Synovate survey shows Singapore affluent on the rise
3 October 2006
Synovate PAX results show dramatic increases in Singapore product ownership, property investment and exercise
SINGAPORE — Synovate, a leading global market intelligence company, today released information from the 2006 Synovate PAX media survey that showed rises in product and service ownership and improvements in lifestyle across Singapore's affluent residents.
The Synovate PAX survey 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.
The Synovate PAX results for 2006 show that while the average monthly household income of the Lion City's affluent residents has remained relatively steady at US$5,355, product ownership and exercise have grown substantially.
Some Singapore-specific product and service ownership, purchase intention and lifestyle facts covering the twelve months to June 2006, include:
- During the year, over one third (33.5%) of Singapore's elites travelled one or more times on business - a rise of 20% from the same time last year. They also managed to find time to relax with 53.4% taking one or more leisure trips
- Just under half of Singaporeans (48.6%) now own a laptop or notebook computer, a 26% increase over the year
- Ownership of mobile phones with internet access has grown substantially to 58.8% of Singapore PAX respondents. This is a dramatic 56% increase in uptake year-on-year, the largest increase in the region. 95% of Singaporeans now own some form of mobile
- Singapore has very high levels of digital video and still camera ownership - both have shown healthy growth over the last year to 59.8% (the region's highest) and 62.6% respectively. Digital video cameras are up an impressive 37% since this time last year and digital still cameras have risen by 23%
- The ownership of LCD or plasma televisions has grown to 19.7%, a substantial 55% year-on-year increase, while 32.5% now own flat screen televisions
- The digital music boom has taken firm hold of wealthy Singaporeans with 36.2% now owning an MP3 player, a 57% increase over the year, and a further 6.1% expecting to buy one before end June 2007
- Alcohol consumption has grown by 11% over the year with 35% of Singaporeans indulging in a tipple in the past month. Singaporeans clearly have something to celebrate with champagne consumption increasing by 45% in the past year and wine consumption growing by 18%
- Affluent Singaporeans have grown their investments substantially over the past year. One third now have an investment in Unit trust and Mutual funds, a 21% increase, and 27.6% have an investment in stocks, securities and bonds, a 17% increase
- Investor confidence in the property market is also continuing its ascent - from July 2005 to end June 2006, ownership of an additional property grew a massive 61%, with 16.9% of Singapore PAX respondents now owning a property for investment
- The number of people who access the internet at work has jumped from 62.5% to 71.3% over the year
- Singaporeans are tackling obesity head on, with large increases in rates of exercise. There has been a 170% increase in swimming participation, with 13.5% having taken a dip in the past three months. Over the same period, a 127% increase in the number of Singaporeans either jogging or walking has meant 9.3% of affluent respondents are now flexing their legs on a regular basis
- Singaporeans have also been getting cultural with increases in the number of people who have attended the cinema, a concert, opera, ballet, live theatre, art gallery and museums
Synovate PAX also delves into peoples' attitudes to brands and advertising via a series of psychographic statements. Some of the findings for Singapore were:
- 12.1% of Singapore's elites agreed with the statement that they are among the first to buy a new product or gadget. This is slightly below the regional average of 13.5%, showing that Singaporeans prefer to wait and see if new products fit into their lifestyle before they purchase
- More than 70% of wealthy Singaporeans agree that paying for quality is worthwhile, with half (49.9%) preferring to buy well known brands, well over the regional average of 41.6%.
- Singaporeans are technologically savvy, with 60.1% believing that staying ahead of modern technology is key to their success. Accordingly, 58.6% try to keep up with developments in technology
- Singaporean attitudes reflect the cosmopolitan nature of their nation, with 57% agreeing that it is important to have an international perspective
- Move over Hong Kong - Singaporeans are the region's best shoppers, with over half (50.9%) enjoying the fun of shopping. This is the highest number across all countries surveyed and well above the regional average of 38.2%
- There's an indulgent streak across affluent Singaporeans, with one of the highest levels of agreement to the statement "I sometimes like to treat myself to something special". 59.6% of PAX respondents agreed in Singapore compared to the regional average of 44%
- Singaporeans are more adventurous than most when it comes to trying new goods and services. 45.1% are prepared to consider buying new brands, well above the regional average of 33.7% and the second highest regionally after Australia's Sydney-siders (60.9%) and Melbournites (63.6%)
- 72% of Singaporeans believe that adverts are a good way to learn about new products, the highest number among all countries surveyed. The regional average is 54.5%
Notes to editor
- Unless otherwise stated, the data compared is from Q2 2005 to Q2 2006.
- Other media releases and fact sheets are available with further information about media, attitudes, brands, lifestyle, high-end product ownership and the future purchase intentions across the region.
The available releases and fact sheets are called:
- Synovate PAX - Ten years of Asian consumption
- A decade of digital
- Synovate PAX Q2 2006 regional media reach
- Media habits, attitudes and lifestyle of affluent Asians
- Comparing Asia's elite
Contact(s) for this press release
|
Linda Collard
Director, Marketing Communications |
|
|
9/F Leighton Centre |
Telephone: +852 2830 2588 |
|
May Tan
Project Director |
|
|
Tel: +65 6430 6807 |
|
Synovate generates insights to help clients drive competitive brand, product and customer experience strategies. Now part of Ipsos, with offices in over 80 countries, our approach combines best in class global research capabilities with personalised service, local knowledge and the flexibility to create teams and processes that meet clients' specific requirements. At Synovate, our clients sit at the top of our organisational chart, driving us to continually develop more innovative research solutions that predict actual business outcomes.
For more information on Synovate visit www.synovate.com.