According to Nielsen, this tenancy towards global brands is a worldwide trend. In Singapore, this development is quite differentiated and varies according to area: The greatest preference for global brands is seen for baby food and diapers with 93% and 92% respectively, followed by alcoholic beverages such as beer and wine with 89%. Global brands also come out on top in the areas of vitamin supplements (88%), women's care products (86%) and energy drinks (85%), according to The Straits Times, a Singaporean newspaper.
The results of the study are not surprising. Nielsen confirms that Singaporean consumers of today also have easier access to foreign goods and can benefit from a wide selection. This trend does not spell the end for local producers, however, as consumers continue to prefer familiar local products in the food sector. For pastries, snacks, biscuits and chips, global brands account for just 42%, dairy products 36%, and instant noodles only 33%.
Opportunities for Swiss Suppliers
The survey shows that consumers in Southeast Asia are devoted to global brands. “However, it’s not the question of local versus global that takes center stage, but the consumers themselves,” says Angela Di Rosa, Southeast Asian consultant at Switzerland Global Enterprise.
“Brands will only win favor with consumers when they manage to understand consumer needs and actively participate in shaping trends and lifestyle developments. Where the opportunities for Swiss Suppliers lie. “
In addition to awareness of global brands, the growing market is currently offering opportunities for Swiss SMEs. According to the authorities, productivity growth in Singapore is expected to reach 3 percent this year, the highest level since 2010. This increase favors virtually all other sectors of the economy. The forecast for gross domestic product in 2017 was again revised upwards, from 3 to 3.5%.
Would you like to explore your opportunities in Singapore? Take part in a consultation session or contact Angela Di Rosa, our consultant for South-East Asia.
An appearance at an international trade fair can be the perfect accompaniment to your international strategy.
SWISS Pavilion @ Singapore Airshow 2018
Mini SWISS Pavilion @ Asia Health 2018
SWISS Pavilion @ IDEM Singapore 2018
For an overview of all the SWISS Pavilions’ joint stands, click here.
