Singapore’s wine market will grow to reach US$ 1.4 billion by 2021, driven by consumption of premium still wine, despite the country’s punitive ‘sin’ taxes on alcohol, according to the data and research company GlobalData.
The growth is a result of the country’s growing economy, individual’s high disposable incomes and a growing affinity towards premium wine products imported from countries such as Australia, France and Chile, according to the company.
“As the Singaporean economy continues to grow and consumer spending increases, consumers are likely to trade up to more premium offerings rather than mainstream or value wine products,” explains Ronan Stafford, Lead Consumer Analyst at the data company.
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