Simply in time for Singapore’s Nationwide Day vacation, unbiased inventive company VCCP has produced a brand new analysis report on Singaporean shoppers, signalling a post-pandemic shift of their historically cautious mindset on spending after a disaster.
Entitled ‘Profitable within the Rebound’, the report identifies 5 key client teams:
Initially of the pandemic, in Q2 2020, Singapore skewed towards the extra cautious client segments, with comfy however cautious Rationers by far the preferred group at 42%, adopted by the struggling Recovering section at 20%.
Quick ahead to This fall 2021 and the Rationers nonetheless lead, however have dropped by 6%, whereas the Recovering sector has additionally slipped 4%. On the rise in a giant means are the Revenge Spenders, rising 12% to simply turn out to be the second largest group, whereas the Rewarders additionally gained floor.
Paired with different knowledge reflecting the Nice Resignation and the expansion of self-employment in Singapore, and the writer of the report sees a shift in the way in which Singaporeans are rising from the pandemic, in comparison with the way it did from previous crises like SARS and the ’97 monetary disaster.
“What stood out most is seeing how pragmatism is evolving – we’re nonetheless pragmatic however not as historically outlined because it was once,” says Belynda Sim, VCCP’s head of technique for APAC. “According to the softer ‘Cs’ seen through the years, we’re seeing a shift from a extra guarded, reserved type of prudence and uncertainty avoidance to 1 that’s extra carefree, with out being careless after all. Individuals are slowly breaking away from a linear, structured way of life to 1 that’s extra fluid and spontaneous, taking accountability for their very own wellbeing from shopping for higher to small wins that enhance the on a regular basis.”
VCCP will proceed to replace its ‘residing research’ roughly each 6 months.