SINGAPORE

COUNTRY REPORTON

Presented by

YAKSHIKA VATSACCF

Singapore is a wealthy city state in south-east Asia. Once a British colonial trading post, today it is a thriving global financial hub and described as one of Asia's economic "tigers". It is also renowned for its conservatism and strict local laws and the country prides itself on its stability and security.

Republic of Singapore

•Singapore

Capital

•79 years (men), 84 years (women)Life expectancy

•Singapore dollar

Currency •parliamentary republicGovernment Type

•5,540,302

Population

•269 Square Miles697 Square Kilometers

Total Area

•Southeastern Asia, islands between Malaysia and Indonesia

Location

5.54 Million

in Population

COMMONLY USED

LANGUAGESEnglish MandarinMalay Tamil

RELIGIONS Buddhism (32.4%) Christianity (19.0%) Islam (14.0%) Taoism (10.9%) Hinduism (5.0%) Other religions (0.7%) Not religious (18.8%)

DEMOGRAPHICSEducation expenditures:

• 2.9% of GDP (2013)

Literacy : age 15 and over can read and write

• total population: 96.8%• male: 98.6%• female: 95% (2015 est.)

Unemployment, youth ages 15-24:

• total: 7%

Urbanization:

• urban population: 100% of total population (2015)• rate of urbanization: 2.02% annual rate of change (2010-15 est.)

Net migration rate:

• 14.05 migrant(s)/1,000 population (2015 est.)

Quality of Life in Singapore

Positive Factors• Easy country to adjust to when relocating from elsewhere

• Modern, westernized environment• Scores high on safety and low crime rates

• Wide use of English is appreciated and attracts foreigners• High quality transport, infrastructure and health facilities

• Readily available and affordable domestic help• Clean, green and healthy environment to live in

Negative Factors• Limited sports/recreation options• Rule-bound and sometimes stifling

• Expensive to own a car• No change in climate which is hot and humid most of the time

• Can be difficult to mix easily with the locals

Quality of Life in Singapore

CONSUMER LIFESTYLES IN SINGAPORE

TOP FIVE CONSUMER TRENDS• Consumer confidence shows signs of stabilizing after

a period of caution• Consumers continue to flock to online shopping sites• Holiday-makers increasingly opt to stay nearer to

home• Consumer demand for local produce grows• Consumers dining out more often

CONSUMER SEGMENTATIONin SINGAPORE

Babies and Infants• Baby-wearing catching on amongst

parents• Affluent consumers host lavish

celebrations for their babies• New incentives to encourage

couples to have more children

Kids• Enrichment classes start earlier• Child-friendly F&B outlets a hit

with parents

Tweens• Tuition craze continues• Overseas school trip the norm now

for Tweens

Teens• Blogshops still relevant for Teens• Cafés make studying more

interesting

Young Adults• Young Adults seek luxury

items• Young Adults more involved

in community

Middle Youth• Singles looking for romance• More couples going for IVF

treatment

Mid-Lifers• More 50s and older go back

to school

Late-Lifers• Late-Lifers are shopping

more online• Aged consumers looking to

Malaysia for care homes

CONSUMER SEGMENTATIONin SINGAPORE

HOUSING AND HOUSEHOLDSHome Ownership– HDB upgraders hit by cooling measures– Households are looking forward to smarter homesHousehold Profiles– Three generation flats - but young couples would rather

live aloneRunning Costs– More stylish homes for Singaporeans

MONEY AND SAVINGSAttitudes towards Payment MethodsSavingsLoans and Mortgages– Singaporeans are spending more– Affluent consumers using services linked to their savings

accounts

EATING AND DRINKINGEating Habits– Buying local– Korean food still making waves in F&BDrinking Habits– Not your usual cocktail

SHOPPING HABITSMain Household ShopShopping for Big-Ticket Items and Personal Goods– Malls still popular with consumers

GROOMING AND FASHIONFemale Grooming and Fashion Trends• Consumers still buying Korean cosmetics• Singapore women take to grey hairMale Grooming and Fashion Trends• Upscale footwear• Men looking for more than a shave

HEALTH AND WELLNESSAttitudes to Health and Well-being• Running is fun• Your health is your company’s business

LEISURE AND RECREATIONLeisure Time• Arts and heritage events draw large crowds• Holidays• Public Holidays, Celebrations and Gift-Giving• Fewer consumers sending greetings cards

GETTING AROUNDPrivate TransportPublic Transport• Commuting• More options with transport booking apps• Consumers lukewarm in going off-peak

Singapore Society & CultureThe Family

. The concepts of group, harmony, and mutual security are more important than that of the individual. . Respect for the elderly and seeing the family as the place one goes to for support, both help retain core values in this island nation.

Face & Respect. Singaporeans are very sensitive to retaining face in all aspects of their lives. . It is a mark of personal qualities such as a good name, good character, and being held in esteem by one's peers. . Face is what makes Singaporeans strive for harmonious relationships.

Hierarchy. Singaporeans claim they are an egalitarian society, yet they retain strong hierarchical relationships that can be observed in the relationship between parents and children, teachers and students, and employers and employees.

Ethnic Diversity. Singapore is a multi-ethnic society where Chinese, Malay and Indian traditions coexist beneath the veneer of a western cosmopolitan metropolis.

Non-Verbal Communication. Singaporeans are group dependent and rely on facial expression, tone of voice and posture to tell them what someone feels. . They often trust non-verbal messages more than the spoken word. . Silence is an important element of Singaporean communication.

Singapore Society & Culture

Etiquette and Customs in Singapore

Business Etiquette and Protocol• Business in Singapore is more formal than in many western

countries.• There are strict rules of protocol that must be observed. • People observe a strict chain of command, which comes with

expectations on both sides. • In order to keep others from losing face, much communication

will be non-verbal and you must closely watch the facial expressions and body language of people you work with.

Business Meeting Etiquette• There will be period of small talk before getting down to business

discussions. • Since questioning authority is a taboo, it is important to

encourage questions when after making a presentation and then smile when a question is eventually asked.

• Never disagree or criticize someone who is senior to you in rank as it will cause both of you to lose face and may destroy the business relationship.

• Pay attention to non-verbal communication.

Negotiating• Singaporeans are non-confrontational. • Singaporeans are tough negotiators on price and deadlines. • Avoid losing your temper or you will lose face and damage your

relationship. • If you are signing a contract with ethnic Chinese, the signing date

may be determined by an astrologer or a geomancer (feng shui man).

Meeting and Greeting• Greetings will follow a strict protocol often based on both the

ethnic origin and age of the person. • Younger people or those who work in multi-national companies

may have adopted the western concept of shaking hands with everyone, but this is not the case with older or more reserved Singaporeans.

• Ethnic Chinese shake hands. Their grasp is rather light although the handshake itself can be rather prolonged.

• Men and women may shake hands, although the woman must extend her hand first.

Etiquette and Customs in Singapore

References• http://www.singstat.gov.sg/• https://www.cia.gov/library/publications/the-

world-factbook/geos/sn.html• http://www.countryreports.org/country/Singa

pore.htm• http://www.euromonitor.com/consumer-lifest

yles-in-singapore/report• http://www.kwintessential.co.uk/resources/gl

obal-etiquette/singapore.html