In Singapore’s context
Sustainability not high up in minds of S’porean consumers
16 October 2015
- Among consumers in Southeast Asia, Singaporeans were the least conscious about sustainability when making purchases, with only 55 per cent saying they will pay more for sustainable products, a recent survey showed.
Even though Singaporeans are yet sustainable conscious group of consumers. However i think the increase in percentage since last year is an improvement.
12 interesting trends about Singapore household income and spending
18 Sep 2014
12 interesting findings from the Household Expenditure Survey 2012-2013, conducted by Department of Statistics every 5 years.
- (Point 6)We are spending more.
For all income groups, expenditure rose more in the last five years than in the five years before
- (point 7)…And it’s not just because of higher prices
It’s also because we’re spending more on higher quality goods and services, such as dining out in restaurants. 34.9 per cent of our food expenditure is spent in restaurants, cafes and pubs, up from 26.8 per cent in the five years before.
Expenditure on food-serving services
An increase in food expenditure in Restaurant/cafe/pubs and a decrease in Hawker/Food courts
- (point 9) What are we spending most on?
The average household spends $1,188 a month on food, $811 on transport, $154 on package tours and holidays, $138 on other recreational and cultural pursuits, and $156 on clothes and footwear.
World wide: Gen Y / Millennials
https://medium.com/brian-honigman/how-millennials-are-shopping-20-interesting-statistics-figures-c76fb1231fbb#.m5a74a2ik
Through this website it provides a few statistics and figures on the millennial generations in the consumer market. (US)
Gen Y shops with their senses, Gen Z with their cents
Aug 5, 2013
- Sensory appeal and the ability of a retailer to “make me smile” are one-third more important to Gen Y than to Boomers.
- Practical decisions drive choice of retailers for 8 out of 10 Boomers, but only half of the Gen Y respondents.
“Put simply, younger shoppers view their ideal shopping experience as less functional and much more social, expressive and sensory-driven,” said Jerry Johnson, Brodeur’s executive vp of strategic planning.
Millennials Are Biggest Suckers for Selfish Impulse Buys
April 27, 2012
“When shopping, millennials are far likelier than other generations to make unplanned purchases just to pamper themselves.”
- Millennials are 52 percent more likely than any other generation to report making impulse purchases simply to pamper themselves.
(Source no longer exist)
- Close to half of millennial females shop for apparel more than twice a month, versus 36% of older females. Millennial males enjoy shopping, too, spending twice as much on garb per year as non-millennial males.
Gen Y men and women are more likely to buy more apparel for many reasons, one being the cost and perceived value of a clothing item like a t-shirt. It is more common today to buy a $10 t-shirt that will last for a few months then a $100 t-shirt that will last two years. The apparel market has been structured this way for some time and certainly has an impact on this behaviour.
Yarrow, a co-author of Gen Buy, noted millennials have a different sense of ownership than other generations; they want flexibility and newness, but they aren’t necessarily looking for forever things.
“I think their use of technology has taught them that new is better,” Yarrow said. “They don’t want to get too committed to something.”
Having grown up during a period of unprecedented prosperity across the country, Yarrow said many millennials have been indulged with luxury products and more turnover in their wardrobes. “I think that what you learn as a kid kind of becomes your values as an adult, so this generation really knows luxury and quality, and that’s what they want,” she said. (Source)
Top 10 Global Consumer Trends For 2015
KASRIL-ALEXANDER, D. (2015, January 15). White Paper: Top 10 Consumer Trends for 2015. Retrieved October 22, 2015, from http://go.euromonitor.com/rs/euromonitorinternational/images/WP-TP10CT15_EMI.pdf
- More consumers are willing to buy products and services that optimise the use of their time
- The widespread adoption of smartphones also means that consumers are able to shop anytime, anywhere and are becoming increasingly demanding in terms of convenience
- Brands seem keener to align themselves with changing the world for the better, picking up on consumer interest in a more caring consumption style and an understanding that counterculture is better organised and has new needs. They express this via so-called “brand activism.”
- Consumer interest in consumption for change as well as thrift lies behind the success of an enterprise collecting and selling “ugly fruit.” Lisbon renewable energy consultant Isabel Soares seeks out produce failing the “dictatorship of aesthetics” in shops that leads to food waste.
- Consumers are keener and more able to express their individuality through consumption via the buying reach of the global internet.
- More people are “shedding stuff” – downsizing on possessions to embrace lightweight living and earning themselves the nickname of the “pay-as-you-live generation.” Such consumers access documents, music, film and other media digitally and are happy to rent. Mainstream brands squeezing into this culture include Home Depot, now renting to people reluctant to buy rarely-used tools, and clothing brand Patagonia, partnering with eBay to redistribute pre-owned items and extend its customer base.
- Online, consumers are forever sharing or reposting personal news or content they find interesting from a blog, brand or retailer online. Before consumers buy a fridge, holiday, spa treatment, plastic surgery procedure, pension plan or new cosmetics product, move abroad or choose a training course, they are checking fellow consumer responses. The post-recessionary consumer is generally a more cautious spender.
- For many(millennials), the solution is not to acquire more, but less. They show openness to others and socially-aware brands, with a desire to work in a more meaningful way.
- Risk-averse and socially-conscious, Millennials are savvy shoppers. They need to be, as they have less cash and are reluctant to spend what they do have. Having grown up on free services, games and social networking, brands are finding it harder to sell to them. Millennials are buying fewer cars and homes, despite being immersed in consumer culture, particularly electronics. They are using their comfort with technology to locate best prices and learn about trends. Many are indifferent to prestige brands and lavish ads, preferring to buy online or shop in high street chains for items like organically-farmed cotton clothing with the odd high-end buy.
- Local consumers are turning to overseas retailers in search of better value and choice. The 2014 Online Shopping Behaviour Study by MasterCard showed that almost 40% of online shoppers in the UAE buy from foreign websites.
- The love of shopping for Chinese consumers is well known, with Chinese-speaking staff in most designer shops. As the allure of bling alone fades, Chinese shopping tourists are keen to benefit from better professional sales services and product knowledge. According to the China Outbound Tourism Research Institute, 27% of Chinese tourists abroad spend more on shopping than on anything else. A spring 2014 study from tourist VAT refund company Global Blue revealed that 82% of Chinese tourists said shopping was a priority while traveling.
- The blending continues. People’s attachment to their smartphones, phablets and tablets is having a ripple effect on broader consumption needs. (how technology encourage more consumption)