Synovate Survey Shows Ascending Singaporean Spending Power Essay Example for Free

Synovate Survey Shows Ascending capital of capital of Singaporean Spending Power EssaySynovate wad shows ascending Singaporean authorizeing power. Synovate, a leading global market intelligence company, today released information from the 2005 Synovate PAX media quite a little that showed rises in wealth, product and service ingestership and improvements in life style across Singapores affluent residents. The Synovate PAX look into tracks media, prosperity and influence in eleven markets across the Asia Pacific region Singapore, Hong Kong, Korea, Malaysia, Thailand, Indonesia, Philippines, Taiwan, India, Australia and Japan.Wanda branchia, Media Director for Synovate in Singapore said that the affluent of Singapore were enjoying high confidence and spending power. In just the last few months, our constantly-updated tracking has enabled us to honour Singapores ever change magnitude confidence translate into higher product professership, increasing purchase intentions an d improving lifestyle. The Synovate PAX results for 2005 show that the sightly monthly household income of the Lion Citys affluent residents has move from US$4,826 to US$5,456 a 13% relative change. With greater household wealth, these Singaporeans argon rewarding themselves with purchases of top out class luxury and consumer items and steady increases in property ownership and investment, Ms Gill said. The Synovate PAX survey allows marketers to get a full picture of Singapores affluent consumers what they watch, read, buy and how they feel about advertising and mark enabling them to target their marketing efforts.Ms Gill said that the 2005 results painted a picture of Singapore as the quiet powerhouse in relation to other markets in the region. While Hong Kongs wealthy are conspicuous consumers and buy items for their fashion status, Singaporeans tend to be more(prenominal) considered in distributing the fruits of their labours. Singapores elects still spend and spend a lot but our data shows they wont get their wallets out on a whim. Marketers must appeal to this lack of pretension and realise Singaporeans are not as status-conscious as people from Hong Kong or as acquisitive as the wealthy of other South East Asian economies which are little mature.Singaporeans are comfortable in their skins and are more wish wellly to buy to make their lives easier, Ms Gill said. The Synovate PAX survey delves into peoples attitudes to brands and advertising via a series of psychographic avouchments. Some of the findings for Singapore were * 11. 5% of Singapores elites agreed with the stirment that they are among the first to buy a new product or gadget.This is below the regional average, cover that Singaporeans are less in a rush than other markets, waiting to see if the item fits into their lifestyle. more than two thirds of Singaporeans agree that paying for quality is worthwhile. * 46. 9% wealthy Singaporeans prefer to buy well k instantaneously bra nds, well over the regional average of 41. 1%. * Singaporeans show a focus on lifestyle with 41. 5% agreeing that a home with modern appliances is important to them this compares to the regional average of 38. 7% and 28. 9% in Hong Kong.Theres an indulgent streak across affluent Singaporeans, with one of the highest levels of agreement to the statement I some clips like to treat myself to something special. 8. 2% of PAX respondents agreed in Singapore, with only Sydney-siders more indulgent (62%). The regional average is 48. 5%. Synovate PAX also covers product and service ownership, purchase intention over the dozen months to June 2006 and lifestyle. * As a major regional parentage hub of Asia, it would be expected that a great deal of business travel originates here. However, from June 2004 to June 2005, we have seen a 22% increase in Singapores affluent taking off on one or more business trips. Around 28% of these PAX respondents travel for business.But Singapores elite still find time to relax more than 50% have taken one or more leisure trips in the year to June 2005 too. * An all-time high number of 38. 6% of affluent Singaporeans now own laptops or notebooks, up from 31. 9% in June 2004. * Likewise, ownership of a mobile phone with meshing access hits an all-time high it stands at 37. 7% and shows steady increases for every quarter measured. This continuing snub is good news for mobile manufacturers and 3G networks and service offering planners.Indeed, more than 92% of affluent Singaporeans own a mobile with or without Internet access they are here to stay and all these people go out upgrade as mobile content becomes more and more compelling. * Digital dominance seems more and more inevitable as we observe relentless increases in Singaporean ownership of devices like MP3 players (up to 23. 1%, a rise of a quarter over the year before), digital video cameras (43. 7% now own these, up from 35. 9%) and digital still cameras (more than half of affl uent Singaporeans own these an increase from 41% in 2004).Indeed, the love ffair with digital is truly blossoming. * Its fair to say that the marketers of LCD or plasma televisions have enjoyed a good year. They close to doubled their market size, with the number of wealthy Singaporeans already owning one of these TVs rising from 7. 6% to 12. 7%. And theres still a great deal of upside, with 10% expressing the intention to purchase this top tier item in the next 12 months. * Car ownership impressively jumped for the second consecutive year. At the end of June 2005, 60% of cashed up Singaporeans owned one, up from 56. 6% at the same time last year.This is an especially good sign of confidence in this very expensive place to own one the reduction in COEs would play a significant role in this as well. And indicating that the trend is set to continue, 11. 7% of respondents intend to purchase a private vehicle over the next twelve months. * Singapores love affair with football / soccer continues a third of PAX respondents read about it, watch it or attend games. This is up from 29. 5% last year. In fact, Singapore is really acquire card-playing tennis, badminton, basketball and golf all showed higher levels of interest too.With more disposable income, Singaporeans have also been getting cultural. More people have attended a concert, opera, ballet, live theatre, art gallery and museums. * The interest in quality wine continues to gain momentum. Spending on quality wine has dramatically increased from US$144 in 2004 to US$223 in 2005. This is a massive 55% relative increase. * The number of elites of the island state who own a second property is up to 10. 6%. Increases in people living in an owned property have been registered as well 22. 9% of PAX respondents own their homes.