SINGAPORE: They are young, they are rich and they celebrate the
changes in Singapore society.
For these Singaporeans in their late 20s and early 30s who earn
an average of more than $75,000 a year, the convergence of cultures
and growing diversity in Singapore has led to a wider range of
professional and lifestyle experiences.
And foreigners are to be embraced for the new ideas they help
Singapore come up with.
This is one of the key findings in a study of the attitudes and
spending trends among young and affluent consumers.
And according to American Express (Amex), which commissioned the
qualitative survey, one of the implications is that this group have
come to expect "world—class" standards as they seek a global
experience.
"Because they are so comfortable online, even the way brands,
products and services are promoted must seen to be of the same
calibre as ’global competitors’ to gain their attention and
respect," said the report titled "Everything is possible: Lifestyle
expectations of the young affluent in Singapore".
But for this "first online generation", it is still a key
priority to spend time with friends, face—to—face, according to the
study conducted by marketing research company Synovate.
"I go to the gym with my friends. I get bored when I go alone,
plus it’s one more activity my friends and I do together that is
bonding for us," the report quoted one respondent as saying.
Dr Koh Choong Hou, 28, a doctor in the civil service, shared
some of the sentiments expressed in the survey, which was conducted
between October and December last year via group sessions and
individual interviews involving between 36 and 64 affluent youth
consumers.
"Just like other cosmopolitan societies, for instance, London
and New York, where there is no closed—door policy, Singapore
cannot be inward—looking as well," he said about welcoming the
world into Singapore.
The study also said that the young affluent see themselves as
"world citizens" with the world their playground, where
international experience builds social currency. They are also
confident in themselves and the future and want to have "more now"
to fulfil their lifestyle aspirations.
The report described them as "experience hoppers", whose "mood
of the moment" determines their lifestyle choices from nightclubs
and health clubs to restaurants and shopping
