Style-struck Singaporeans spark spending surge
Singapore - Affluent Singaporeans are spending more on luxury goods as total spend increased by 29% increment - spending on high-end fashion, jewellery and watches have upped by 34%, 51% and 52% respectively.
The findings are from an American Express (Amex) commissioned report, Lifestyle Index and Spending Trends (LIST), which compares statistics from the second quarter of this year with the same period in 2006.
Atul Mathur, Amex's SVP and GM, ASEAN and South Asia, said, "As Singapore's status as a regional playground for the affluent grows, there are more and more opportunities for Singapore's fashion conscious to dress up, to develop and demonstrate their personal style. The growth in spending is not a short term trend. We are seeing sustained growth in affluent spending, particularly among our card members, both in terms of total amounts spent as well as the size of individual transactions. The Singapore experience mirrors similar spending growth patterns across the region."
The report states average fashion purchases hit nearly $720, watch purchases hit $3,465 and high-end jewellery clocked an average of $2,437.
On a whole, tourists contributed $3 out of every $10 spent on luxury items. The inbound tourism spending data reveals that top spenders on watches and fine dining are travellers from the US, top purchasers of high-end jewellery are from the UK and the US while Indonesians and Americans lead the charts in high-end fashion goods. Other top-spending affluent tourists include citizens from Malaysia, Hong Kong, Australia and Japan.
LIST reports track spending by Amex cardmembers in four key lifestyle segments based on data from retail and fine dining establishments. It also records perspectives and analyses of spending trends by leading retailers and restaurateurs.
- American Express International Inc
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