Future of retail: Conscious rich Asians look to lifecycle luxury

As shifting priorities alter long-held notions of luxury, TBWA\Singapore’s Belynda Sim looks at what will define 21st century premium in Asia.

The year 2020 saw APAC snagging the biggest share of luxury store openings: 38.9% compared to other regions. This figure exceeds APAC’s 31.8% share for the whole of 2019, according to real estate provider Savills.

Singapore has seen a similar trend to China where domestic spenders are coming out in full force to splurge.

“Singaporeans, unable to travel during the pandemic, have been contributing to the brisk sales at Chanel, Louis Vuitton, Cartier, Dior and more,” says Sulian Tan-Wijaya, executive director and head of retail and lifestyle at Savills Singapore.

While luxury sales have been surging here, it...

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