Thailand’s luxury market set to surpass Singapore in 2024

October 8, 2024

SINGAPORE: Thailand’s luxury market is set to surpass Singapore’s in 2024, with estimates projecting Thailand’s market value at $4.93 billion, compared to Singapore’s $4.23 billion. A recent report published by Canvas8, a global strategic insights practise with expertise in cultural and behavioural trends, highlighted how Southeast Asian shoppers are changing the global luxury landscape, with countries like Thailand and Vietnam challenging luxury hubs like Singapore.

The report, “How are Southeast Asian shoppers changing luxury?” was authored by Gwyneth King, with insights from Toch Barreiro, a creative director at Serious Studio in Manila, and Jose Luis Legaspi, a former marketing lecturer at De La Salle University in Manila.

Mr Legaspi pointed out that the growth of the Asian economy over the past two decades has made the Asian luxury consumer a major force in the market.

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“The Asian luxury consumer has become a powerhouse in purchase and spending. Decades ago, it was only Japan that spearheaded the Asian luxury market, and it was Chinese tourists who came in droves when visiting fashion capitals like London or Paris,” he explained.

“Top luxury brands are now focusing their marketing efforts to sign up Asian endorsers that represent their current biggest market,” he added.

The luxury market in Southeast Asia is booming, supported by a rising number of ultra-high net worth individuals (UHNWI). Countries like Singapore, Malaysia, and Indonesia are leading this growth. The total revenue from the Southeast Asian luxury market is expected to hit $16.01 billion in 2024, up from $14.38 billion in 2022.

Source: The Independent Singapore News