Singapore: Consumer Profile
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.
Euromonitor's Singapore: Consumer Profile report analyses factors influencing national consumer expenditure. Consumer lifestyles reports include coverage of: population, urban development, home ownership, household profiles, labour, income, consumer and family expenditure, health, education, eating habits, drinking habits, shopping habits, personal grooming, clothing, leisure habits, savings and investments, media, communication, transport and travel and tourism. Use this report to understand the factors influencing a nation's lifestyle choices.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
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- Scope
- Key findings
- Key drivers affecting consumers in Singapore in 2023
- How developments today shape the consumers of tomorrow
- Migration is increasingly shaping and diversifying consumer tastes and preferences
- Male obesity is a growing concern among male Singaporeans
- Millennials focused on keeping healthy, looking after their families and further education
- Opportunities for growth
- 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
- Owing to ageing population, over half of the household heads will be aged 60+
- Near universal connectivity will empower tech-savvy Singaporeans
- 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
- Older generation’s financial situation secure because of accumulated assets
- 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
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