Singapore Will Focus On Luxury Products

In recent years, the luxury market in Hongkong has been sluggish, and luxury stores have gradually shifted their focus. Many luxury goods have shifted to the development of Singapore's tourism industry.

Herm's s flagship store in Singapore is about to reopen, which is betting on the growth in Southeast Asia. At present, another regional centre competing with Singapore, Hongkong, is beset with anti China sentiment, eroding the status of its luxury purchasing center.

Before that, other luxuries. Retailer There are also many moves that mark their confidence in the growth of Singapore's tourism industry. Patek Philippe (Patek Philippe) renovated its Singapore store last month and became the largest brand store in Southeast Asia after its reopening. Moncler opened its first boutique in Singapore last year.

The store, which is located in Orchard Road, the main shopping mall in Singapore, has expanded its storefront to an area of 670 square meters with a total of 4 storeys. The expanded store is comparable to the Hermes store on Bond Street, London. Axel Dumas, the chief executive of Hermes, said the refurbishment of the shop has "expressed our commitment to Singapore, the region and our loyal customers".

Dimma will take part in this week's re opening ceremony. In his statement, he described Singapore as "one of the world's largest trading centers and stands perfectly between East and West."

Hongkong suffered double declines in the number of tourists and retail spending in mainland China. Last year, Hongkong's inbound tourists' retail spending dropped by 8%.

This downward trend has affected the Richemont. burberry (Burberry) and Zhou Dafu, a luxury jeweler (Chow Tai Fook). Zhou Dafu said it expects to close up to 6 stores in Hongkong this year.

In last month's business update, Hermes blamed the slow growth of sales in Asia, excluding Japan, to the "difficult environment" of Hongkong and Macao.

The exclusion of mainland tourists in Hongkong has been attributed to xenophobia in anti mainland Chinese people. But another reason is that visa restrictions relaxed the Chinese tourists to more distant destinations.

In the first two months of this year, the number of Chinese tourists to Singapore increased by 34% compared with the same period last year. Chinese tourists often arrange trips to Singapore, Malaysia or Thailand in the same itinerary.

Analysts say the Singapore Tourism Board is launching an online marketing campaign in China. Meanwhile, the strong currency in Malaysia and Indonesia has also strengthened the attraction of new shopping tours for tourists from both countries.

Desmond Sim, head of Southeast Asian Research at CBRE, a real-estate service company, said: "Chinese tourists are the most expensive group of luxury goods. Singapore is not like Hongkong, and the latter's anti Desmond sentiment has become public. Many gamblers come here for the casino, and there are many Asian tourists here.

Analyst at Credit Suisse Gerald Wong In a recent briefing to clients, it is possible that 2016 will be a record year for Singapore's tourism industry. Gerald Wong wrote: "our analysis of government plans and multiple key markets has convinced us that the number of tourists arriving in Singapore in 2016 may exceed 16 million."