Chinese Expats in Singapore Increase Spending Post-COVID-19
Chinese expatriates in Singapore are spending more after the COVID-19 pandemic, demonstrating significant purchasing power. A survey by data analytics firm EternityX reveals their consumption and investment habits.
Chinese expatriates residing in Singapore have boosted their spending post-pandemic, demonstrating considerable purchasing power that is attracting brand attention. Data compiled by EternityX indicates that 63% of respondents are spending more in 2021 compared to the previous year, signaling significant economic potential.
According to the company, Singapore's economy grew by 14.7% in the second quarter this year, with Chinese expats identified as a key demographic for driving consumption growth. The survey reveals that 71% of respondents hold a university degree, and 32% are classified as affluent, earning over SGD 160,000 annually.
The study highlights that affluent Chinese expats allocate significant amounts to luxury and beauty goods, averaging over SGD 1,000 monthly. They favor Chinese online marketplaces over local ones. Digital resources, such as search engines and social media, play a crucial role in their investment decisions.
Chinese expats continue to heavily utilize Chinese media platforms like iQiyi and Douyin for key consumption decisions. Although many speak English at home, 77% still prefer to purchase brands advertising in Chinese. EternityX emphasizes that a personalized approach and communication in Simplified Chinese on Chinese digital platforms can enhance engagement and lead generation.