Singapore has a diverse demographic base which has impacted consumer trends in the country.
This demographic base includes:
High Income and Upper-Middle Income Local Consumers – Singapore’s median household monthly income increased from $3,640 in 2000 to $5,000 in 2010. The proportion of resident households earning $6,000 increased from 27 percent in 2000 to 43 percent in 2010 while the proportion earning at least $15,000 more than doubled from 4.1 percent in 2000 to 10 percent in 2010. This segment of consumers is very well educated and ‘westernized’ and is made up of two main groups: middle-aged PMETs (mainly aged 40-64) who have higher disposable income, and whose sophistication of taste comes largely from travel, and a younger group of PMETs (those in their twenties and thirties) who has grown up on modern western cafes, the media and influence from their peers.