Singapore Retail Report Q2 2015

  • February 2015
  • -
  • Business Monitor International
  • -
  • 59 pages

Includes 3 FREE quarterly updates

BMI View:

Despite disappointing levels of economic growth over 2014, Singapore's disposable incomes have continued to rise, unemployed has remained low and the tourism sector remains robust. As a result of this, we forecast further growth in the retail sector over the coming five years and expect to see areas such as health, education and recreation and culture to receive the largest amounts of household spending. The city state's high cost of living will mean that the highest proportion of the household budget is channelled to housing and utility expenses. Singapore's retail market may face certain headwinds during 2015 owing to the government's ongoing economic restructuring as well as the slowdown in the Chinese economy.

While Singapore's economy is generally robust, the city-state only managed to achieve economic growth of 2.5% during 2014. This is expected to improve marginally to 3.33% in 2015. Nonetheless, household spending successfully remained strong and has continued to increase. We forecast the average net household income to be an impressive USD91,066 in 2015, with 45% of households falling into the top wage bracket of USD75,000+. By 2019 more than 57% of households are expected to qualify for this top income bracket, which represents the key demographic for increased household spending on luxury and branded items. We forecast corresponding growth in household spending on personal, insurance and other; restaurants and hotels; recreation and culture; and transport.

Table Of Contents

Singapore Retail Report Q2 2015
BMI Industry View 7
Retail 9
Political 11
Economic 12
Industry Forecast 13
Headline Retail Forecast 13
Table: Total Household Spending (Singapore 2012-2019) 13
Table: Retail Sector Spending, % Of Total (Singapore 2012-2019) 14
Table: Headline Retail Sector Spending (Singapore 2012-2019) 15
Table: Retail Sector Spending, % of GDP (Singapore 2012-2019) 16
Retail Sector Forecast 17
Food, Drink and Tobacco 17
Table: Food, Drink and Tobacco Spending (Singapore 2012-2019) 18
Clothing And Footwear 19
Table: Clothing and Footwear Spending (Singapore 2012-2019) 20
Household Goods 20
Table: Household Goods Spending (Singapore 2012-2019) 21
Personal Care 21
Table: Personal Care Spending (Singapore 2012-2019) 22
Household Numbers And Income Forecast 23
Table: Household Income Data (Singapore 2012-2019) 24
Table: Labour Market Data (Singapore 2012-2019) 26
Demographic Forecast 27
Table: Total Population (Singapore 2012-2019) 27
Table: Population: Babies (Singapore 2012-2019) 28
Table: Population: Young Children (Singapore 2012-2019) 28
Table: Population: Children (Singapore 2012-2019) 28
Table: Population: Young Teens and Older Children (Singapore 2012-2019) 29
Table: Population: Young People (Singapore 2012-2019) 29
Table: Population: Older Teenagers (Singapore 2012-2019) 29
Table: Population: 21yrs + (Singapore 2012-2019) 30
Table: Population: Young Adults (Singapore 2012-2019) 30
Table: Population: Middle Aged (Singapore 2012-2019) 30
Table: Population: Urban (Singapore 2012-2019) 31
Macroeconomic Forecast 32
Economic Analysis 32
MAS Keeps SGD On Moderate Appreciatory Path 34
Industry Risk Reward Ratings 35
Asia Risk/Reward Index 35
Table: Asia - Retail Risk/Reward Index 35
Singapore Risk/Reward Scores 36
Rewards 36
Risks 36
Market Overview 37
Retail Formats 38
Retail Subsectors 39
Tourism 40
Competitive Landscape 41
Department Store Groups 41
Mass Grocery Retail 42
Fashion 42
Consumer Electronics 44
Glossary 45
Methodology 53
Industry Forecast Methodology 53
Sources 56
Risk/Reward Index Methodology 56
Table: Retail Risk/Reward Index Indicators 57
Table: Weighting Of Indicators 59

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