YouTrip: Singaporeans’ overseas shopping behaviour persists, nearly doubling in purchases in the past 12 months

• YouTrip also revealed Singaporean users’ top 10 overseas
  shopping sites in the past 12 months, with international marketplaces being key
  drivers of cross-border spending
• Purchases of bikes and K-pop merchandise saw standout growth,
  more than doubling and tripling in transactions of their respective products

SINGAPORE – Media OutReach – 28 July 2021 -
YouTrip, Singapore’s leading multi-currency wallet, registered an 84% year-on
year increase in online overseas purchases by Singaporean users from July 2020
to June 2021^[1]. This
builds on the previous spike in overseas spending recorded by the company in
the first half of 2020, reflecting a greater appetite for goods from foreign
retailers by locals in this time of disrupted travel.

Cross-border spending makes up a key component of
Singapore’s thriving e-commerce market, which is poised to reach US$8 billion
in 2025^[2]. The
continued closure of borders has also encouraged the frequency of transactions
from overseas retail sites. A separate YouTrip survey showed that three in five
local consumers purchased from overseas shopping sites at least once a month,
and half spent an average of $51 – $150 per transaction^[3].

 

International marketplaces key
drivers of overseas spending 

 

Global
marketplaces continue to be hugely popular among local consumers, with key
players from China and the US driving most of the overseas spending from
Singaporeans.

• According to YouTrip’s data, international marketplaces – Taobao (#1), Amazon (#2), Alibaba.com
  (#3) and eBay (#5) – dominated the list of top 10 overseas websites frequented by Singaporeans in the
  past 12 months. 
• Singaporeans were also not
  shy about increasing their spending with these online retailers. Transactions
  more than doubled on Taobao (131%) and Alibaba.com (120%) from the year before,
  and consumers ramped up purchases on eBay, resulting in a 98% increase.

In terms of spending habits, peak transactions were
registered in the mid and end of the calendar year, specifically in the months
of June, November and December. These are in line with mega sale events
launched by overseas marketplaces during that period, such as the 618 Taobao
Festival and Amazon Prime Day in June 2021, as well as the 11.11 Singles’ Day,
12.12 Shopping Madness, Cyber Monday and Black Friday sales in time for the
end-of-year shopping season.

 

Crossing borders to meet more of
their everyday needs 

 

Clothing apparel and footwear emerged as the top
category^[4] for
overseas shopping among Singaporeans. Consumer electronics as well as furniture
and household items followed behind, as locals integrated this work-from-home
normal into their daily lives. 

Beyond these popular categories, the company’s latest
data also showed that Singaporeans were becoming more health-conscious during
the pandemic, turning to trusted overseas retailers for products to boost their
overall well-being.

• Health supplement retailers – iHerb (#4) from the US and Australia’s Chemist Warehouse (#10) – were two credible  sites that Singaporeans frequented to get
  their dose of nutrition, whereas Lululemon
  HK (#8) was the go-to overseas brand for their choice of activewear.
• Singaporeans have also turned up the gears on their cycling
  game in the past year. Cycling-related transactions more than doubled in the
  last 12 months, and cycling enthusiasts were visiting leading specialist bike
  shops – such as Evans Cycles (#9)
  from the UK – to pick up their own bike and cycling accessories.

In addition to 
fitness, overseas retailers also provided a source of solace for Kpop
fans in a time when live concerts are halted. Transactions on Weverse Shop (#6) – the global merchandise
store for top idols such as BTS and GFRIEND – saw a staggering triple in
growth, as legions of local fans spare no expense to purchase merchandise that
will bring them closer to their favourite pop stars.

 

Price is king
for consumers

 

When asked about the reasons
for purchasing from overseas retailers, around eight in 10 respondents^[5] indicated
the lower cost of items on foreign sites as the key drawcard. This was followed
by a wider variety  of products offered
by international brands, and the lack of availability from local retailers
pushing consumers to approach overseas alternatives.

“Singaporeans are becoming
seasoned shoppers of marketplaces and brands from around the world. We’re
expecting this overseas spending behaviour to persist when travel resumes, as
echoed by nine in 10 of our users^[6] who have
indicated their preference to continue shopping from foreign retailers after
borders reopen. This high consumer demand positions Singapore as a key market
for international retailers,” said Caecilia Chu, Co-founder and CEO of YouTrip.

 

She added, “The continuation
of this digital habit is also exciting for us at YouTrip, as we double down on
our innovation and expand our e-commerce offerings to offer consumers a
convenient, reliable payment experience with the best exchange rates.”

 

Offering true
value to YouTrip consumers

 

YouTrip continues to lead the
multi-currency market with its unique edge of being the cheapest way to pay
online through best exchange rates and with no markups in  over 150 currencies. Recognising that
shoppers always care for a great deal, YouTrip has also developed their blog into a one-stop resource guide with
curations of online shopping deals & shipping guides for the price-conscious.

Singaporeans’ top 10 overseas shopping sites

Overseas
shopping websites that YouTrip users in Singapore purchased from (July 2020 -
July 2021)

Rank	Overseas shopping site	Currency
#1	Taobao	CNY
#2	Amazon	USD
#3	Alibaba.com	USD
#4	iHerb	USD
#5	eBay	USD
#6	Weverse Shop	USD
#7	LuluLemon HK	HKD
#8	ASOS	GBP
#9	Evans Cycles	GBP
#10	Chemist Warehouse	AUD