Market Research in Singapore​

Singapore is the leading economy in Southeast Asia, celebrated for its high-income status, competitive business environment, and outstanding infrastructure. As a global financial hub, it ranks highly in various economic indices, showcasing strong performance in innovation, trade, and investment. Its strategic location, skilled workforce, and proactive government policies further bolster its position as a regional powerhouse.

Recognized for its business-friendly regulatory environment and significant investments in education, healthcare, and public services, Singapore also topped the 2020 World Bank Human Capital Index, highlighting its commitment to sustainable growth and development.​

In 2024, Singapore's economy is projected to grow modestly, with forecasts ranging from 1% to 3%. Notably, the economy expanded by 2.9% year-on-year in the second quarter, following a 3% increase in the first quarter. A key initiative influencing the nation’s future is the "Singapore Green Plan 2030," launched in February 2021. This ambitious framework aims to enhance sustainable development over the next decade, reinforcing Singapore's commitment to the UN's 2030 Sustainable Development Agenda and the Paris Agreement, with a target of achieving net zero emissions by 2050.​

Vodus Research is dedicated to empowering businesses aiming for success in the Singapore market. Leveraging our deep understanding of Singapore's unique market dynamics, we take a proactive approach that incorporates modern strategies and advanced technology to deliver valuable market insights. ​

By forming strategic partnerships with top online publishers, we provide real-time, actionable insights from various consumer segments in Singapore, equipping businesses with the intelligence they need to remain competitive in this dynamic environment.​

Singapore Key Insights 2024

Population:

6.4

Million

By Gender:

51.7%

Male

48.3%

Female

Ethnic Groups:

75.9%

Chinese

15%

Malay

7.5%

Indian

1.6%

Other

Age Groups:

14.5%

0 – 14 yrs old

70.2%

15 – 64 yrs old

15.2%

65+ yrs old

Mobile Users:

9.7

Million

Internet Users:

5.9

Million

Key Growth Sectors

Fintech, Insurance, Manufacturing

4.1%

GDP Growth in Q1 2024

4500+

Tech Startups

$35 Billion

Fintech Market

Global Finance

Hub

Market Research in Singapore FAQ

​​What consumer trends are shaping the market landscape in Singapore right now?

Consumers in Singapore prioritize sustainability and eco-friendly products, alongside the shift to digital shopping. There's a strong focus on health and wellness, with expectations for personalized experiences and a preference for experiences over goods. The tech-savvy market is also open to innovative products. Businesses aligning with these trends will succeed.

What are the key factors influencing consumer purchasing decisions in Singapore in 2024?

In Singapore, price, quality, and service are crucial factors in consumer purchasing decisions. Consumers seek competitive pricing and good value, while high-quality products are prioritized for their durability. Additionally, excellent customer service is essential, as prompt and attentive support can significantly influence brand loyalty. Businesses must excel in all three areas to attract and retain customers.

What makes online surveys effective for Singaporean consumers?

​Online surveys are effective for understanding Singaporean consumers because of the country's tech-savvy population and high internet penetration. They allow for quick data collection, reach a wide audience, and can be customized to engage respondents, providing valuable insights into consumer behaviors in this dynamic market.

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