What Singapore's Luxury Car Market Reveals About Income Inequality 1  

What Singapore's Luxury Car Market Reveals About Income Inequality 1  

Expat Choice Asia·2020-08-03 10:58

What does the increase of luxury car registrations during the pandemic mean for Singapore's wealth inequality gap? As COVID-19 wreaks havoc throughout the global economy, it's difficult to imagine any country out of the pandemic without a sizable portion of their population affected financially.

In Singapore, bankruptcy has reached an all-time high in March 2020, thousands of people have been furloughed and a recession is looming on the horizon. To add on to the financial grievances that occurred due to COVID-19, Singaporeans also have to contend with a high cost of living, ranging from high real estate and car prices to the increasing cost of common household items.

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