Singapore: Festive Articles Market 2024

Festive Articles Market Size in Singapore

The Singaporean festive articles market rose markedly to $X in 2022, surging by 9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +24.1% against 2020 indices. Festive articles consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Festive Articles Exports

Exports from Singapore

In 2022, shipments abroad of festive or carnival articles increased by 19% to X tons, rising for the second consecutive year after three years of decline. Overall, exports, however, saw a perceptible descent. The most prominent rate of growth was recorded in 2021 with an increase of 50% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, festive articles exports soared to $X in 2022. In general, exports, however, saw a noticeable contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 47% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Indonesia (X tons), Malaysia (X tons) and the United States (X tons) were the main destinations of festive articles exports from Singapore, with a combined 73% share of total exports. Portugal, Hong Kong SAR, Australia, China and Thailand lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for Portugal (with a CAGR of +22.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for festive articles exported from Singapore were Indonesia ($X), Portugal ($X) and Malaysia ($X), with a combined 66% share of total exports.

Portugal, with a CAGR of +40.8%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average festive articles export price stood at $X per ton in 2022, surging by 6.5% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 11%. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Portugal ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Portugal (+14.7%), while the prices for the other major destinations experienced a decline.

Festive Articles Imports

Imports into Singapore

In 2022, the amount of festive or carnival articles imported into Singapore skyrocketed to X tons, growing by 40% on the previous year. Over the period under review, total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +57.1% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, festive articles imports reduced slightly to $X in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 30%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of festive articles to Singapore, accounting for a 80% share of total imports. Moreover, festive articles imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. Thailand (X tons) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-6.2% per year) and Thailand (-9.6% per year).

In value terms, China ($X) constituted the largest supplier of festive or carnival articles to Singapore, comprising 73% of total imports. The second position in the ranking was held by the United States ($X), with an 8.9% share of total imports. It was followed by Thailand, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-5.7% per year) and Thailand (-8.1% per year).

Import Prices by Country

The average festive articles import price stood at $X per ton in 2022, dropping by -30.4% against the previous year. In general, the import price saw a perceptible shrinkage. The growth pace was the most rapid in 2020 an increase of 13%. The import price peaked at $X per ton in 2021, and then dropped markedly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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