Synovate Survey Shows Ascending Singaporean Spending Power

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Synovate survey shows ascending Singaporean spending power

6 October 2005
SINGAPORE — Synovate, a leading global market intelligence company, today released information from the 2005 Synovate PAX media survey that showed rises in wealth, product and service ownership and improvements in lifestyle across Singapore's affluent residents. The Synovate PAX survey tracks media, prosperity and influence in eleven markets across the Asia Pacific region – Singapore, Hong Kong, Korea, Malaysia, Thailand, Indonesia, Philippines, Taiwan, India, Australia and Japan. Wanda Gill, Media Director for Synovate in Singapore said that the affluent of Singapore were enjoying high confidence and spending power. "In just the last few months, our constantly-updated tracking has enabled us to watch Singapore's ever–increasing confidence translate into higher product ownership, increasing purchase intentions and improving lifestyle." The Synovate PAX results for 2005 show that the average monthly household income of the Lion City's affluent residents has risen from US$4,826 to US$5,456 – a 13% relative change. "With greater household wealth, these Singaporeans are rewarding themselves with purchases of top tier luxury and consumer items and steady increases in property ownership and investment," Ms Gill said. The Synovate PAX survey allows marketers to get a full picture of Singapore's affluent consumers – what they watch, read, buy and how they feel about advertising and branding – enabling them to target their marketing efforts. Ms Gill said that the 2005 results painted a picture of Singapore as the quiet powerhouse in relation to other markets in the region. "While Hong Kong's wealthy are conspicuous consumers and buy items for their fashion status, Singaporeans tend to be more considered in distributing the fruits of their labours. Singapore's elites still spend – and spend a lot – but our data shows they won't get their wallets out on a whim. "Marketers must appeal to...
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