\n<\/p>\n
SINGAPORE –\u00a0Media
Mass Affluent Chinese
\u00a0<\/p>\n The Singapore economy achieved 14.7% year-on-year growth in the
The Chinese expat community in Singapore has contributed to the
\u00a0<\/p>\n The survey also found that most Chinese expats have been easing back
\u00a0<\/p>\n Affluent Chinese Expats’ Unique Shopping and Investing
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\u00a0<\/p>\n On the note of Chinese
\u00a0<\/p>\n EternityX shared key tips for
\u00a0<\/p>\n \u25cf\u00a0\u00a0\u00a0\u00a0
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[1]<\/sup><\/sup><\/a> August 2021, Singapore Ministry of Trade
[2]<\/sup><\/sup><\/a> February 2021, Singapore Department of
SINGAPORE –\u00a0Media
OutReach\u00a0– 20 September 2021 – With the government gradually
easing border restrictions under COVID-19, businesses have been looking at new
ways to capture opportunities in the local market over the course of the
pandemic in order to generate positive momentum. Chinese expats in Singapore
form a significant demographic that brands have been eyeing …<\/p>\n","protected":false},"author":1,"featured_media":17594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/17593"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=17593"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/17593\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media\/17594"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=17593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=17593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=17593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nOutReach<\/a>\u00a0– 20 September 2021 – With the government gradually
\neasing border restrictions under COVID-19, businesses have been looking at new
\nways to capture opportunities in the local market over the course of the
\npandemic in order to generate positive momentum. Chinese expats in Singapore
\nform a significant demographic that brands have been eyeing to fuel sales
\ngrowth in the year of pandemic recovery. To provide perspective on this growing
\nexpatriate community that is shaping the country’s consumer market, leading AI
\nmarketing platform EternityX<\/a>
\ntoday announced a survey that looks at the spending and investment habits of
\nChinese expats in Singapore to better understand their potential to contribute
\nto the country’s economy.<\/p>\n
\nExpats Wielding Strong Purchasing Power Potential<\/b><\/p>\n
\nsecond quarter this year[1]<\/sup><\/sup><\/a>
\nwhile the country was undergoing Phase 1 of reopening. “This is encouraging,
\ndespite the borders remaining closed,” said Richard Andrew, Southeast Asia and Australia Managing Director of
\nEternityX<\/b>. “During the lockdown, we’ve seen brands shifting their focus to
\nnew consumer demographics within the territory, and Chinese expats are believed
\nto be an important segment to aid consumption growth, now and into the future.”<\/p>\n
\ncountry’s economy over the years. According to EternityX data, 71% of the
\nrespondents hold Bachelor’s degrees or above. 32% of the surveyed are
\nconsidered ‘affluent’ as they make over SGD 160,000 annual household income -
\nat least 45% higher than the median Singapore household income[2]<\/sup><\/sup><\/a>.<\/p>\n
\ninto their pre-pandemic life; 63% of respondents said that they have been
\nspending more this year than they had in 2020.<\/p>\n
\nhabits, and Their Potential for Businesses<\/b><\/p>\n
\nShopping: <\/b><\/p>\n
\n52% of the affluent respondents
\nnoted that they have spent an average of more than SGD 1,000 per month on
\nluxury or beauty goods, 19% of which even spent an average of more than SGD
\n5,000 – a sum typically equivalent to buying a small shoulder bag from a luxury
\nfashion house or a diamond ring from a high-end jeweller.
\nRegardless of the complicated
\ncross-border logistics, more affluent Chinese expats prefer shopping on Chinese
\nonline marketplaces (including JD.com, Tmall, Taobao, and Pinduoduo) rather
\nthan local and regional ones (including Shopee and Lazada).
\nInvestment:<\/b>
\nOver three-quarters of the
\naffluent agreed that digital resources, including search engines (80%) and
\nsocial media (73%), play important roles when they make investment decisions.
\n33% of the affluent Chinese
\nexpats plan on saving and investing 16% to 30% of their annual income, with
\nstocks and bonds, insurance, and real estates being the top 3 investment
\noptions, indicating great untapped opportunities for financial institutions.
\nMedia consumption: <\/b><\/p>\n
\nWhile over 71% of the
\nrespondents have lived in Singapore for over 10 years, Chinese expats still
\nheavily utilise Chinese media platforms, with iQiyi, Douyin and Sina being the
\nmost influential platforms when it comes to their spending decisions; while WeChat,
\nToutiao and Sina News are their primary Chinese media channels for breaking
\nfinancial news.
\nInterestingly, although many of
\nthe respondents speak English at home, 77% still tend to purchase brands which
\nadvertise in Chinese on a Chinese media channel. More EternityX data reveals
\nthat campaigns running on Chinese digital platforms in simplified Chinese drive
\nhigher engagement and generate more leads with Chinese expats living overseas.
\nThis shows the power of communicating in a customer’s native language and the
\ndiversity of the platforms that can provide enhanced interaction with Chinese
\nexpats.<\/p>\n
\nexpats’ spending habits, Richard Andrew commented, “Data has told us that it
\ncan take up to 30 steps for a customer to make their purchase decision; the
\nmore expensive the products, the more steps the customers need. This survey
\nreveals the unique ways in which Chinese expats spend their disposable income
\nand consume media, which sheds light on how brands and businesses should tailor
\na personalised approach that best connects with their target customers.
\nDemographics matter and therefore brands should embrace technology and
\ninnovative digital solutions that precisely target one of Singapore’s
\nwealthiest segments [Chinese expats] in order to maximise the effectiveness of
\nadvertising campaigns.” <\/p>\n
\nbrands to unlock business potential within the Chinese expat market: <\/p>\n
\nMake sure you put yourselves in their shoes:<\/b> A one-size-fits-all approach doesn’t work with Chinese Expats,
\nespecially considering their visual mindset. Focus your campaign on
\nstorytelling with high-quality and eye-catching visuals plus creative,
\nattractive and useful content. Include a relevant call-to-action and landing
\npage. Most importantly, all touchpoints in the campaign have to be in
\nSimplified Chinese.\u00a0 <\/p>\n
\nThe more touchpoints, the merrier:<\/b> Don’t
\nlimit your media plan to just the most popular apps. EternityX data shows that
\nChinese Expats in Singapore access well over 50 different types of apps and
\nmedia on average, including video, social, news, lifestyle and gaming.
\nMarketers should include a variety of channels in your media plan, on top of
\nthe most high-profile Chinese publications and platforms.<\/p>\n
\nUtilise the latest target segmentation tools: <\/b>\u00a0Leveraging more layers of
\ndata, such as spending power and keywords, and the latest AI and ML technology
\ncan help brands precisely identify and reach the target audience.<\/p>\n
\nLeverage opportunities for targeted and personalised offers on
\nChinese media platforms: <\/b>Consumers today value
\npersonalisation, and brands who use data-driven campaigns to tailor content to
\nconsumers are seeing results. With careful execution, exclusive deals or
\ncampaigns for Chinese expats living in Hong Kong will attract this specific
\nconsumer group. Targeted and personalised offerings on Chinese media platforms
\ncan further drive higher engagement rates with Chinese expats.<\/p>\n
<\/p>\n
\n
\nand Industry (link<\/a>)<\/p>\n<\/div>\n
\nStatistics (link<\/a>)<\/p>\n<\/div>\n<\/div><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"