Singapore: Consumer Profile

October 2023

Ageing, migration and generational shifts are shaping Singapore’s demographic landscape. Economic turbulence has led to more people adopting cautious consumption patterns and budgeting. The number of seniors is projected to increase substantially by 2040, alongside a rise in life expectancy. Millennials and Generation X are expected to play a significant role in shaping the consumer market.

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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 drivers affecting consumers in Singapore in 2022
How developments today shape the consumers of tomorrow
Key findings
Today 2022: Generation X constitute the largest population cohort in Singapore
Today: The pandemic results in a significant drop in immigration
Consumers in Singapore are cautious and are reviewing their priorities
Tomorrow 2040: Longer life expectancy and lower birth rates boost older cohort
Tomorrow : Ageing to continue at a rapid pace, bolstering the senior market opportunities
Areas of opportunity
Case study : Health-conscious consumers drive growth in vitamin selection
Today 2022: 2-person households dominate household composition in Singapore
High prevalence of home ownership due to government policies
Singaporeans prefer living in proximity to the city’s exceptional public transport system
Tomorrow 2040: Despite growth in singletons, couples with children to remain dominant
Over half of households in Singapore to have 60+ year-old decision-makers by 2040
Nearly universal access to internet paves the way for a tech-savvy society
Areas of opportunity
Case study: PRISM+ capitalises on growing demand for smart homes
Today 2022: Increasing cost of living pressures those in the lowest income brackets
Government introduces anti-inflation support packages for Singaporean households
Singaporeans plan to increase spending on necessities and visits to discount stores
Tomorrow 2040: Social class E, the lowest income class, to remain the largest by 2040
Tomorrow 2040: Senior population will be predominant in the top-income band by 2040
Areas of opportunity
Case study: Retailers offer discounts for seniors amid elevated prices
Key findings from the consumer survey
Younger generations have a more positive outlook on their future
Singaporeans’ positive outlook for the future has deteriorated compared to 2022
Budget-management is high on consumer’s agenda
Singaporean workers expect flexibility and work/life balance from jobs
Worries about climate change fuelling green behaviour, especially among older cohorts
Areas of opportunity
Case study : WWF promotes reusable e-commerce packaging in Singapore
Key takeaways
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