Demographic and Lifestyle Developments Ageing population – The population of elderly residents aged 65 years and above increased 1.5% from 2000, building up to 8.7% of total population in 2008 (Singapore Department of Statistics, 2010a). During the same period, a contrasting decline in the population of residents aged below 15 years was recorded, developing into a higher old-age support ratio and a fast ageing nation. The growing phenomenon is due to a lower reproduction rate and increased life expectancy which are characteristics of a developed nation. People also tend to marry later and a lower reproduction rate from adopting a single child mentality in order to have a more enjoyable lifestyle and ability to provide more for the single child.
Affluent lifestyle – The rise in job opportunities and higher salary positions over the last decade have steered the working class population towards a more affluent lifestyle. The average employed households income increased from $5097 in 1999 to $7549 in 2009 (Singapore Department of Statistics, 2010b). This significant increase armed the working 1
population with a higher disposable income. They began to lead a more affluent lifestyle consuming... [continues]
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