Singapore’s average household income has risen to S$2,925 per month in 2011, according to global services information company Experian. The Experian Mosaic Singapore, an index that looks at the Singapore consumer, was recently updated with over 200 new data points from sources including SingPost postcodes, Census 2010 data, property and market research data and shows that average monthly household income has risen some 25 percent from 2007.
Experian Mosaic Singapore also provides a demographic breakdown of the Singaporean consumer, into 30 unique segments and nine groups that share similar demographic and socioeconomic traits. Amongst new consumer market segments include the “Affluent Elegance”, “Cosmopolitan Central”, “Cautious Community”, and even “Kopitiam Lifestyles”. The new segmentation can help brands and companies understand how to reach better to such customers.
“Singapore has seen many changes over the past few years, particularly in its economy, technology and in household composition. These changes have inevitably had an impact on consumer choice, preference and habits. By classifying households using the latest data, the new version of Experian Mosaic captures these differences and offers marketers new levels of insight into consumer behavior in Singapore,” says Graeme Beardsell, Managing Director of Experian South East Asia.
“The information on rising incomes and a shift in resident geographic distribution gleaned from Experian Mosaic can help marketers to reach target customers more precisely, as well as enable more effective communication through various channels. This ensures that the right product offerings are matched to the right audience, which will go a long way in retaining and growing the customer base,” Beardsell added.
Find out more about the new consumer segments in the infographic included below, or find out the full segmentation breakdown here.
Which of these segments do you think you belong to?
[EDIT: A previous version stated that “a higher GINI coefficient indicates narrowing income gap in Singapore” was incorrect. It has been corrected in this latest version.]