![]() According to a survey by e-commerce platform Shopee conducted in 2019, there was a 33% increase in makeup orders by men compared to the same period last year. The other growth possibility is the male consumer. If brands can reach this new breed of buyers, they can tap on the Singapore market without ever setting foot on its shores. By 2021, another nearly one million more will join the digital brigade. ![]() Singapore has 3.12 million e-commerce users. There are two possible avenues for further growth in the future. Well-informed, price sensitive, with a penchant for premium, high-quality products, they present as much a potential as they do a challenge to beauty brands. In 2018, a record 18.5 million international travellers visited the island-nation. But the country has a significant expatriate community as well as millions of tourists. Admittedly, the local population is small. The Singapore consumer is also discerning and varied. As a result, brands have to continually strive to remain relevant by having better products, smarter advertising and more attractive promotions. The same willingness to test new products mean there is less brand loyalty. While this means that shoppers have more choices, it does not translate into a wider consumer base. In 2018 alone, multi-label store Sephora brought in 10 new beauty brands. Up to 20 new brands are introduced every year. This has encouraged new brands to enter the country. In addition, Singapore consumers are adventurous and open to giving new beauty products a try. The Singapore appetite for cosmetic products have proven resilient in the face of economic cycles as well. Despite new entrants, most notably Korea, the share these three countries have of the Singapore market has remained largely constant over the years. What draws them to these suppliers is their reputation as market leaders in the cosmetics industry. Premium products, mass skincare and colour cosmetics rank top among their buys with American, French and Japanese brands leading the pack. Singaporeans are eager to invest in their appearance. What these numbers tell us is that the Singapore market has tremendous potential for growth. According to a Research and Markets forecast, Singapore’s cosmetics market can see a CAGR growth of about 5% between 20. ![]() The cosmetics segment will likely amount to over US$180 million at a CAGR of 1.8%. Revenue in the beauty and personal care market for 2019 in Singapore is estimated to reach US$1 billion at a CAGR of 1.7%. More importantly, Singaporeans are willing to spend that wealth on perfecting their appearance. This was revealed in Credit Suisse Research Institute’s 2018 Global Wealth Report. The average wealth per adult in the country is an astounding US$283,120, making Singapore the ninth richest country in the world and the only Asian nation to make the top 10 list. This is because Singaporeans have the disposable income. According to research company Euromonitor, the Singapore beauty and personal care market will be worth US$1.74 billion by 2021. 7 Trends to Watch in Singapore’s Cosmetics Industryīeauty is big in Singapore.8 Must-knows about the Singapore Cosmetics Consumer.Potentials and Pitfalls in the Singapore Cosmetics Industry.6 Ways Cosmetics Companies are Reaching Consumers in Singapore. ![]()
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