August has traditionally heralded an upbeat sentiment in Singapore’s retail sector, and 2023 has been no exception according to the latest data from SingStat.
Retail sales were up 4.0% YoY, pushing the estimated total retail sales value to an impressive $4.0 billion. However, the real sparkle lies in the flourishing jewellery sector, which not only contributed significantly to these figures but also demonstrated a promising outlook for local jewellers with a 6.4% increase YOY.
The revenue in the jewellery sector is projected to hit US$1.26 billion in 2023, with an anticipated annual growth of 4.07% projected from 2023 to 2026.
This growth trajectory, juxtaposed against the general retail sales scenario, underscores the burgeoning potential of Singapore’s jewellery trade amidst a recovering global economy.
Singapore’s jewellery sector has displayed a robust disposition even through the pandemic’s challenging times.
These figures resonate with the resilience and potential inherent in the jewellery trade, making Singapore a shining hub of opportunities for both established and emerging jewellers.
For a more in-depth dive into the latest retail sales data, and to further explore the promising horizon that the Singaporean jewellery sector is poised upon, explore the latest data on SingStat. The comprehensive figures and analyses provided will offer a clearer lens through which to envisage the bright future of the jewellery trade in Singapore.
