Singapore's hard luxury goods industry is growing, holding a 6.8% market share in 2024. The city attracts wealthy expatriates and tourists, boosting demand for premium brands. Consumers prefer high-end items like watches, jewelry, and designer accessories. Customization services are in demand. Companies offering bespoke options are well-positioned for success in this competitive market.

NEWARK, DE / ACCESSWIRE / January 14, 2025 / The ASEAN hard luxury goods market is poised for strong growth, with estimates forecasting a market size of USD 4,422.3 million in 2024, increasing to USD 9,190.7 million by 2035, at a robust Compound Annual Growth Rate (CAGR) of 7.5% from 2025 to 2035, according to the latest research from Future Market Insights (FMI).

The ASEAN region's share of the global hard luxury goods market is projected to be between 8% and 10% in 2024, driven by increasing consumer confidence in luxury items, higher disposable incomes, and the rising demand for sustainable and eco-conscious products.

Factors influencing the Hard Luxury Goods Market

Hard luxury items are in high demand worldwide, with yearly growth rates of ~ 10% to ~11%. In terms of market share for hard luxury items, North America and Europe dominate the Hard Luxury Goods market. The expansion of emerging markets in Asia-Pacific has been aided by rising middle-class disposable income and rising accessory demand. In comparison to other regions, it is anticipated to experience the quickest CAGR increase. China is anticipated to be the most profitable market in the Asia Pacific region, followed by Japan. India is anticipated to experience significant growth during the anticipated period, with a CAGR of just under single digit.

Singapore is anticipated to be the most dominant market in the ASEAN region. The new jewellery brands that have entered the market and the increasing sales of timepieces are contributing to Singapore's growing demand for hard luxury items. Rapid urbanisation, increasing income and trending luxurious products in Thailand and Malaysia are expected to increase the customer base and make these countries the leading contributors to the revenue of the ASEAN region's hard luxury goods market, followed by Indonesia and the Philippines.

Under-development in ASEAN countries is proving to be a big hurdle for Hard Luxury Goods market

The main factors that can have bad influence on the hard luxury goods market in ASEAN countries are as follows-

Lack of distribution channel: there are several countries which are not developed and do not have access to continuous and effective distribution channel for goods across different areas within the country. This is a big challenge for brands to overcome, as luxury products are not produced in bulk and often get out of stock. At such times, safe and fast distribution of products is necessary, but it does not guarantee safety. This is one reason that sales are lower in these countries in comparison to developed ones.

Mind-set of customers: as many countries in ASEAN region are considered developing countries, there are very few individuals who purchase luxurious goods. The emerging consumers for these products are middleclass people, who are starting to show interest in some of these products. Still, middle class individuals consider luxurious products as ‘unnecessarily expensive' and ‘premium-class products', reconsidering purchase to avoid the expenses and go for cheaper alternatives.

ASEAN Hard Luxury Goods Market

Key drivers of the market include:

  • Sustainability Focus : As health and environmental concerns grow, consumers are increasingly seeking luxury items made from sustainable materials, such as recycled metals and lab-grown diamonds. This trend is particularly strong among the younger demographic, who are willing to pay a premium for products with a responsible backstory.

  • E-Commerce & Social Media Influence : The rise of online shopping and social media marketing has revolutionized the way luxury brands connect with consumers, particularly younger generations who engage with influencers and trends online. Digital marketing is a key driver for market growth, helping brands reach wider audiences and creating new opportunities for luxury goods sales.

  • Increased Affluence in ASEAN : The rise of the affluent urban class in countries such as Thailand, Vietnam, and Singapore is fueling demand for high-quality, exclusive luxury goods. As disposable incomes rise, these markets are becoming important consumption hubs for premium luxury items.

Regional Insights into the ASEAN Hard Luxury Goods Market

  • Thailand : The market is expected to grow at a CAGR of 5.4% from 2025 to 2035, driven by a demand for locally crafted, culturally significant luxury items. Consumers are increasingly seeking products that embody traditional craftsmanship, such as handmade jewelry and luxury watches.

  • Vietnam : Vietnam's hard luxury goods market is poised for strong growth with a CAGR of 6.2%, as urban consumers with rising incomes shift towards contemporary luxury. Young, affluent consumers are driving demand for global luxury brands and exclusive online collections.

  • Singapore : With its first-rate retail infrastructure and a high concentration of wealthy expatriates, Singapore is set to grow at a healthy pace. Personalized services, such as engraving and bespoke luxury items, are contributing to its rise as a regional luxury shopping destination.

Key Takeaways from the ASEAN Hard Luxury Goods Market

  1. The region's share of the global hard luxury goods market is estimated to be 8%-10% in 2024.

  2. Sustainable luxury goods, such as recycled metals and lab-grown diamonds, are gaining traction among environmentally conscious consumers.

  3. E-commerce and social media marketing are significant drivers, helping brands reach a wider, younger audience.

  4. Thailand's market growth is driven by demand for locally crafted, culturally significant luxury items.

  5. Vietnam's rising affluence and contemporary luxury preferences are driving strong growth in the hard luxury goods sector.

  6. Offline sales will remain dominant, holding a 58.6% market share in 2024, due to the tactile experience luxury goods require.

"The escalating demand for sustainable luxury products is transforming the market, as consumers increasingly gravitate towards items crafted from recycled materials, lab-grown diamonds, and ethically sourced metals, signifying a profound shift towards environmental conscientiousness." - says Sudip Saha Managing Director and Co-Founder at Future Market Insights.

Prominent Drivers of the ASEAN Hard Luxury Goods Market

  • Cultural Shift Toward Luxury Consumption : An evolving cultural preference for luxury items as symbols of status and sophistication is propelling market growth.

  • Global Brand Expansion : International luxury brands are increasingly penetrating the ASEAN market, strengthening the availability and demand for premium products.

  • Customization and Personalization : The growing demand for personalized luxury items, such as bespoke jewelry and engraved timepieces, is expanding market opportunities.

  • Rising E-Commerce Presence : The proliferation of online shopping platforms is making luxury products more accessible to a broader audience, particularly among younger, tech-savvy consumers.

  • Young, Trend-Conscious Consumers : A younger demographic with higher disposable income is becoming a key target for luxury brands in ASEAN.

  • Increased Demand for Unique and Exclusive Products : Consumers are seeking rare, limited-edition products, driving the growth of exclusive collections.

Challenges Faced by ASEAN Hard Luxury Goods Market

  • Market Competition : The influx of new entrants and the constant introduction of new product lines are intensifying competition, making it challenging for established brands to maintain market dominance.

  • High Price Sensitivity : Despite rising affluence, a significant portion of the population remains price-sensitive, which can limit the broader market potential for premium luxury goods.

  • Sustainability Pressure : While the demand for sustainable luxury goods is growing, luxury brands face the challenge of balancing eco-friendly production practices with the high-quality expectations of consumers.

  • Economic Volatility : Fluctuating economic conditions, such as recessions or inflation, can negatively impact consumer spending on luxury items, leading to market instability.

  • Shifting Consumer Preferences : Rapidly changing consumer tastes, driven by younger generations seeking exclusivity, sustainability, and innovation, present a challenge for brands to consistently meet evolving expectations.

  • Regulatory and Cultural Differences : Navigating complex regulatory environments and understanding cultural nuances across diverse ASEAN markets can complicate market entry and product positioning strategies.

Competitive Landscape of the ASEAN Hard Luxury Goods Market

Key players in the hard luxury goods market prioritize establishing and preserving a brand image that embodies luxury, quality, and exclusivity. Their goal is to overcome the fierce competition in the industry, command premium prices, and foster customer loyalty.

Recent Developments in the Market

  • In 2024, Bvlgari launched its Serpenti collection, featuring innovative designs that incorporate sustainable materials such as ethically sourced gold and lab-grown diamonds

  • In 2025, Cartier introduced its Cartier Libre collection, showcasing unique, one-of-a-kind pieces that blend traditional craftsmanship with contemporary art.

  • In 2025, Montblanc launched its new 1858 Automatic 24H Limited Edition watch, a rugged, heritage-inspired piece that pays homage to Montblanc's watchmaking roots.

Key Market Players

  • Bvlgari S.p.A.

  • Cartier International SNC

  • TAG Heuer International SA

  • Tiffany & Co.

  • Luxottica Group S.p.A.

  • Montblanc International GmbH

  • Hugo Boss AG

  • Chopard

  • Patek Philippe & Co.

  • OroAsia, Inc.

Access the Full Report ASEAN Hard Luxury Goods MarketTrends and Projections Now! https://www.futuremarketinsights.com/reports/asean-luxury-goods-market

Global ASEAN Hard Luxury Goods Market by Category

By Product Type:

  • Watches

  • Jewellery

  • Luxury Eyewear

  • Writing Instruments

  • Other Accessories

By Material Type:

  • Gold

  • Silver

  • Diamond

  • Platinum

  • Steel

  • Other Precious Material

By End User:

  • Men

  • Women

  • Unisex

  • Kids

By Sales Channel:

  • Offline Sales

  • Online Sales

By Country:

  • Thailand

  • Vietnam

  • Indonesia

  • Malaysia

  • Singapore

  • Rest of ASEAN

Author

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T : +1-347-918-3531
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
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SOURCE: Future Market Insights Inc.



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