Singapore is simply too far, too boring for Chinese tourists: HSBC

There are too many luxury shops here.

Singapore’s luxury retail scene has lost its charm for high-rolling Chinese tourists, as more cash-flush Mainland residents choose to explore nearer shopping havens like Seoul and Tokyo.

A report by HSBC highlighted that the changing consumption patterns of Chinese tourists will negatively impact luxury retailers in Singapore.

“Although 2015 started better for the industry overall than the dull 2014, we think Singapore could be a market share loser, hit by the distance from many China cities and the emergence of many other alternatives,” HSBC said.

“As the Chinese find alternative destinations closer to home (eg Seoul), Singapore may have started to appear a bit too far. The gaming industry, as in Macau, may have historically attracted many Chinese nationals but while they go to the casinos, the conversion into luxury sales has remained soft. Last year, tour operators who were offering a “Sinmathai” option (Singapore/Malaysia/Thailand) saw many cancellations and focused on other tours as the Malaysian Airlines incident and the Thailand coup diverted interest,” the report added.