Singapore and Hong Kong are often compared to each other, whether it’s their assets under management (AUM) in the wealth management market, stock market size or even airport efficiency.
But when it comes to pricing of luxury goods, the comparisons aren’t as numerous. Yet Singapore and Hong Kong are known as shopping havens, with both destinations offering a plethora of luxury brands that operate stores in flagship malls, such as Singapore’s Marina Bay Sands or Hong Kong’s Pacific Place.
In times of inflation when many products increase in prices, including items of desire, it’s probably worth taking a look at and finding out which place – Singapore or Hong Kong – offers better value when it comes to luxury shopping.
Louis Vuitton
As one of the world’s largest luxury brands, Louis Vuitton (or simply “LV”) is one of the most recognisable brands given its iconic monogram print. When comparing prices of LV products in Hong Kong and Singapore, we find that there are indeed discrepancies.
For example, the LV Boulogne leather handbag retails for HK$22,600 (S$3,903) in Hong Kong while the price for the same handbag in Singapore is S$4,050. This means that the particular handbag is nearly S$150 cheaper in Hong Kong.
For other bags, the price differences are more narrow. When looking at a different handbag, the LV Neverfull Inside Out MM retails for HK$24,100 (S$4,166) in Hong Kong. In Singapore’s LV outlet, the same handbag costs S$4,200, with a price difference of only S$34.
Chanel
When it comes to luxury handbags, perhaps there are not many other brands that ooze the kind of elegance a Chanel bag does. The French fashion label, founded over a century ago, has transformed a simple item like a handbag into a fashion statement.
One of its more popular items is the Chanel Classic Handbag, which can easily cost thousands of Singapore dollars. But how do prices of Chanel products in Hong Kong stack up against those in Singapore?
Let’s take for example the Classic Handbag in small size, which costs HK$79,500 (S$13,790) in Hong Kong. The equivalent handbag in Singapore goes for S$15,070. That means shoppers will be saving a hefty sum of over S$1,250 by buying the Small Classic Handbag in Hong Kong versus Singapore.
Apple
When consumers think of “luxury” in the electronics space, the first brand that comes to mind is perhaps none other than Apple. Apple’s range of electronic devices offers users aesthetic designs combined with cutting-edge technology.
The price of Apple products also varies in Hong Kong and Singapore.
For example, the newest iPhone 16 (256GB) is currently sold in Hong Kong at HK$7,699 (S$1,335). In Singapore, the same iPhone 16 (256GB) is sold for S$1,449 . This means buying the iPhone 16 in Hong Kong will save you close to S$115.
What about a higher-end iPhone? Will the price difference be larger if the overall cost is higher? The iPhone Pro 16 Max (1TB) retails for HK$13,599 (S$2,357) in an Apple store in Hong Kong. Meanwhile, the same phone in an Apple store in Singapore has a retail price of S$2,499. That equates to a saving of over S$140 if you purchase the iPhone Pro 16 Max (1TB) in Hong Kong – which is still not too large of a difference in savings from buying the regular iPhone 16.
Why Are The Prices Of Luxury Goods In Singapore And Hong Kong Different?
We can see that luxury goods in Hong Kong seem to be (slightly) cheaper than their counterparts in Singapore based off of comparisons made earlier.
This may be because Singapore imposes a Goods and Services Tax (GST) of 9% on sales of goods and services whereas Hong Kong has no such tax.
In addition, the price difference in luxury goods could also be due to varying operational costs in different countries such as hiring of workers, rental and transport costs. The cost to run a business in Singapore has been increasing over the years. According to a news report in 2022, the cost of operating a business in Singapore was found to be higher than in Hong Kong. The higher operational costs in Singapore could be a factor driving up the prices of items.
Read Also: Watches, Bags, Wines: 3 Luxury Products That Can Track (Or Even Beat) Inflation
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