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Asia is riding the wave of rapid economic growth. This has unearthed a wealth of business opportunities in the region from the growing numbers of middle class and HNIs seeking quality lifestyle goods and services.
As the best place to live in the world for Asian expatriates (2007 ECA International Survey), Singapore has its fingers on the pulse of global lifestyle demands. Its cosmopolitan population is a trendsetter and barometer of global lifestyle needs.
Singapore also has the best business environment in the world (EIU Country forecast 2008), paving the way for lifestyle businesses looking for a launch-pad for global success.
The Singapore government has developed a comprehensive roadmap to address the needs of lifestyle businesses. This includes attracting and grooming talent via specialty schools, infrastructure developments such as the Singapore Sports Hub and attracting a range of lifestyle businesses as partners and suppliers. Some of these include the arts, auction houses, wine traders and diamond traders which serve the HNI market.
(i) Platinum Lifestyle
According to the Merrill Lynch Asia-Pacific Wealth Report 2007,
- Singapore had the highest global high net-worth individuals (HNIs) growth rate of 21.2% in 2006.
- Singapore has an outreach of 2.6m HNIs with a total wealth of US$8.4 trillion within a 7-hour flight radius.
Case study
Singapore Freeport, the first premium, high-security storage and off-shore trading facility in Asia, will provide integrated logistics and storage solutions for high value collectibles and luxury goods. Clients are granted 24-hour access to ship, store, display and transact in tax-free, private showrooms. The facility will be fully operational in 2009.
Why Singapore?
“It is the Switzerland of Asia, with political stability & neutrality, good finance & legal services & a clean government that supports the arts”
-- Mr Alain Vandenborre, President, Singapore Freeport
(ii) Consumer Businesses
Fast Facts
- LVMH, Procter & Gamble, Johnson & Johnson, Unilever, Kraft and Cadbury Schweppes operate global distribution activities from Singapore.
- Hilton, Accor, Starwood, Carlton, and InterContinental operate their Asian hotel businesses out of Singapore.
- Singapore is Nestle’s key global manufacturing site for protomalt, the key ingredient for Milo beverage.
- Five of the world’s top flavors and fragrances companies (Givaudan, IFF, Firmenich, Symrise, Takasago) create and supply products for the region out of Singapore.
- Singapore is the largest global manufacturing site for zero-calorie, high-intensity, made-from-sugar sweetener, Splenda® Sucralose by Tate & Lyle.
Asia’s premier lifestyle lab for global brands
Singapore is a strategic base for many of the world’s leading consumer companies. Besides regional and global business functions, and brand and intellectual property management, many undertake new and innovative product development as well as high-value key ingredients manufacturing in our cosmopolitan city.
Being a microcosm of Asia, Singapore will also serve as an ideal location for companies to develop and localize their products for Asian consumers. EDB thus welcomes companies offering consumer and professional services to test their new products and services in Singapore’s affluent and cosmopolitan city-state.
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(iii) Sports Businesses
The world of sports is riding the wave of an upward momentum. The global sports market is estimated to grow from US$96 billion in 2006 to US$124 billion in 2011. For Asia-Pacific alone, the market is projected to grow from US$13.7 billion in 2006 to US$17.7 billion in 2011. For sports organisations and sports-related businesses, Singapore has the necessary infrastructure and environment to play the role of an international hub and help them ride the wave of growth.
Case studies
MP & Silva, a leading international sports agency that owns, manages and distributes sports programmes, has established their Middle East and Asia headquarters in Singapore since 2007. The MP & Silva Singapore office is responsible for managing and marketing the event and media rights owned by its parent company in Ireland (Media Partners & Silva). This includes the world’s 2nd most lucrative professional football leagues, which is the top division of the Italian Football League (“Serie A”). MP & Silva will also be producing content for distribution in the region, and will also be setting up an events consulting arm.
Why Singapore?
Singapore serves as an ideal middle ground for MP & Silva’s operations in China, India, the Middle East and the rest of Asia. An efficient telecommunications and transportation network with the world is key to MP & Silva and they found Singapore its best choice in Asia.
Life Fitness, the division of the Fortune 500 Brunswick Corporation, is one of the world’s top fitness equipment and solutions provider. Singapore is home to Life Fitness’s 50-man Asian Design Centre which is the company’s only other significant R&D centre outside of the United States. The Centre will develop products customized for the Asian markets and be responsible in developing the next generation of Life Fitness equipments.
Why Singapore?
“Life Fitness has chosen Singapore to house our Global design Center, as Singapore has proven to be an ideal location to leverage our strategy for growth in the Asian region. The combination of its dynamic and diverse culture, a workforce with advanced technical expertise, excellent economic benefits, and central location within Asia make Singapore the best home for our Global Design Center. This R&D Center will allows us to develop innovative product solutions that will best meet the needs of Asian and global markets.”
-- Gary Peterson, Vice President of Product and Technology Realization, Life Fitness, a division of Brunswick Inc.
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