Staff Reporters
Aug 8, 2022

Singapore consumers embracing a new pragmatism, says VCCP

TOP OF THE CHARTS: The island nation's traditionally cautious and guarded approach to consumer spending after economic disruption is being replaced by a more flexible and spontaneous post-pandemic spending mindset, says new research.

Singapore consumers embracing a new pragmatism, says VCCP

Just in time for Singapore's National Day holiday, independent creative agency VCCP has produced a new research report on Singaporean consumers, signalling a post-pandemic shift in their traditionally cautious mindset on spending after a crisis.

Entitled 'Winning in the Rebound', the report identifies five key consumer groups: 

At the start of the pandemic, in Q2 2020, Singapore skewed toward the more cautious consumer segments, with comfortable but cautious Rationers by far the most popular group at 42%, followed by the struggling Recovering segment at 20%.

Fast forward to Q4 2021 and the Rationers still lead, but have dropped by 6%, while the Recovering sector has also slipped 4%. On the rise in a big way are the Revenge Spenders, growing 12% to easily become the second largest group, while the Rewarders also gained ground. 

Paired with other data reflecting the Great Resignation and the growth of self-employment in Singapore, and the author of the report sees a shift in the way Singaporeans are emerging from the pandemic, compared to how it did from past crises like SARS and the '97 financial crisis. 

“What stood out most is seeing how pragmatism is evolving - we’re still pragmatic but not as traditionally defined as it used to be," says Belynda Sim, VCCP's head of strategy for APAC. "In line with the softer ‘Cs’ seen over the years, we’re seeing a shift from a more guarded, reserved form of prudence and uncertainty avoidance to one that is more carefree, without being careless of course. People are slowly breaking away from a linear, structured way of living to one that is more fluid and spontaneous, taking responsibility for their own wellbeing from buying better to small wins that improve the everyday."

VCCP will continue to update its 'living study' roughly every 6 months.

This article is filed under...
Top of the Charts: Key data at a glance

 

Source:
Campaign Asia

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