Boston, MA -- (ReleaseWire) -- 05/21/2014 -- The Singapore retail sector is set to continue to grow over the next few years on the back of a low unemployment rate, rising disposable income and a strong tourism industry. These should all result in a strong rise in household spending across all retail subsectors. We are particularly positive about the future growth prospects for health and education, with communications and personal care & insurance also forecast to grow steadily; however, we expect the highest proportion of the household budget to be spent on housing & utilities throughout our forecast period, with personal care & insurance; recreation & culture; and transport also taking a substantial share, as might be expected from a developed, sophisticated market. The Singapore retail report provides an extensive and comprehensive forecast of various retail indicators including household spending and headline total spending across each retail subsector, household income and employment forecasts, demographic forecasts and a detailed breakdown of household and per capita spending across a large number of retail areas including food & drink, clothing & footwear, household goods and a number of other subsectors.
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The Singaporean retail industry has grown in scale and sophistication over the past decade, with larger department stores, supermarkets and hypermarkets, chain stores and franchised operations, such as those operated by Wing Tai Retail, all proliferating. More recently, the opening of large shopping malls has increased the lifestyle element of shopping in Singapore, with retail concepts carefully chosen to appeal to specific consumer groups.
Today, Singapore is widely regarded as one of the most vibrant and exciting shopping destinations in Asia, and is a key target for international retailers. Its top retail asset is Orchard Road, which has been likened to New York's Fifth Avenue, the Champs Elysees in Paris and Oxford Street in London. Analysts estimate that Orchard Road derives some 40% of sales from tourists.
We see long-term potential in the Singapore consumer market, particularly for branded and luxury goods that appeal to a sophisticated and wealthy population. We forecast the average net household income to be a hefty USD92,527 in 2014, with almost 65% of households falling into the top wage bracket of USD50,000+. By 2018, nearly 72% of households are expected to be in this top income bracket, which represents the key demographic for increased household spending on luxury and branded items. We expect a corresponding increase in household spending on personal, insurance & other; restaurants & hotels; recreation & culture; and transport.
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