Macro Trends in Singapore Essay

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MARKETING IN SINGAPORE: MACRO TRENDS AND THEIR IMPLICATIONS FOR MARKETING MANAGEMENT FOR 2002 AND THE YEARS BEYOND December 2001 Jochen Wirtz* & Cindy M Y Chung** RPS #2001-033 (MKTG) * Associate Professor, Department of Marketing, Faculty of Business Administration, Bldg. 1, National University of Singapore, Business Link, Singapore 117591. E-mail: Assistant Professor in Marketing, Marketing and International Business Division, Nanyang Business School, Nanyang Technological University ** Copyright © Faculty of Business Administration, National University of Singapore. 1 2 MARKETING IN SINGAPORE: MACRO TRENDS AND THEIR IMPLICATIONS FOR MARKETING MANAGEMENT 2001 UPDATE AND EXTENSION ABSTRACT Trends in Singapore’s marketing environment are analysed from an economic, demographic and cultural, as well as a consumer behaviour and marketing mix perspective. The analysis shows the picture of a fairly wealthy society with good future prospects. The main demographic trends follow those of more developed nations, with low population growth, rapid aging and smaller household sizes. Singapore has an interesting mix of cultures with her distinct languages, religions and customs. Education levels continue to improve fast. These macro trends are reflected in consumption behaviour with increasing overall consumption, an increasing share of higher level goods such as recreational, education and health services, as well as changing consumer values and lifestyles, which show that Singaporeans have become more brand and status conscious, more discerning, quality oriented and health conscious. Trends in the marketing mix are a direct reflection of the macro environment. For example, product and service trends emphasize the up-market shift, pricing strategies go hand-in-hand with the higher quality of goods on offer, and non-monetary price

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