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Singapore Office

Market Research in Singapore

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 and relies heavily on imports, even for fresh water and food. With the small size of Singapore, housing is also very expensive, while the number of cars is restricted. Consumers are required to buy a Certificate of Entitlement (COE) before they are allowed to buy a car.

Consumers

Singaporean consumers are becoming less loyal to brands and switch between them easily. They rely heavily on word-of-mouth recommendations—asking friends and family, and reading online reviews.

Consumers are also increasingly buying online due to convenience and the lack of time. With rising affluence and education, they are becoming more health-conscious and 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 is a mix of different languages, such as English, Hokkien, Cantonese, 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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Delivering insightful market research and analytics, Axanteus Research helps businesses worldwide make informed decisions with precision and efficiency.

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