In Singapore, the consumption of chocolate is affected by the extent to which consumers allow themselves to indulge. Although the government is pushing to reduce sugar consumption amongst Singaporeans, categories that are intended for indulgence such as chocolate confectionery appear to be less affected compared to other snacks.
This shift in lifestyles towards more premium flavours is supported by the growth in GDP per capita amongst Singaporeans. However, there will be a portion of the population that is deterred by the increasing prices of chocolate confectionery, and manufacturers and distributors need to be careful to balance their focus on premium products with the demands of the price-conscious segment of Singaporean consumers.
To cater to price-conscious consumers, certain manufacturers are choosing the affordable premium approach instead – their products offer greater value, but may not necessarily target the premium segment or contain exotic flavours. For instance, Kit Kat Tiramisu Duo and Cadbury Dark Milk Chocolate are both products that are marketed to contain a blend of flavours within each product or pack size.
Ferrero SpA is an example of a manufacturer whose affordable premium strategy has succeeded in the past. Ferrero Rocher, for instance, is a value-for-money product that has become a well-known part of the gifting culture present in Singapore, which has in turn created brand loyalty and repeat purchases.
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This industry report originates from Passport, our Packaged Food market research database.