43% YoY Growth in Q1 2025 Biggest Jump in a Decade
The Numbers
US$65B - 2025 market size forecast. Short-term sugar rush or long-term trend?
The Cross-Border Gold Rush
Growth Drivers
Heavy cross-border shoppers are fuelling record demand:
- Mainland Chinese buyers (CNY weakening vs HKD)
- Middle Eastern buyers (Arabic policy document option coming)
- Southeast Asian buyers chasing returns & currency stability
Wealth planning is surging: Estate planning, whole-of-life products (66% of market) & pension demand are all climbing.
Two Markets, Two Playbooks
Boom or Bubble?
- Structural Strengths: Ageing population, wealth-hub status, cross-border integration.
- Reality Check: Pent-up reopening demand might fade growth likely to slow but remain strong (expected +3.3% CAGR to 2029).
Singapore Plays the Long Game
- Life premiums up 20% in 2024; Q1 2025 up 11%.
- Less cross-border buying growth driven by retirement & wealth planning needs.
- A steady jog, not a Hong Kong sprint.
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