Singapore in June 2017. (Photographer: Sanjit Das/Bloomberg)
The global luxury market, which saw a downturn in the last few years due to economic headwinds appears to be finally turning a corner, says luxury consultancy Bain & Company. Luxury brands have reason to be optimistic again after seeing their 2017 figures pick up thanks largely to the renewed generosity of affluent Chinese consumers.
Although the turnaround has not reached many parts of Asia, including Southeast Asia, Singapore is thought to be on the mend again. However, challenges remain as the divide between winners and losers continues to widen in a globally competitive landscape, meaning the luxury sector in Singapore must re-strategize — and fast — or risk fading into mediocrity. The city-state?s tourism gurus and economic czars have a solution, if one sees its potential: “Passion Made Possible.”
That is Singapore’s new tagline, which the Singapore Tourism Board (STB) and Economic Development Board (EDB) unveiled last month as part of a new campaign to market the city-state to tourists, consumers, investors and businesses under a holistic and unified brand.
STB/Edelman Singapore Tourism Board Chief Executive Lionel Yeo introducing Singapore’s new slogan, “Passion Made Possible.”
“Passion Made Possible” is designed to mean different things to different people. In the luxury space, it targets more affluent and discerning travelers, and innovative...