on Singapore’s largest shopping street, it is barely 10 am. Although in mid-January the end of year celebrations are over, a queue is already forming. Chinese customers, in particular, flock to the store as the Year of the Rabbit, expected on January 22, approaches. To avoid an interminable wait, the brand offers them to flash a QR Code on their phone. They will thus be informed that it is their turn to enter the store to treat themselves to the most upscale bags, clothes and accessories.
The crowd, accompanied by a ballet of sumptuous cars in the nearby shopping center of Ngee Ann City, illustrates the frenzy of consumption of luxury goods that currently runs through Singapore. The phenomenon is not new. But it has been increasing for two years, thanks to the convergence in the country of large fortunes from neighboring countries. In 2022, the broad…
This article is for subscribers only. You have 87% left to discover.
Cultivating your freedom is cultivating your curiosity.
Keep reading your article for €0.99 for the first month
Already subscribed? Login