Understanding Singapore consumer behavior is truly crucial today, especially if you are targeting the country to expand your own business. Singapore’s population reaches 6.2 million people with 74.3% of them being Chinese. Only 13.4% of them are Malay and only 9% of them are Indian.
About the households in Singapore, 12% of them count only one person while 39% count 2 to 3 people, 38% count 4 to 5 people and 11% count 6 people and even more people. A hundred percent of Singapore’s population is urban people. How can you understand their behavior?
The Standard and Behavior of Singapore People
Singaporeans enjoy a high living standard. They also love to buy foreign products. Singaporeans are all brand conscious and they are also cautious and very loyal in exploring the alternatives. Those people really love the new products while remaining loyal to the familiar branding names.
Singaporeans are willing to try the new products once they feel assured, especially about the service of customer care and the quality of new products. The consumers in Singapore remember some factors including quality, service, and price when they are making the purchasing decisions.
The price must be extremely competitive since Singaporeans love to bargain. One thing to keep in mind is that Singaporeans’ spending power is still increasing.
Singapore Consumer Behavior and High Demand
Singaporeans’ spending power is still increasing as well as the more sophisticated preferences are driving the demand especially for products in more premium quality. The growth of online shopping is incredible since the tech savvy population in Singapore starts looking for cheaper products.
About 80% of the millennials in Singapore prefer shopping online in the last 12 months. And 69% of them have done cross border online shopping. This is an incredible number for business inside and outside Singapore. It is all supported by the high homeownership rates.
Growing Sectors in Singapore
Since technology is growing fast and incredibly in Singapore, some growing sectors include the computing sector, telecommunications, cybersecurity, and financial technology. Some other sectors that are growing in Singapore are building products, medical sector, and university education services.
Health supplements, fitness equipment, stationery, bags and accessories, and also household appliances also grow beautifully in Singapore. Singaporeans need those products since they live in their own home and they are free to fill the house with anything they desire.
With the wonderful tech growth, Singaporeans can get whatever they desire. Understanding Singapore consumer behavior like this is going to help you find the right sector to enter the market.
Enter Singapore Market Successfully
We have an experienced team that will help you enter the market in Singapore by conducting research about Southeast Asia consumer trends, creating market entry strategy to Southeast Asia, and trying to understand the competition in the Singapore market.
Southeast Asia is a huge opportunity waiting for businesses outside. Almost all countries in Southeast Asia offer brilliant consumer behavior and high demand for many foreign products. But entering the market and winning the competition can be challenging if you don’t have the right strategy.