SINGAPORE, July 7 -- As luxury spending slows in markets like China and the United States, Singapore is bucking the trend - and retailers are cashing in.

According to new data from Euromonitor International, and reported by Bloomberg today, luxury sales in the city-state are set to rise by 7 per cent this year to S$13.9 billion (RM46 billion), making it the best-performing Asian market outside Japan in 2024.

This growth puts Singapore ahead of bigger regional shopping meccas like China, Japan and South Korea - no small feat for a city that's just 280 square miles in size with a population of six million.

By 2026, luxury sales in the city are expected to return to their pre-pandemic peak of S$14.7 billion.

For high-end brands feeling t...