Fine dining, luxury goods sales soar as economy booms

 

By UMA SHANKARI

 

(SINGAPORE) Just how confident people are about the Singapore economy has been spelled out in a report on lavish spending by charge card holders. Jewellery, haute couture, luxury watches or exquisite French cuisine - Singaporeans are living it up this year, bringing much cheer to high-end retailers, says the report by American Express (AmEx).

 

The report - Lifestyle Index and Spending Trends (List) - shows that sales of luxury timepieces, jewellery and designer fashion, as well as takings at fine dining establishments, were up to 70 per cent higher in Q1 than in the corresponding first three months of 2006.

The report tracks spending by AmEx cardholders in four key segments based on data from about 100 retail and dining establishments.

Sales of luxury watches grew the fastest, climbing an impressive 70 per cent. This was followed by sales of high-end jewellery, which rose 56 per cent. Revenue from high-end fashion items and fine dining also grew at healthy rates of 25 per cent and 24 per cent respectively.

'The report confirms that we are clearly in the middle of a spending boom in the lifestyle sector,' said Atul Mathur, AmEx's senior VP for Asean and South Asia. 'What is driving this are macro-economic and marketing factors - a vibrant economy and growing consumer sentiment as well as value creation through innovative marketing and promotional programmes undertaken by lifestyle brands.'