Crazy Rich Asia: Understanding luxury in Singapore and India

Rahul Advani is an anthropologist, passionate observer of human behaviour and culture geek. Raised in Singapore and having lived in London, Bangalore and Mumbai, Rahul is fascinated by the social structures, value systems and cultural contexts that shape how people experience daily life. Rahul has crafted insights for some of India’s leading brands in the tech, fashion and food spaces. He is a Strategist at LOCAL.

Image: Copyright © Pelago (campaign design by LOCAL)

Think of Singapore and you’re likely to picture the following: finance and commerce, luxurious hotels, futuristic urban planning, mega-sized shopping malls and fine dining such as Marina Bay Celebrity restaurants. For decades, the country has been pushing the frontiers of luxury.

By 1990, the disposable income of Singapore’s middle class became clear when the country’s GDP per capita surpassed that of Portugal, Israel and South Korea. Together with Japan, Singapore marked Starbucks’ first foray outside North America; at the time, the brand represented an elevation of the coffee shop concept in Asia, opening its doors in the country as early as 1996.

Since then, Singapore has continued to be a launching pad for new product ranges and experiences from global luxury brands. In 2024, Cartier chose Singapore as the first market to feature “A Journey Through Time”, an exhibit of the brand’s history that was showcased at the brand’s flagship boutique at ION Orchard.

The widespread recognition of India as a market for luxury, on the other hand, has a more recent history. Despite the rich history of luxury in Indian culture – think opulent palaces and precious stones as gems – it had long been the preserve of royalty and the elite. India has more often been involved in the production of luxury rather than consumption, supplying embroidery work for global luxury brands such as Dior since the ’80s.

Following decades of a closed, highly regulated economy in which ideals of Gandhian frugality defined middle class values, India started showing clear signs of being a lucrative market for luxury products when French fashion house Louis Vuitton became the first international luxury brand to establish a presence in the country in 2002. In the years since, the very meaning of ‘luxury’ has India witnessed another evolution with the rise of homegrown labels, revealing the country as not just a market for luxury, but a creator of luxury itself.

Western and Asian brands shape local tastes in luxury in Singapore

From Louis Vuitton’s several stores located strategically in high-end shopping destinations to Apple’s iconic store in Singapore – the only Apple store in the world to be surrounded by water and offer a 360-degree view, European and American luxury brands in fashion, hospitality and electronics have gone beyond offering high quality products with cutting edge designs in Singapore by focusing on providing consumers with immersive and tangible experiences. Even in an increasingly digital world, watches and jewelry – categories that drive the luxury market in Singapore – rely heavily on in-store presence in maintaining their perception as luxury products, signaling the important role that experiential shopping has to play.

Singapore’s attunement to economic and cultural developments in other parts of Asia, especially Japan and Korea, have made brands from these countries important players in the Singapore luxury market.

Further, Singapore’s attunement to economic and cultural developments in other parts of Asia, especially Japan and Korea, have made brands from these countries important players in the Singapore luxury market. In 2022, Korean streetwear retailer MLB and Japanese trainer platform Snkrdunk opened their first flagship stores in Singapore.

Among Singaporean consumers, Japanese products are perceived to have the strongest reputation. Supermarkets specializing in groceries imported from Japan, restaurants offering top-grade sushi and sashimi, and fashion retailers such as Lumine which picked Singapore as its first venture outside Japan reveal the role that Japan’s long standing focus on quality ingredients, materials and construction play in the meaning of luxury in Singapore. For Singaporean consumers, codes of exclusivity rather than brand recognition are key in shaping luxury tastes – being able to be ‘seen’ through carrying products with large logos and loud designs hold less weight compared to the internal fulfillment of owning limited edition collections and unique materials.

Korean luxury has made strong inroads into the country, particularly in the skin care and beauty segment; this can be partly attributed to K-pop and Korean television and film that have captured the country’s imagination. Beauty aesthetics associated with Korean pop culture and the innovation, technology and science that Korean beauty brands are known for have made a strong imprint on the luxury beauty market in the island city.

Tourism: a key factor in luxury

Tourism a key factor in who luxury in Singapore caters to, and how luxury in Singapore is shaped by the significant contribution of tourists towards the fashion and luxury goods market in the country. The country’s geographic location and political stability has been key to its success as a tourism business hub for affluent tourists from neighbouring countries Malaysia and Indonesia, as well as China.

The tailoring of luxury in Singapore to the tastes and interests of tourists is not limited to goods, but also encompasses experiences.

The tailoring of luxury in Singapore to the tastes and interests of tourists is not limited to goods, but also encompasses experiences. The country’s positioning as a destination for affluent tourists has seen the emergence of events with ticket prices running into hundreds (and even thousands) of dollars, such as the Formula One Night Race and its accompanying concerts – headliners have included Rihanna, Robbie Williams and Kylie Minogue, and more recently, the exclusivity deal between Singapore and Taylor Swift that made the country the only Southeast Asian stop on her Eras Tour.  

Meanwhile, the conscious branding of Singapore as a luxury destination through the “Passion Made Possible” campaign highlights the country’s various offerings for luxury-seeking consumers, including its fine-dining scene made up of chefs, mixologists and chocolatiers and an array of three Michelin star restaurants, revealing an attention to craft and innovation.

Luxury as aspirational rather than exclusive

With the spread of premium shopping malls and online luxury stores on leading e-commerce platforms, the growing demand for luxury residential projects and the rising cost of the lavish Indian wedding, one thing is clear – luxury is on the rise in India.

India is the most rapidly growing luxury market in the world, set to grow up to 3.5 times its current size by 2030. Part of this phenomenon can be explained by the rapidly growing population of high net worth individuals in the country.

India is the most rapidly growing luxury market in the world, set to grow up to 3.5 times its current size by 2030. Part of this phenomenon can be explained by the rapidly growing population of high net worth individuals in the country. The Ambanis, India’s richest family, threw their most expensive pre-wedding celebrations yet in 2024 for son Anant Ambani, coming in at a cost of $150 million, and with luxury brands at the forefront. While guests were chauffeured in luxury cars from brands like Rolls-Royce, the family were styled in both international labels such as Versace, Louis Vuitton and Chanel, as well as local designers including Manish Malhotra, Tarun Tahiliani, Raghavendra Rathore and Ashish Gupta.

The rising spending power of India’s middle class – a segment that has seen increased credit card spending – has contributed to the attainability of luxury. While the confinement of luxury to India’s elite in the past revolved around maintaining exclusivity and social status, today the widening availability of luxury, both fiscally and geographically – with many malls and online stores now offering luxury products – is tied up with aspirations around achievement and upward mobility.

What is distinct about the growing appetite for luxury in India is the demand for products that draw from the country’s tradition of craftsmanship, grandeur and intricate design.

Generational and regional craftsmanship defining modern luxury in India

What is distinct about the growing appetite for luxury in India is the demand for products that draw from the country’s tradition of craftsmanship, grandeur and intricate design. The emergence of local brands especially has both contributed to, and stemmed from the growing recognition of the value of Indian craftsmanship and artisans, from hospitality brand Oberoi’s commitment to “preserving Indian heritage” to fashion label Sabysachi’s celebration of “the beauty of handwoven craftsmanship”.

In India’s luxury fashion market (projected to reach a valuation of $30 billion by 2025), designer saris and lehengas incorporate traditional techniques such as bandhani, kalamkari, tikki embroidery, gota work and hand dying. A similar trend can be observed in hospitality through the development of palaces, forts, havelis and colonial era bungalows into luxury hospitality brands that showcase the environmental landscapes, regional art and architectural styles and cultural traditions of the country.

Indian luxury brands have tailored designs

to suit local tastes and aesthetics exclusively

for the Dubai market.

Tailoring to overseas tastes

While Southeast Asia and China represent key markets for luxury brands in Singapore, Dubai plays an important role in the evolution of Indian luxury, particularly fashion and jewelry. In addition to the South Asian diaspora who make up for around 40 percent of Dubai’s population, the local Arab community, too, is an important consumer base for Indian luxury brands, spending the highest amount per annum on fashion in the world. Catering to this segment, Indian luxury brands have tailored designs to suit local tastes and aesthetics; brands such as Anita Dongre and Manish Malhotra have created exclusive pieces such as evening gowns and kaftans exclusively for the Dubai market.

What does the future hold for luxury in Singapore and India?

The luxury market is set to grow in both countries, with luxury retail in Singapore having remained buoyant through the pandemic and disposable incomes in India and Southeast Asia continuing to rise. As part of this trend, the growing spending power of younger, internet-first consumers and the deepening orientation towards local cultures represents an exciting opportunity for niche and homegrown luxury brands.

While Indian fashion labels increasingly draw from the diversity of its regional cultures, and as luxury living in India blends modern technology with ancient design systems by fusing state-of-the-art security systems, private theatres and premium culinary appliances with traditional architectural styles and philosophies such as vastu, homegrown luxury brands in Singapore are finding inspiration in both the uniquely Singaporean mixture of Peranakan, Indian and Chinese influences, as well as the cultures of Southeast Asia and wider Asia Pacific region.

These include local brands such as Asian Artistry since 1933 which celebrates Peranakan motifs, L’Eclaire Patisserie, Singapore’s first éclair specialty store, Japanese inspired patisserie Nesuto and distillery brand Anthropology by Compendium spirits, which sources ingredients from across Southeast Asia, reveal the pride around both Singapore’s own local culture and that of the surrounding region in the creation of luxury.

At a time where the world is more digitally connected than ever before, where global hierarchies are shifting, and where cultural narratives are being rewritten, the excitement around reconnecting with local traditions and expressions may provide an explanation of what to expect in the new age of luxury.