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Saturday, February 24, 2024

3 Things You Need To Know About Singapore Wine Market

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1.MATURITY OF THE WINE INDUSTRY

All shops in Singapore have no exaggerated luxury design

The wine stores are all of medium size. Each business district is densely distributed and very community-oriented. It is easy to buy wine in Singapore and many stores are professionally displayed. Unlike Chinese community stores, there are many cigarettes, liquor, and drinks. This can also reflect the professionalism of the Singaporean wine consumer market.

The preservation of wine here is still very important

Because Singapore is a tropical country, outside it’s very hot, while inside with conditioner it’s cold. The wines go bad easy if you are not careful. Many people are very knowledgeable. Therefore, the preservation of wine here is still very important. Many stores have air-conditioners at all times. There are also many constant temperature and humidity cabinets. This is similar to the situation in Hong Kong.

How about the price of wines?

In many wine stores, their retail prices are reasonable. The variety of products are sold in many different stores, with close retail prices. There is no significant spread. On the contrary, in China, the retail price of many stores have big differences. Because many Chinese liquor sellers like to label with very high prices, then discount them.

These characteristics are all related to Singapore’s mature wine consumption.

wine store in singapore

2. FEW LOW-END COMMERCIAL WINES

The entire Singapore market did not deliberately pursue any big brands, unlike in Hong Kong where many wine shops can see a large number of famous Bordeaux and Burgundy wineries. The product is displayed in the most prominent position. In the wine stores in Singapore, although there were some famous wines, they would not occupy such a large shelf and would not be placed in a particularly prominent position. On the contrary, most of the stores sold here are wineries and fine wines from around the world.

why?

First of all, because Singapore is deeply influenced by British culture, people’s lifestyle is quite “westernized,” which makes the country’s wine consumption market extremely mature. In addition, Singapore is a developed country, and it has reached 100% urbanization. People’s income is high, and social welfare is at the forefront of the world. Therefore, the preferences of consumers in the wine category here do not appear to be confusing. Wine merchants do not sell low-end commercial wines like Chinese wine sellers.

3. TARIFFS MAKE PRICES UNATTRACTIVE AND WINE RETAILING MAINLY TARGETS LOCAL CONSUMERS

The general unpopularity of low-end wines may be linked to Singapore’s wine import duties.

Singapore’s taxation standards will look at the degree of alcohol, and high tariffs with high alcohol content. Spirits such as whiskey have a higher tariff. Therefore, there is no advantage in cheap wine tariffs. In addition, Singapore’s rent and labor costs are relatively high. Even cheaper wines here have no advantage over China.

So most of the customers who consume wine in Singapore are locals. This is a big difference between Singapore and Hong Kong. In Hong Kong people will buy alcohol because of zero-tariffs, including people from many surrounding economies in mainland China.

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