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Wealthy in SGP buying more luxury watches despite global economic problems.
SINGAPORE: While other Asian countries have seen a recent decline in luxury spending by the wealthy, affluent Singaporeans appear to be bucking the trend.
A survey of over 20,000 of the well-heeled across 11 countries in the region showed that purchases of designer goods by rich Singaporeans increased from 11 to 17 per cent.
Those surveyed come from households with an average monthly income of S$6,500, or the top 20 per cent of the population in terms of wealth.
Despite the global economic situation, the wealthy in Singapore are buying more luxury watches, with purchases up from 19 to 24 per cent in 2012.
The Ipsos PAX Study on latest trends for Asia's upscale affluent population on lifestyle, spending and media consumption, also found that 70 per cent of rich Singaporeans now have smartphones, compared with 55 per cent in 2011.
- CNA/fa
A survey of over 20,000 of the well-heeled across 11 countries in the region showed that purchases of designer goods by rich Singaporeans increased from 11 to 17 per cent.
Those surveyed come from households with an average monthly income of S$6,500, or the top 20 per cent of the population in terms of wealth.
Despite the global economic situation, the wealthy in Singapore are buying more luxury watches, with purchases up from 19 to 24 per cent in 2012.
The Ipsos PAX Study on latest trends for Asia's upscale affluent population on lifestyle, spending and media consumption, also found that 70 per cent of rich Singaporeans now have smartphones, compared with 55 per cent in 2011.
- CNA/fa
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