Market Research in Singapore

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Market overview of Singapore

With just a size of 721.5km², Singapore has a population size of more than 5.7million. Singapore’s economy is one of the most stable in the world. It has one of the most business-friendly regulatory environment and has overtaken Hong Kong recently to become the world’s most competitive economy.

Economy

The manufacturing sector is the biggest contributor to Singapore’s GDP, followed by the financial services industry, which is also why Singapore is a major financial hub in Asia Pacific. Singapore is one of the most expensive cities to live in, due to a variety of factors. As a small country, it does not have natural resources hence it relies heavily on imports, even fresh water and food. With the small size of Singapore, housing is also very expensive, while the number of cars are restricted. Consumers are required to buy a Certificate of Entitlement (COE) before they are allowed to buy a car.

Consumers

Singapore consumers are becoming less loyal to brands, where they switch between brands easily. They rely very much on word-of-mouth advertisements, where they ask for recommendations from friends and family, and read reviews online. Consumers are also increasingly buying online due to the convenience and lack of time. With increasing affluence and education, consumers are also becoming more health conscious, and they are willing to spend more on healthier food alternatives.

Market Research in Singapore

Singaporeans speak English, but they have a unique local slang, known as ‘Singlish’. Singlish is a mix of different languages, such as Cantonese, Hokkien, and the Malay Language. It also contains other words such as ‘lah’, ‘leh’, ‘lor’. Singlish is spoken in informal situations, so fieldworkers need to be able to understand Singlish in order to understand fully when speaking with Singaporeans.

Case studies

  • Brand Dealerships Study was conducted in Singapore for the automobile industry through mystery shopping
  • Fried Chicken Taste Test Study was conducted in Singapore for the F&B industry through in-depth interviews
  • Singapore Robotics Market Study was conducted in Singapore for the Technology industry
  • TBI Biomarker Market Study was conducted in Singapore and Hong Kong via online IDIs for the medical devices industry
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