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Singapore has always been a mature and perpetually growing market for luxury Swiss watch exports. Statistics has shown that even during the challenging years of 2019 and 2020, Singapore registered strong increase in imports of luxury Swiss watches. According to FHS Swiss statistics, Singapore maintains a stable position among the top 6 export destination globally for Swiss watches, coming after China, Hong Kong and Japan in Asia.*
While the pre-pandemic years were still a challenging business environment, exports to Singapore exceeded other Asian countries significantly becoming the top 4 growth market for Swiss watch exports in 2022.
Government statistics present a staggering record of growth amid pent-up demand in the local market for luxury goods, which outlines the spending power of Singaporeans in general.
Singapore's strong watch retail performance is further supported by an ever-increasing numbers of Ultra-High Net Worth Individuals (UHNWI) residing and working here. As of 2021, there are 28 billionaires in Singapore.
Not only are the spending power residing here in Singapore, the consumers are getting younger too.
“In 2017, 12 per cent of Singaporean buyers were aged under 40. In 2020, this figure has increased to 29 per cent.”