Singapore: Consumer Profile

November 2024

Ageing, migration and generation shifts are shaping Singapore’s demographic landscape. Economic turbulence and high inflation has led consumers adopting more cautions spending habits. The number of senior citizens are predicted to increase substantially by 2040, alongside a rise in life expectancy. Millennials and Gen X are expected to play a increasingly significant role in shaping that latest consumer trends and their wealth and influence grows.

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Overview:

Consumer Profiles  reports  provide key insights into the country's consumer landscape and uncover related business opportunities in 40 countries.


The Consumer Profiles offer valuable statistics and insights into key consumer indicators, linking household size, age, income, and spending patterns to behavioral trends and consumption habits. Utilizing a wide range of socioeconomic data, these reports quantify behaviors, preferences, and motivations both presently and forecasted across 40 markets. Analysis also encompasses Euromonitor’s lifestyles survey results, alongside the examination of longer-term shifts in consumer attitudes and behavior, analyzing their impact within each of the 40 countries. Consumer profiles are constantly changing, influenced by both socioeconomic factors and behavioral changes. Understanding these shifts is imperative for businesses to maintain competitiveness and adapt in order to capitalize on emerging opportunities.

The Consumer Profiles in Singapore report includes:

A high-level analysis of socioeconomic data, including insights on demographics, income and expenditure, households, and consumer lifestyles backed by both in-house statistics and survey data. It also provides a concise compilation of socioeconomic data, offering a snapshot of the consumer landscape today (2022) and in the future (2040). The report is also illustrated with relevant and actionable case studies

The Consumer Profiles in Singapore report answers:

  • How consumers in  Singapore are changing? 
  • What are key changes in Singapore population, society and generational structure and how it is affecting businesses?
  • What is the household structure in Singapore and how it is changing consumer landscape?
  • What are key income groups in Singapore? What is the outlook for the future?
  • Where consumers are  spending the money in Singapore? 
  • How is the consumer mindset in Singapore changing?
  • In Singapore, what are consumer attitudes towards “green” and sustainable products?
  • Where and how do consumers shop in Singapore?
Download Table of Contents
Scope
Key findings
Key drivers affecting consumers in Singapore in 2023
How developments today shape the consumers of tomorrow
Today 2023: Millennials maintain significant market influence owing to their size
Migration is increasingly shaping and diversifying consumer tastes and preferences
Male obesity is a growing concern among male Singaporeans
Tomorrow 2040: Increase in life expectancy pushing up old-age dependency ratio
Millennials focused on keeping healthy, looking after their families and further education
Opportunities for growth
Case study: McDonald’s blending global fast food with local tastes and traditions
Today 2023: Families are getting older, with fewer young people and more elderly members
Apartments dominant dwelling types due to high population density and limited space
Transportation strain places proximity to public transport as a highly desirable home feature
Tomorrow 2040: Near universal access to fast-paced internet for all Singaporeans
Owing to ageing population, over half of the household heads will be aged 60+
Near universal connectivity will empower tech-savvy Singaporeans
Opportunities for growth
Case study: Levande introduced pay-as-you-use subscription model for home appliances
Today 2023: Rising inflation and cost of living resulted in declining disposable income
Government taking action to cool rising housing costs, as it aims to reduce inflation
Increased emphasis on prioritising health and wellness, especially Gen X and Millennials
Tomorrow 2040: Disposable income per household, across the region, is highest in Singapore
Older generation’s financial situation secure because of accumulated assets
Opportunities for growth
Case study: Made With Passion spotlighting local lifestyle brands in Singapore
Key findings of consumer survey
Gen X consumers place highest emphasis on value for money and quality household goods
Despite interest in bargains, Singaporeans less interested compared to the global average
Gen X consumers are the most active in the engagement of green activities
Singaporeans enjoy a high level of financial literacy, well above the global average
Gen X demand a strong work-life balance and job security
Opportunities for growth
Case study: Sui, sustainable fashion label designed by desire to create conscious clothing
Key findings
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