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Consumer Economy

Consumer Economy

Singapore serves as a gateway to the Asian market, home to 3.5 billion middle-class consumers whose spending is projected to reach USD 37 trillion by 2030, accounting for 57% of global middle-class consumption.

Consumer Economy

Singapore serves as a gateway to the Asian market, home to 3.5 billion middle-class consumers whose spending is projected to reach USD 37 trillion by 2030, accounting for 57% of global middle-class consumption [1]. Many top global consumer goods companies, such as P&G and Nestle, have established bases here to leverage Singapore's deep insights and capabilities into the pan-Asian market.

[1] Kharas, Homi, "The Unprecedented Expansion of the Global Middle Class: Updated Estimates," Brookings Global Economy and Development, February 2017.

 

Understanding Asian Consumers

Singapore is a mature consumer insights hub, deeply understanding the similarities and differences between Eastern and Western consumers, and the diversity within Asia. The country boasts a rich ecosystem of professional services firms, creative agencies, and research institutions providing businesses with deep consumer insights.

 

Innovate for Asia, from Asia

 

Ranked fifth globally and the most innovative nation in Asia in the 2023 Global Innovation Index, Singapore is home to cutting-edge R&D centers for global giants such as Nestle and L’Oréal Groupe. Businesses can leverage resources from Singapore’s 17 national research institutions and integrated research across sectors including digital, chemical, food, beauty, and biomedical sciences to drive adaptation and growth in the Asian market.

 

Industry leaders such as Reckitt and Heineken have also established global R&D and innovation centers here.

Asia's Control Center

 

Centralizing global functions such as branding and marketing, supply chain management, finance, and human resources in Singapore is a winning strategy for many consumer goods companies. Businesses can leverage Singapore’s large pool of specialized talent to drive regional growth and utilize world-class connectivity to reach 4.4 billion Asian consumers within a seven-hour flight radius of Singapore.

 

For many consumer giants such as P&G and Coca-Cola, centralizing key functions in Singapore has proven successful.

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