Only seven in 10 Singaporeans engage in holiday shopping, according to a recent study.
The study, conducted on 1002 adult consumers in Singapore, found that the holiday seasons lead to increased consumption as about 67% of consumers engage in shopping around specific celebrations.
Celebrations, in this case, consists of holidays such as Christmas, Diwali, Thanksgiving, Halloween, Eid and New Year. Holiday shopping on the other hand includes the purchasing of gifts, decorations and food.
The study found that only three in 10 Singaporeans (27%) do not engage in holiday shopping.
Singaporean consumers who do engage in shopping related to holidays, according to a study by internet-based market research and data analytics firm YouGov, shopped in advance of the celebrations.
More than a quarter of consumers (28%) said they usually begin shopping for holidays they celebrate three to four weeks in advance.
Whereas 17% of respondents shop one to two weeks in advance. Only a mere 7% shop on the week of the event itself.
A smaller percentage of consumers (10%) shop two to three months before, while 3% do so four to six months early.
Only 2% of respondents shop more than half a year prior the holidays.
Out of the consumers who do shop, two in five (42%) use search engines to get shopping inspirations and to identify products to buy for festive celebrations.
Coming after search engines are family, friends and colleagues (38%) as a source. Other web-based sources such as online reviews and recommendations, as well as social media platforms, made up 37%. Retailer websites and apps make up 35% while TV ads and printed magazines and newspapers only make up 13% and 12% respectively.
However, it is worth noting that younger consumers are much more likely to turn to social media platforms and online reviews and recommendations to find and get inspired on what to buy.
According to the study, 53% of Gen Z and 42% of Millennials depend on social media for holiday shopping ideas. Only 34% of Gen X and 22% of Baby Boomers said the same.
Likewise, 46% of Gen Z and 44% of Millennials use online reviews and recommendations. This is in comparison to 33% of Gen X and 25% of Baby Boomers who do.
With holiday seasons and festivities such as Black Friday, Christmas and New Years fast approaching, brands are gearing up to maximise success. Singles' Day is still the strongest shopping event with an increase of +192% in sales while Black Friday saw an impressive spike of +149%. This is followed by an uptick of +95% on Cyber Monday.
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