Research from Experian Mosaic Shows Increased Income in Singapore
Update to award-winning consumer segmentation tool reveals new consumer insights, enabling organisations to engage more effectively with consumers across multiple channels
Singapore, 28 August 2012 – Experian, the global information services company today announced new findings that show a steadily rising average monthly household income and a narrower income gap among Singaporeans over the past five years.
The Mosaic consumer classification has been updated with new data sources, which have revealed that in 2011, Singaporeans’ average household income was S$2,925, up by 25 per cent from 2007. The data also showed a narrower income gap, indicating that income inequality has improved.
This update to Experian Mosaic Singapore comes five years after its initial launch to help businesses gain a deeper understanding of consumers in Singapore with more detailed insights. Using more than 200 data factors from sources including SingPost postcodes, Census 2010 data, property and market research data, Experian Mosaic Singapore classifies Singapore households and consumers into 30 unique segments and nine groups that share similar demographic and socio-economic characteristics.
The nine groups and type-level segments in the new version help organisations better understand and anticipate the behaviour, attitudes and preferences of their most attractive customers and prospects so that they can target these groups more effectively. For instance, the groups Affluent Elegance and Cosmopolitan Central comprise mainly upscale Singaporean families, but now also include foreigners and expatriates working in Singapore. This reflects the demographic changes and provides businesses with a better understanding of locations and the customers they serve, and enabling them to better identify potential risk as well as investment opportunities.
“Singapore has seen many changes over the past few years, particularly in its economy, technology and in household composition. These changes have inevitably had an impact on consumer choice, preference and habits. By classifying households using the latest data, the new version of Experian Mosaic captures these differences and offers marketers new levels of insight into consumer behaviour in Singapore,” said Graeme Beardsell, Managing Director of Experian South East Asia.
The new data also shows that residents with various income levels are now more evenly distributed across Singapore. For example, there has been an increase in the less affluent Mosaic types living in central zones.
“The information on rising incomes and a shift in resident geographic distribution gleaned from Experian Mosaic can help marketers to reach target customers more precisely, as well as enable more effective communication through various channels. This ensures that the right product offerings are matched to the right audience, which will go a long way in retaining and growing the customer base,” Beardsell added.
Experian Mosaic Singapore is currently in use by organisations in the government, finance and travel sectors, including the Singapore Sports Council and online travel agency ZUJI. It is one of Experian's 25 country-specific consumer classifications and joins similar systems in Australia, New Zealand, Hong Kong, Taiwan, Japan, Austria, Belgium, Canada, Czech Republic, Denmark, France, Finland, Germany, Greece, Israel, Italy, Norway, Republic of Ireland, Romania, Spain, Sweden, Switzerland, the Netherlands, UK and USA.
The new Mosaic Singapore groups include:
• Affluent Elegance (1.56% of Singaporeans)
Influential families with a global outlook and significant assets in prime central neighbourhoods.
• Cosmopolitan Central (1.69%)
Successful career professionals living fast-paced cosmopolitan lifestyles in city residences.
• Upscale Pragmatists (6.68%)
Older well-to-do families, many retired and leading leisurely lives in mature low-density premier districts.
• Well-heeled Clans (6.64%)
Larger families from upper middle-income brackets with children in established housing estates.
• Cautious Community (9.89%)
Mainstream families who live in older central housing estates.
• Expanding Kinfolk (21.03%)
Multi-racial and multi-generational families living in peripheral estates.
• Contemporary Homemakers (19.01%)
Comprising younger households with modern aspirations, this group consists of young Singaporeans in their early 20s to late 30s.
• Kopitiam Lifestyles (16.65%)
Ethnic enclaves in high-density heartlands, this largely Malay group occupies homes in the public housing estates on the outskirts of the city centre.
• Working Class Traditionalists (16.85%)
Older people living at subsistence level in small, densely populated quarters.
END
Notes to editors
Download the Infographic here (http://www.experian.com.sg/assets/mosaic/experian-mosaic-singapore-infographic.pdf).
About Experian Marketing Services
Experian Marketing Services delivers best-in-breed customer data and insight, digital-marketing technologies and data management services into multiple regions around the globe. By helping marketers more effectively target and engage their best customers with meaningful communications across both traditional and digital media, Experian Marketing Services enables organisations to encourage brand advocacy while creating measurable return on marketing investment.
For more information, visit http://www.experian.com.sg
About Experian
Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2012 was US$4.5 billion. Experian employs approximately 17,000 people in 44 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
For more information, visit
http://www.experianplc.com