Recent Study: Singapore Retail Report Q2 2015

From: Fast Market Research, Inc.
Published: Wed Mar 04 2015

Despite disappointing levels of economic growth over 2014, Singapore's disposable incomes have continued to rise, unemployed has remained low and the tourism sector remains robust. As a result of this, we forecast further growth in the retail sector over the coming five years and expect to see areas such as health, education and recreation and culture to receive the largest amounts of household spending. The city state's high cost of living will mean that the highest proportion of the household budget is channelled to housing and utility expenses. Singapore's retail market may face certain headwinds during 2015 owing to the government's ongoing economic restructuring as well as the slowdown in the Chinese economy.

Full Report Details at

While Singapore's economy is generally robust, the city-state only managed to achieve economic growth of 2.5% during 2014. This is expected to improve marginally to 3.33% in 2015. Nonetheless, household spending successfully remained strong and has continued to increase. We forecast the average net household income to be an impressive USD91,066 in 2015, with 45% of households falling into the top wage bracket of USD75,000+. By 2019 more than 57% of households are expected to qualify for this top income bracket, which represents the key demographic for increased household spending on luxury and branded items. We forecast corresponding growth in household spending on personal, insurance and other; restaurants and hotels; recreation and culture; and transport.

Singapore's most notable retail district is the Orchard Road, which has been compared to New York's Fifth Avenue, the Champs Elysées in Paris and Oxford Street in London. Major players in this district include the large, locally-owned department store chains Metro and Tangs. Global luxury brands such as Chanel, Hermes and Gucci all have flagship stores in this particular retail district. Government-led initiatives to develop suburban and decentralised areas are slowly...

The Singapore Retail Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the retail sector. The report examines key drivers of retail sales growth and future prospects, including consumer spending and private sector investment.

BMI's Singapore Retail Report also examines the level of development and potential for growth of the retail sector, the commercial initiatives of major players, changing consumer demographics that influence demand and the regulatory environment. Key sub-sectors include mass grocery retail, autos, over-the-counter pharmaceuticals, computers and consumer electronics.

Key Benefits

* Benchmark BMI's independent retail industry forecasts for Singapore to test other views - a key input for successful budgeting and strategic business planning in the Singaporean retail market.

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Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
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Contact Phone: 1-413-485-7001

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