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SINGAPORE –\u00a0Media OutReach<\/a>\u00a0– 28 July 2021 -
Cross-border spending makes up a key component of
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International marketplaces key
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Global
In terms of spending habits, peak transactions were
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Crossing borders to meet more of
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Clothing apparel and footwear emerged as the top
Beyond these popular categories, the company’s latest
In addition to\u00a0
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Price is king
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When asked about the reasons
“Singaporeans are becoming
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She added, “The continuation
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Offering true
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YouTrip continues to lead the
\nYouTrip, Singapore’s leading multi-currency wallet, registered an 84% year-on
\nyear increase in online overseas purchases by Singaporean users from July 2020
\nto June 2021[1]<\/sup><\/sup><\/a>. This
\nbuilds on the previous spike in overseas spending recorded by the company in
\nthe first half of 2020, reflecting a greater appetite for goods from foreign
\nretailers by locals in this time of disrupted travel. <\/p>\n
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\nSingapore’s thriving e-commerce market, which is poised to reach US$8 billion
\nin 2025[2]<\/sup><\/sup><\/a>. The
\ncontinued closure of borders has also encouraged the frequency of transactions
\nfrom overseas retail sites. A separate YouTrip survey showed that three in five
\nlocal consumers purchased from overseas shopping sites at least once a month,
\nand half spent an average of $51 – $150 per transaction[3]<\/sup><\/sup><\/a>.<\/p>\n
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\ndrivers of overseas spending\u00a0 <\/b><\/p>\n
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\nmarketplaces continue to be hugely popular among local consumers, with key
\nplayers from China and the US driving most of the overseas spending from
\nSingaporeans.<\/p>\n\n
\n(#3) and eBay<\/b> (#5) – dominated the list of top 10 overseas websites\u00a0frequented by Singaporeans in the
\npast 12 months.\u00a0<\/li>\n
\nshy about increasing their spending with these online retailers. Transactions
\nmore than doubled on Taobao (131%) and Alibaba.com (120%) from the year before,
\nand consumers ramped up purchases on eBay, resulting in a 98% increase.<\/li>\n<\/ul>\n
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\nregistered in the mid and end of the calendar year, specifically in the months
\nof June, November and December. These are in line with mega sale events
\nlaunched by overseas marketplaces during that period, such as the 618 Taobao
\nFestival and Amazon Prime Day in June 2021, as well as the 11.11 Singles’ Day,
\n12.12 Shopping Madness, Cyber Monday and Black Friday sales in time for the
\nend-of-year shopping season. <\/p>\n
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\ntheir everyday needs\u00a0 <\/b><\/p>\n
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\ncategory[4]<\/sup><\/sup><\/a> for
\noverseas shopping among Singaporeans. Consumer electronics as well as furniture
\nand household items followed behind, as locals integrated this work-from-home
\nnormal into their daily lives.\u00a0 <\/p>\n
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\ndata also showed that Singaporeans were becoming more health-conscious during
\nthe pandemic, turning to trusted overseas retailers for products to boost their
\noverall well-being.<\/p>\n\n
\ntheir dose of nutrition, whereas Lululemon
\nHK<\/b> (#8) was the go-to overseas brand for their choice of activewear.<\/li>\n
\ngame in the past year. Cycling-related transactions more than doubled in the
\nlast 12 months, and cycling enthusiasts were visiting leading specialist bike
\nshops – such as Evans Cycles<\/b> (#9)
\nfrom the UK – to pick up their own bike and cycling accessories.<\/li>\n<\/ul>\n
\nfitness, overseas retailers also provided a source of solace for Kpop
\nfans in a time when live concerts are halted. Transactions on Weverse Shop (#6) <\/b>– the global merchandise
\nstore for top idols such as BTS and GFRIEND – saw a staggering triple in
\ngrowth, as legions of local fans spare no expense to purchase merchandise that
\nwill bring them closer to their favourite pop stars.<\/p>\n
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\nfor consumers <\/b><\/p>\n
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\nfor purchasing from overseas retailers, around eight in 10 respondents[5]<\/sup><\/sup><\/a> indicated
\nthe lower cost of items on foreign sites as the key drawcard. This was followed
\nby a wider variety\u00a0 of products offered
\nby international brands, and the lack of availability from local retailers
\npushing consumers to approach overseas alternatives.<\/p>\n
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\nseasoned shoppers of marketplaces and brands from around the world. We’re
\nexpecting this overseas spending behaviour to persist when travel resumes, as
\nechoed by nine in 10 of our users[6]<\/sup><\/sup><\/a> who have
\nindicated their preference to continue shopping from foreign retailers after
\nborders reopen. This high consumer demand positions Singapore as a key market
\nfor international retailers,” said Caecilia Chu, Co-founder and CEO of YouTrip.
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\nof this digital habit is also exciting for us at YouTrip, as we double down on
\nour innovation and expand our e-commerce offerings to offer consumers a
\nconvenient, reliable payment experience with the best exchange rates.”<\/p>\n
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\nvalue to YouTrip consumers <\/b><\/p>\n
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\nmulti-currency market with its unique edge of being the cheapest way to pay
\nonline through best exchange rates and with no markups in\u00a0 over 150 currencies. Recognising that
\nshoppers always care for a great deal, YouTrip has also developed their blog<\/a> into a one-stop resource guide with
\ncurations of online shopping deals & shipping guides for the price-conscious.<\/p>\n
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