Singapore – More than half of Singaporean consumers are eyeing to buy luxury during the holiday sales, a research from technology company LoopMe reveals.
LoopMe reports that 41% of Singaporean consumers plan to make purchases during the sales period, which contrasts consumer trends in the United Kingdom and Australia, where only 14% plan to shop. Fewer consumers in the region also plan to purchase luxury items during the holidays.
Among Singaporean consumers, 40% are looking to buy gifts, with 23% likely to purchase apparel or footwear. Over half of them report that the sales and discounts motivate them to buy more during the period.
The study also highlights the increasing popularity of super apps in Singapore, with 24% of consumers likely to shop on TikTok, 12% from Amazon, 10% from Grab, 4% from Foodpanda, and 50% from a different app.
“Singapore consumers seem set to shop over the next few months, with a series of sales events providing a great opportunity for retailers to convert this intent, especially in the luxury goods sector,” Simon Stone, general manager of international (EMEA & APAC) at LoopMe, commented.
“With super apps driving purchases, brands should be looking to include these platforms – notably the TikTok shop – in marketing strategies to engage established and new customers with the discounts on offer,” Stone added.
