1- Market Segmentation and Targeting:
Identify distinct segments within the Singapore market based on demographics,
psychographics, and behavior.
Demographic
Singapore is a highly developed, urbanized city-state located in Southeast Asia. With a
population of over 5.7 million, it is a multicultural hub, home to Chinese, Malay, Indian, and
other ethnic groups. Singapore has a thriving, business-friendly economy, known for its
advanced industries, strong infrastructure, and cutting-edge technology. The country is renowned
for its high standard of living, efficient public services, and vibrant lifestyle. As a global
financial center and transportation hub, Singapore offers a unique blend of modern cityscapes,
historic landmarks, and renowned culinary experiences, making it an attractive destination for
both businesses and tourists alike.
•
Age : According to the static.com In 2022, the median age of the citizen population in
Singapore was 42.8 years. The median age of the citizen population had increased over
the years.
• Income : Minimum wage it about 1,250 per month, with potential increases dependent on
rank and job complexity.
An employee working in Singapore earns an average salary of 8,480 SGD (gross monthly
income), according to Salary Explorer. That equates to around 6,282 USD, according to the
exchange rate in May 2023.
• Level of education :
There are 5 school levels in Singapore;
1.
Pre-School Education or Kindergarten level; Age 3-6, 3 years
2.
Primary School; foundation stage (4 years), orientation stage (2 years)
3.
Secondary School; Special four-year courses and Normal five-year courses. Students of
both courses must pass O-Level (Special) or N-Level (Normal) examinations to be able to
continue their study in a higher level.
4.
Junior College; University preparation programmes of 2 or 3 years
5.
University; various choices of programmes from academic to technical. Course length
depends on the programme.
•
•
Religion: According to 2020 census data, of the four million citizens and permanent
residents, 31.1 percent are Buddhist, 20 percent identify as having no religion, 18.9
percent Christian, 15.6 percent Muslim (predominantly Sunni), 8.8 percent Taoist, and 5
percent Hindu.
The food delivery market in Singapore has grown considerably in recent years, driven by
changing consumer preferences and innovations. The revenue of the online food delivery
market was estimated to reach about 1.32 billion Singapore dollars. Indeed, Singaporeans
are highly digitally connected consumers, and the convenience offered by meal delivery
services has gained in popularity, transforming the city-state's food scene.
Psychographics
Using psychographic to analysis of our target market’s lifestyle in order to create a profile and is
made up of a consumer group’s attitudes, interests, values, and opinions. By using
psychographics, Our businesses can reach their market by gaining an ultimate understanding of
consumer profile—what catches their attention, what drives them to purchase, and what makes
them loyal to a product or a brand. Below are some important data:
Below is some information of Singaporean psychographics:
•
Consumer Loyalty: Singaporeans are open to try out new products and services, but
retain loyalty to brands that they are already familiar with. As we are a new entrant, we should be
able to have a foot in the door by creating a very appealing offer such as lowered prices, as
bargaining is a widely-accepted trait in the region.
•
Digital Consumerism: 80% of Singapore’s total population have an internet connection.
All age brackets in Singapore use the internet, with 31% of them belonging to the 25-34 age
range. Because of this, companies had to initiate digital marketing efforts and launch ecommerce platforms in order to increase the chance of reaching their target market. The
smartphone market in Singapore is well-developed which made digital integration a go-to
marketing initiative. This allows for brands to reach and engage millennial consumers through
user conversations and branded content.
•
Advertising Channels: we can take advantage of the various advertising channels in
Singapore depending on our budget. Television is the most popular advertising medium in the
country, but it is also the most expensive as almost all households in Singapore have their own
television sets.
In a survey on the age composition of video content viewers in Singapore in 2020, the largest
share of over-the-top (OTT) media platform consumers in Singapore were between 25 to 44
years. Television, on the other hand, was more popular with older viewers between 45 to 64
years.
Behavior :
•
Spending habits: In terms of expenditure, Singaporeans spend most of their income on
utilities (20.4%), followed by recreation and culture (13.3%) and transport (13.1%). This is based
on data from the Economic Statistics Branch of the United Nations Statistics Division.
•
Purchasing habits on delivery services: Around 68% of Singaporeans use food delivery as
part of their daily life, with 87% claiming that such services enable them to “make more of
[their] spare time.” The average spending on food delivery also rose to $88.80. People aged
between 46 and 55 spend the most, averaging $127.18 (S$169) per month.
•
Singapore’s Loyalty toward to the brand : According to a survey on static.com
Singaporean consumers in June 2020, approximately 48 percent of the respondents said that they
preferred to buy from brands or stores that were closer to them. Due to the vast amount of
choices available online, a significant amount of respondents would either like to switch over to
cheaper brands or other brands they found online.
•
According to a survey conducted by Rakuten Insight, approximately 72 percent of the
Singaporean respondents stated that they mainly ordered food on food delivery apps for dinner
and 50 percent of respondents ordered during lunch.
2 segments are the most attractive target segment(s) for the company based on market
potential,
growth prospects, and alignment with the company’s objectives.
Younger, tech-savvy consumers (ages 25 to 44):
This age bracket, which makes up a sizable portion of Singapore's population, is very connected
and strongly supports online and mobile platforms.
They provide a chance for our business to establish itself as new entrant in the market because
they are open to trying out new goods and services.
This segment's heavy reliance on food delivery services is consistent with the business and
comapny's objective.
Customers with a middle-class monthly income (about $6,282 USD):
A significant portion of Singaporeans who have extra money to spend on meal delivery services
are represented by this market segment.
Although they have a tendency to stick with well-known brands, the company can use
competitive deals to draw in new customers.
The spending patterns of this particular segment, which prioritize utilities, recreation, and
transportation, indicate that they could be open to the convenience and attractive pricing of
our food delivery services offered by our company.
Reference : https://www.yieldify.com/blog/types-of-market-segmentation/ ( 4
Segmentations )
https://www.statista.com/statistics/1304574/singapore-citizen-population-median-age/ (
average age of Singaporean )
https://www.timedoctor.com/blog/average-salary-in-singapore/#the-average-salary-insingaporenbsp ( average income )
https://www.hands-on.co.th/en/study-in-singapore/study-information/education-system/ (
level of education )
https://www.state.gov/reports/2022-report-on-international-religious-freedom/singapore/ (
religion )
https://www.singaporeincorporationservices.com/Blog/registration/a-glimpse-of-thesingapore-consumer-market ( data of psychographic )
https://www.statista.com/statistics/1248618/singapore-video-viewers-by-age-group-andplatform/ ( data of television use in Singapore )
https://www.statista.com/statistics/1208374/singapore-brand-loyalty/ ( Singaporean loyalty
to the brand)
https://retailasia.com/e-commerce/news/nearly-7-in-10-singaporeans-use-food-deliverydaily ( Spending habits on food services )
https://www.statista.com/topics/10991/food-delivery-market-in-singapore/#topicOverview