SINGAPORE — Last year saw the demise of more high-street brands here as traditional brick-and-mortar retailers struggle in the changing consumer climate. One major Singaporean retail casualty was Hong Kong beauty brand Sasa, which wasn’t able to keep pace in the hotly contested beauty market. As traditional retail models flatline, “smart,” “new retail” models are coming to the fore in the tech hub of Singapore.
Last year, beauty and personal-care products generated sales of $172.1 billion in the Asia-Pacific region and $1.3 billion in Singapore alone, according to research by Euromonitor International. Asia-Pacific accounted for one-third of the global industry value in 2018 and is anticipated to generate over half of the total $68 billion in absolute growth over 2018 to 2023.
The ASEAN region continues to develop, with increasing levels of disposable income and access to the Internet. Mobile Internet is transforming South East Asia, according to a Google, Temasek and Bain & Co. study. Just over a decade ago, almost four in five South East Asians had no Internet connectivity and limited access. Now South East Asians are the most engaged mobile Internet users in the world, with 360 million users in the region, 90 percent of them connecting primarily through