The view that Singaporean youth are ‘globalised' or ‘Westernised' may not be totally true, as Euro RSCG's Prosumer Pulse survey reveals they are comparatively logical and prudent in their purchasing patterns unlike their Western counterparts.
The research shows Singaporean Prosumers are more mindful of waste and expressed guilt about profligate spending when compared with youth in China and India. They prefer a cultural middle ground that blends what they consider the best of modernity and tradition, has substantially influenced their spending behaviour.
According to Euro RSCG, although the ‘re-mix' generation has departed from the traditional, more frugal way of life, they do not fully embrace pure indulgence. Instead,
Prosumers place an emphasis on logical spending, are focusing on value, and will happily purchase the latest product - as long as there is sufficient justification.
"The findings from this survey have important implications for brand and product
development, as well as advertising and marketing efforts in any market," Matthew Fanshawe, CEO and managing director of Euro RSCG Singapore and Malaysia says.
"It is important for marketers to provide that justification in order to create value for their brands in the minds of Prosumers.
On the same note, over 90% of those surveyed believe that credit cards and personal loans should be used during emergencies only. The same percentage also say that even with a credit card, there is "no point in spending on things one cannot afford".
"Insights from the survey shows that marketing messages that emphasise ‘Western' values such as independence and liberal ways of living will not necessarily resonate in Singapore, which is considered more ‘Westernised' than most other Asian countries. Equally, excessive emphasis on traditional values or heritage may also be off track.
Over 4,500 individuals aged between 15 and 30 from Singapore, China and India participated in this latest survey - 325 of which are Singaporeans. Euro RSCG defines a Prosumer (or Proactive Consumer) as a person who is empowered by technology and information, and who is more than averagely engaged in what is happening at the retail counter, politics, and pop culture. The study focused on Prosumer opinions on aspects such as family, friends, career, money, fashion, culture, religion, fashion, and the media.