SALARY – LUXURY AND RETAIL 2016
Despite the challenging year 2015 in the retail sector, there has not been a major impact on fast fashion and mass market brands compared to the luxury sector. A few dominant competitors even moved onto expanding and opening new stores in sub-urban areas throughout 2016.
Slackening economic growth, decelerating tourism and affected consumption trends have impacted the retail sector in Singapore. Nonetheless, the overall impression of the luxury and retail industry remains healthy. Reports by PwC suggests that sales growth in the region would accelerate in the following 5 years, at an average of 8.5% in monetary aspects and 4.6% in volume.
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