Overview
Singapore’s consumer spending rises, driven by customer satisfaction, customer-centric brands and customer experience
Singapore serves many diverse Asian consumer markets and is currently an established consumer insights hub. In 2012, the SGD 77 million Institute on Asian Consumer Insight (ACI) was launched and is held responsible for assisting companies in creating strategies based on pan-Asian insights gained from utilising advanced technologies.
Some successful global strategies include branding, finance, supply chain management and human resources. Customer experience and satisfaction also play a vital role in consumer markets. According to a report by Information Services Group (ISG), a global technology research and advisory firm, multiple enterprises in Singapore are focusing on customer preferences and ever-changing work modes through contact centre customer experience services from partners.
It was reported by CEIC Data that in 2021, Singapore’s private consumption contributed 31.0% to the domestic economy’s nominal gross domestic product. During the second quarter of 2022, consumer spending reached a peak of SGD 45,497 million. The research firm Statista noted in 2022 that providing excellent customer service would cause vast improvement for any business or organisation be it a bricks-and-mortar business or an e-commerce business. The Straits Times and Statista conducted a survey amongst consumers to determine which organisations provide the most efficient customer service across Singapore.
Embedded financial services encourage consumer purchases; Competition and Consumer Commission of Singapore (CCCS) regulates consumer markets
The digital evolution in Singapore is well underway, allowing consumers to benefit from financial technology services. According to a research study conducted by FIS®, the application of embedded financial services has become a widespread trend and an effective option for consumers across Singapore. Consumers today are adopting easier payment methods of embedded finance such as the buy now, pay later service. A code of conduct laid out by the Buy Now, Pay Later (BNPL) Working Group serves as a means of protection for consumers against over-indebtedness.
CCCS is a government agency of Singapore that is responsible for not only investigating and enforcing regulations against practices pertaining to competition within the country’s consumer markets but for governing, advising and enforcing consumer protection matters vis-a-vis the Singapore government, other public authorities or consumer protection organisations. It also encourages fair trading practices between consumers and suppliers, and assists and advises consumers when making purchasing decisions.
Key Trends
Influence of innovation and individuals and intellectuals of many nationalities drives Singapore’s personal care and beauty consumer markets
In Singapore, the purchasing cycle is a longer process as opposed to Western countries, as Singaporeans rely on networking and good strategic business collaborations for making business decisions. Most startup enterprises require a larger effort and focus when forging these strategic engagements.
Singaporean consumers are highly interested in utilising new products and services, but maintain an unwavering loyalty to local brands that they tend to favour. KPMG, a global professional services organisation, reported in its 2021 Customer Experience Excellence (CEE) Singapore Survey that personalisation is a vital factor for Singapore consumers, followed by integrity, expectations and empathy.
Beauty experts draw awareness to the harmful chemical content found in hair care and skin care products, and therefore, companies are producing natural plant or fruit extract products. Over the years, the colourant, hair care and styling product markets have seen an incessant rise in sales, leading to an estimated compound annual growth rate (CAGR) of 1.8% within the professional hair care product market from 2018 to 2023.
During the pandemic, mobile hairdressing services were adopted by numerous individuals, and as a result, hairdressers noted a 20% growth in business. However, 2022 saw the opening of borders and a rise in the demand for shorter haircuts due to the severity of humidity and low wind speed within urban Singapore. The effect of the pandemic has driven innovation in the beauty market, to address the hygiene concerns of consumers. Mobile massage app Theraply was launched in 2020, for massage-savvy consumers and to provide solutions for those who are unable to travel to salons.
COVID-19 pandemic leads to social media platforms providing solutions to wedding and dating service markets; need for funeral service vacancies arises
The pandemic affected all industries including personal service markets such as the wedding services market. In 2020, HitchPlanner, an integrated wedding services platform, was launched. HitchPlanner is a wedding tech startup in Singapore that is intent on assisting businesses to transform and go digital during the wedding season.
As micro and live-stream weddings were trending amidst the pandemic, HitchPlanner collaborated with live streaming and production companies to allow customers to live stream their weddings via social media. HitchPlanner also assists wedding businesses to digitise, scale and reach broader audiences, while accessing multiple features including listing analytics, order management systems and secure payment gateways that require no necessary technical expertise and accounts to be created afterwards.
Singapore’s dating services market targets the user and business development of matchmaking, online dating and casual dating. With the help of technology, dating portals and apps are readily available for individuals in search of life partners. From 2022 to 2027, a CAGR of 3.17% is expected, which would lead to an estimated market volume of USD 23.37 million.
Meanwhile, as of 2022, the funeral services industry in Singapore is on the lookout for 800 vacancies as the country’s annual death rate is on the rise. According to the National Environment Agency (NEA), a death rate of 24,000 individuals was seen in 2021 and a rise in the death toll by around 40,000 citizens is expected by 2040. Funeral firms are on the lookout for hiring funeral workers for demanding positions that include funeral directors and operations crew; however, the push for skills is rather stiff with the added stigma of working in the funeral sector as well.
Personalisation of self-grooming and pet care initiatives contribute to Singapore’s consumer services industry
Dry cleaning and laundry service providers are available to address the hectic schedules and lifestyles of consumers in their work-filled lives. Personalisation of pricing and service packages, flexibility and the provision of pick-up options are all readily available for consumers. Some of the best laundry service providers include A&B Professional Dry Clean & Laundry, which offers door-to-door laundry services for corporate and domestic clients, and Laundry Shop Singapore, which is known for its usage of innovation and quality chemical cleaning products.
Additionally, pet adoption, care and training play a vital role among Singaporeans, and rescued animals in particular develop strong relationships with their owners; hence, care guideline initiatives have been introduced for pet lovers. The Rehoming and Adoption Workgroup is a workshop for assessing the medical and behavioural patterns of dogs who are in the transition of finding owners. The workshop was launched in 2020 by Senior Minister of State for National Development Tan Kiat How and backed by the Animal & Veterinary Service (AVS). The Voices For Animals (VFA) organisation rehomes breeding dogs found in unhygienic and inhumane environments in puppy farms.
Key Statistics
- Being a gateway for all Asian markets, the spending of Singapore's 3.2 billion middle-class consumers could achieve an expected growth to reach USD 55 trillion by 2030.
- In 2022, according to a survey conducted by global financial services technology leader FIS® (NYSE: FIS), younger generations are more agreeable to adopting new and innovative financial service experiences as opposed to their older counterparts - 23% of these millennials are early adopters while only 9% of boomers are agreeable to these advanced methodologies.
- In 2022, the revenue of the dating services market is expected to rise to USD 19.99 million while its largest segment, matchmaking, is forecasted to reach an estimated market volume of USD 14.63 million.
Top Singapore MNCs in Other Consumer Services
MTM SKINCARE PTE. LTD.
MTM Skincare, presently known as MTM Labo, is headquartered in Hong Kong. The company was incorporated in Singapore in 2002 and operates in three locations across the island. It specializes in offering its clients custom-blended skincare products that are suited for various skin types. MTM Labo offers a library of botanical extracts which have been customized for various skin benefits. Its range of products includes cleansers, face scrubs, moisturizers,makeup removers, toners, relieving oils and face scrubs. In addition, it offers facial treatment services for its customers who can make their appointments online through its website.
ADERANS SINGAPORE PTE. LTD.
Aderans Singapore is a hair solutions company which was incorporated in 2002. It is a wholly-owned subsidiary company of Aderans, which is headquartered in Japan. This global company operates over 20 outlets across the world. Aderans Singapore offers a range of hair products and services to men, women and children. These products and services include custom-made wigs and hairpieces, as well as scalp analysis, hair treatments, hair replacement system, custom-made and ready-made hair systems and maintenance services. In addition, it provides hair products and services for both medical and general purposes.
QB NET INTERNATIONAL PTE. LTD.
QB Net International, now known as QB House, was incorporated in Singapore in 2002. The company’s global headquarters are located in Tokyo, Japan. It operates 30 outlets across Singapore and several others in Japan, Hong Kong, New York and Taiwan. QB House provides just-cut hair salon services for its clients within a time period of 10 minutes. It utilizes an original innovative system and tools to provide quality services to its customers. The customers are able to access services by purchasing tickets from the vending machine and checking their waiting time by monitoring the QB signal bar in order to save time.
TONI & GUY SINGAPORE PTE LTD
Toni & Guy Singapore was incorporated in 1995. The company is headquartered in London, UK, and operates over 430 salons and academies across the globe. It provides a range of professional hairdressing and other hair-related services and products. The popular hairdressing company uses products from well-known brands such as L'Oréal, Kerastase Paris and Label.m. In addition, Toni & Guy Singapore offers educational services through its academy by sharing its experience and knowledge to help students to create innovative and globally renowned hairstyles.
PHILLIP WAIN INTERNATIONAL (SINGAPORE) PTE. LTD.
Phillip Wain International was incorporated in Singapore in 1990. The company’s global headquarters are located in Hong Kong. Phillip Wain International is a fitness service provider for women and men. These services include health and fitness, facials, slimming, massage and spa, as well as other services such as nail, cellular eco-regeneration eye therapy, and neck treatment and hair removal services. In addition, it offers a range of products such as creams, body oils and serums. Its fitness services include vibration training, personal training, cardio, strength and endurance training and dance exercises.
Top Singapore Large Local Enterprises in Other Consumer Services
PET LOVERS CENTRE PTE. LTD.
Pet Lovers Centre, which was incorporated in 1973, is headquartered in Singapore. The company operates 147 stores in Malaysia, Thailand, Vietnam and the Philippines, and it is the only pet care retail chain located in Southeast Asia. Pet Lovers Centre leads seven subsidiaries and provides a variety of pet care services. Its products are suitable for fish, cats, dogs, pocket pets and reptiles. These products include pet food, healthcare products, and grooming and training gear. Pet Lovers Centre maintains a blog to educate its viewers on many pet-related topics, and offers pet care consultation services through live chat and video.
THE ULTIMATE PTE. LTD.
The Ultimate Group, which was established in 2005, is headquartered in Singapore and operates four prominent spa brands: The Ultimate, Adeva Spa, Spa Rael, and The Spa by the Ultimate. It provides its customers with beauty and wellness services through the use of modern technology and by adopting a global approach. The group also runs Spa With Love, which is a social responsibility programme to help disadvantaged women and children. The Ultimate Group’s two hair and scalp centres, and its medical aesthetic and traditional medicine clinics provide numerous wellness services to customers. Over the years, it has won several spa awards from Harper’s Bazaar Singapore.
JEAN YIP SALON PTE LTD
Repeated as per the client
BEIJING 101 HAIR CONSULTANTS PTE LTD
Beijing 101 Hair Consultants was established in Singapore in 2001. It is part of a global network of hair care centres with a presence in over 60 countries. It offers an extensive range of treatments for hair loss, hair thinning, oily scalp, greying hair, premature or excessive white hair, and dry/damaged hair. Beijing 101 Hair Consultants utilizes Chinese medicinal treatments with the use of Chinese herbs for optimal results. In addition, it provides many products such as shampoo and conditioner through its e-shop. It has won numerous international awards such as a Gold medal at the International High Quality Products Exhibition in Malaysia in 1997.
SPA ESPRIT GROUP PTE. LTD.
Repeated as per the client
SNIP AVENUE HOLDINGS PTE. LTD.
Repeated as per the client
Top Singapore SMEs in Other Consumer Services
NATURELAND CARE PTE. LTD.
Natureland Care was established in 2012. The company, which is headquartered in Singapore, is a massage and spa centre that offers massage and therapy services. It operates 10 spas across the country. Its services include an extensive range of foot and body massages such as prenatal massage, body scrub, sports massage, gua sha, and other services such as toenail trimming and ear cleaning. Natureland Care has been honoured with numerous awards over the years, including the Singapore Prestige Brand Award for Established Brands in the year 2019, and the Excellence in Service Award in 2018.
VINTAGE STUDIO PTE. LTD.
Vintage Studio was established in Singapore in 2010. The company provides a range of hair services. It operates eight outlets across the country and offers services such as hair colouring, styling, rebonding, perming, hair treatments and scalp therapy. In addition, it offers services for nails, lashes and brows, and face and body through its VS Salon and VS Beauty Bar. Various hair care, brow and nail products are available at the VS Shop. Vintage Studio operates a hair and makeup academy which offers a diploma in salon management, professional makeup and hair styling, and a cutting enrichment course.
BEAUTY HORIZON PTE. LTD.
Beauty Horizon was established in 2005. The company is headquartered in Singapore and is a beauty and wellness provider. Beauty Horizon Aesthetic Salon offers an extensive range of beauty and wellness services for hair, body and skin. These include face toning and firming, face rejuvenation, pigmentation, eye bag reduction, dark circle reduction, cellulite and contour treatment, fat freeze, and hair treatments such as permanent hair removal. In addition, it provides in-house collagen induction therapy (CIT) for acne and scarred skin, and oxygeneo therapy for dull, tired skin. Beauty Horizon’s website provides the opportunity for customers to purchase a range of quality beauty products.
LUNCH ACTUALLY PTE. LTD.
Lunch Actually was incorporated in Singapore in 2004. The company, which offers dating and matchmaking services, is presently established in many countries including Malaysia, Hong Kong, Indonesia and Thailand. Lunch Actually provides personalized matchmaking services, enabling clients to go on dates arranged by the company. In addition, its range of coaching programmes such as elite dating programme, relationship coaching programme, image coaching and relationship coaching enable its clients to develop a deeper understanding of modern dating. The company has been featured in publications such as AsiaOne, CNA Luxury, The Business Times and SG Magazine.
REVAMP HAIR (S) PTE. LTD.
Revamp Hair (S), presently known as PHS Hairscience, was incorporated in 2004. The company, which is headquartered in Singapore, operates five stores across the country. It is a hair care provider offering treatments for hair loss, scalp and frizzy hair. PHS Hairscience’s website provides a collection of hair and scalp care products developed by the company which can be customized to meet individual needs. The company has been honoured with numerous local and international awards for its services – this includes being declared the winner at the HW Hair Awards in 2021.
TRICHOKARE PTE. LTD.
TrichoKare, which was established in Singapore in 2004, is a hair and scalp solutions provider for both males and females. Its range of services include advanced age-defying hair treatment, advanced Tricho hair test, hair fall preventive system, hair replacement service, hairdressing and consultation services. In addition, TrichoKare’s website provides a variety of hair care products. These products are developed using various premium European herbs that have many benefits. Over the years, the company has been honoured with many awards, including the Daily Vanity Spa & Hair Awards 2021, where it received two awards: for Best Hair Treatment for Anti-Ageing, and Hair Thinning & Hair Loss.
ANNABELLE INTERNATIONAL PTE LTD
Annabelle International, known as Anabelle Skin, was incorporated in 1994. The company, which is headquartered in Singapore, is a beauty salon that provides personalized skin and body care treatments. Its services include professional skin analysis, facial treatments, skin renewal treatments, and luminating eye care. The salon utilizes the latest skincare technology from leading European brands. Anabelle Skin maintains a blog with numerous articles offering skin and body care advice. It has also been featured in newspapers and magazines such as Paper Kitties, Buro 24/7, mariefranceAsia, Sassy Singapore and Daily Vanity.
INSTITUTE ESTETICA PTE. LTD.
Institute Estetica, known as Estetica, was incorporated in Singapore in 1980. The company is considered a pioneer in beauty cosmetic technology research and innovations, and is the only local beauty retailer with a joint lab with globally recognized A* STAR research institutes. Operating six outlets in Singapore, Estetica offers treatments for face, eyes and body. These include treatments for oily and acne prone skin, dry and sensitive skin, and aging skin, treatment for dark circles and eyebags, as well as firming and sculpting treatments for the body. The company has developed numerous skin, eye and body products under the brand name Ericson Laboratoire Paris and est.lab.
KENKO HOLDINGS PTE. LTD.
Kenko Holdings was incorporated in 1991. The company, which is headquartered in Singapore, provides foot reflexology and massage services. It operates six outlets in Singapore. Kenko’s reflexology services include foot, shoulder, and hand massages and acupressure head massage. Its massage and spa services include IWA hot spa, body massage, lymph detoxifying massage and beauty backline massage. Furthermore, it offers more than 10 different types of massages. The company provides a range of massage packages and gift vouchers that are readily available for purchase through its website.
EC HOUSE PTE. LTD.
EC House was incorporated in Singapore in 2011. The company offers a professional hairdressing service at affordable rates for adults and children. EC House operates 32 outlets across the country and has successfully expanded to Hong Kong. Its stylists have all been professionally trained in Singapore, Japan and Hong Kong by hairdressing experts. The salon operates using a ticketing system to increase productivity and help its stylists function efficiently. It even has separate colourful kids stations with rides for chairs. In addition, it ensures its services adhere to all hygiene requirements.
Top Singapore Fastest-Growing Companies Other Consumer Services
PARLOUR GROUP PTE. LTD.
Parlour Group was incorporated in 2005. It is headquartered in Singapore. The group operates several divisions that include franchising, social media advertising agency, education training, upmarket beauty salon, nail and waxing boutique, retail F&B, supplies distribution and mobile software application development. Presently, it is working towards being a spa infrastructure provider for other spas. Using its skills in branding and marketing, the company aims to expand its network and access a large distribution network. Parlour Group also offers advanced and practitioner level digital marketing strategy programmes to help its students achieve digital marketing certification.
ERABELLE PTE. LTD.
Repeated as per the client
ASHLEY & MARTIN (SINGAPORE) PTE. LTD.
Repeated as per the client
GARDEN SPA PTE. LTD.
Garden Spa – also known as Aramsa The Garden Spa – was incorporated in Singapore in 2005. Aramsa offers a comprehensive selection of spa and wellness treatments for the face and body. In addition, it provides spa services such as face and body therapies for kids aged 4 to 12. Its massages include massage therapy, specialized therapy and anti-stress therapy. Facial treatments include deep pore cleansing, calming and express facials. The spa also operates other facilities such as J Lashes, The Bund, Yoga Seeds and Dining. Garden Spa was honoured with the Best Spa Experience Award by the Singapore Tourism Board in 2006.
M.U.S.L.I.M. DELIGHTS WEDDING SERVICES PTE. LTD.
Repeated as per the client
BODYPERFECT PTE. LTD.
BodyPerfect was established in 2006. The company, which is headquartered in Singapore, specializes in weight management services. BodyPerfect offers premier slimming treatments to break down fat and provide sustainable weight loss without exercise or diet. Its services include detox slimming gua sha therapy and meridian therapy. It utilizes modern technology such as cryolipolysis, cavitation, radiofrequency, TMC and VelaSmooth for fat breakdown. The centre’s services have been featured in magazines such as the Women’s Weekly, SimplyHer, EzyHealth, and Mother and Baby.
MYEONGDONG HAIR STUDIO PTE. LTD.
Myeongdong Hair Studio was incorporated in 2015. Headquartered in Singapore, the company operates 10 outlets across the country. The Myeongdong Hair Studio specializes in a range of Korean haircuts, colouring, perming, styling and treatment services. It has partnered with numerous premium hairdressing brands, and all of its staff members have been professionally trained by Korean creative hair directors and brand partners. Myeongdong Hair Studio provides a range of hair products that can be readily purchased through its e-shop. Appointments are placed through an online service to ensure customer convenience.
MULTIFLORA NOIBARA PTE. LTD.
Multiflora Noibara, presently known as Mul.ti.flo.ra TCM Spa, was established in Singapore in 2002. The company operates nine outlets across the country. The spa provides traditional Chinese medicinal therapies to regulate the energy functions of the body and boost the body’s immunity. Some of the TCM therapies the spa offers include myofascial body therapy, moxibustion therapy, and oriental head meridian and herb therapy. In addition, it offers western technology facials such as Diatom ReNew, enzyme rush facial and HA therapy.
NEW YORK SKIN SOLUTIONS (S) PTE. LTD.
Repeated as per the client
ADERANS SINGAPORE PTE. LTD.
Aderans Singapore is a hair solutions company which was incorporated in 2002. It is a wholly-owned subsidiary company of Aderans, which is headquartered in Japan. This global company operates over 20 outlets across the world. Aderans Singapore offers a range of hair products and services to men, women and children. These products and services include custom-made wigs and hairpieces, as well as scalp analysis, hair treatments, hair replacement system, custom-made and ready-made hair systems and maintenance services. In addition, it provides hair products and services for both medical and general purposes.