Singapore’s luxury market is projected to grow 7% YoY in 2025 to 13.9 billion Singapore dollars ($10.9 billion), outpacing regional rivals like China, Japan, and South Korea, according to Euromonitor International. The city-state is on track to return to its pre-pandemic luxury sales peak by 2026. Key drivers include a rising millionaire population, steady tourism recovery, and strong consumer demand across fashion, jewelry, and beauty segments. Major luxury players such as Van Cleef & Arpels and Audemars Piguet have expanded their local presence, while malls like Raffles City are intensifying efforts in luxury beauty retail. Singapore now ranks third in luxury store openings across Asia-Pacific (excluding China), thanks to its business-friendly environment and appeal to global high-net-worth individuals.