Big Christmas cheer as K11 hits record

Staff reporter and Reuters

New World Development (0017) mall K11 Musea set a new all-time monthly sales record in December, with Christmas sales from members surging by nearly 80 percent, and high-end customer sales witnessing a 50 percent year-on-year increase.

The first post-pandemic Christmas season was a huge success, with K11 Musea and K11 Art Mall experiencing record-breaking daily footfalls, said K11 Group.

From December 23 to 26, member sales saw a year-on-year surge of almost 80 percent, while Klub 11's top-spending Black Card members showed a notable 50 percent increase.

In the past six months, it has collaborated with more than 15 international fashion and beauty brands to establish exclusive pop-up stores.

A standout partnership was the captivating Dior Carousel of Christmas Dreams, drawing in a significant number of tourists.

That came as Singapore households are bracing for a sales tax hike that takes effect in the new year as the government shores up coffers ahead of an expected surge in social spending in the rapidly aging city-state in the years ahead.

The tax, levied on everything from groceries to diamond rings, will increase by one percentage point to 9 percent on Monday, the second phase of a two-stage rate hike.