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Singapore’s Beauty Industry Report: High-end beauty brands are possible to enter the market

Singaporean has a high per capita income. This is why there is a huge acceptance for luxury-priced cosmetics and skincare products. This is a significant market that middle and high-end brands cannot miss. But due to Singapore’s ageing population, consumer demands continue to change. In order to provide relevant marketing strategies, i-Buzz Asia discovered five key points for middle and high-end brands to grasp on Singaporean beauty consumer insights.

Spring and summer season is the best timing for beauty brands

i-Buzz Asia discovered that the word of mouth (WOM) volume in Singapore’s beauty industry is relatively stable, garnering a certain amount of WOM every month. Many major brands launch their new spring collection in February and March each year to welcome the spring season, hence beauty discussion reached its peak in March. It is worth noting that Singapore is a multi-ethnic society and local people will celebrate Muslim Eid al-Fitr together. Many brands have taken this opportunity to promote their products by implementing some promotional activities. With the right timing and occasion, it is possible to gain twice the results from Singapore’s beauty industry with just doing half the work.

Social media is the main source of word of mouth, while discussions are more concentrated in forums

Social media is the main source of word of mouth. Facebook and Instagram do not show much distinction in number, but brand's social media marketing have a certain significance. Many social media page release limited-time products to attract customers, while some brands will invite well-known local artists to promote the brand, for instance: YSL has invited Singaporean artist Tanya Chua (蔡健雅) to increase popularity among her fans. In terms of popular channels, HardwareZone’s Lifestyle category is the number one source of beauty discussions. It is a well-known forum platform in Singapore, comparable to Taiwan’s PTT and DCard, that provide honest review and feedback from consumers, which cannot be neglected by beauty brands.

Japan and Korean high beauty brands have the opportunity to enter Singapore

i-Buzz Asia “Singapore Beauty Industry Report” shows that although European and American beauty brands stands for a huge percentage of the overall WOM, J-beauty and K-beauty brands perform better in terms of popularity, by garnering the first 3 spots in the top 10 lists. European and American brands are favoured when it comes to makeup products, such as Estee Lauder and Urban Decay, while Japanese and Korean brands perform well on both makeup and skincare products with brands like Shu Uemura, Innisfree and Shiseido.

Looking at these top 10 brands, it is obviously shown that the average price is relatively high. This reflects Singaporean’s high per capita income, which is why they are very welcoming these high beauty brands. Middle to high-end brands has great chances of entering Singapore’s beauty market. If they can build a good reputation, entering Singapore wouldn’t be a problem.

Singaporean prefer light makeup | Foundation is a must-have makeup product

According to i-Buzz Asia “Singapore Beauty Industry Report”, Singaporean consumers tend to discuss makeup-related products. 65% of the overall WOM are discussing makeup products such as foundation, eyeshadow and lipstick. Singapore is a tropical country, meaning its climate is relatively hot throughout the year. Henceforth, local people either seldom wear makeup, or prefer lighter and less heavy makeup. In addition, their skin tone is usually darker and sallow, which makes foundation to be highly popular and a must-have product to modify the skin’s complexion in the face.

As Singapore entering an ageing population, skincare products cannot be overlooked. Seeing the top 10 popular skincare products, it can be seen that they’re most engaged in products like serum, essence and moisturizer. These products help repair the skin from damages caused by ultraviolet rays and protect it by reducing the signs of ageing, especially serums which is the most popular skincare product among locals.

E-commerce is the main purchasing platform and promotional activities are very effective

Looking through the 7 major aspects in the beauty industry, we found out that Singapore internet users tend to mention marketing-related keyword, skincare benefits, and purchasing channel. In terms of “purchasing channel”, Sephora, Lazada and Shopee are well-known e-commerce platforms in Singapore. It reveals that online shopping in Singapore is prevalent and consumers are willing to purchase beauty products on e-commerce platforms.

In terms of “skincare benefits”, consumers pay attention to benefits such as hydration, moisturizing and cleansing, and this is due to the tropical climate in Singapore. When it comes to “marketing”, consumers pay attention to promotional activities such as “limited-edition”, “free gift” and “coupon”. Discounts certainly attract consumers to purchase, which is why many brands have implemented limited-time offers and occasional promotions to increase sales.

Grasp these five key points to success in Singapore’s beauty market

Looking at i-Buzz Asia “Singapore Beauty Industry Report”, there are a few points to grasp to enter the Singapore market:
1. Multi-ethnic society:
Singapore has a diverse ethnic group, celebrations like Eid al-Fitr is a good time for marketing.
2. The influence of social media is huge:
Facebook and Instagram are the main sources of word of mouth, social media marketing and influencer marketing are helpful.
3. High per capita income:
Singaporean has a high average income and is very welcoming high-priced products, giving opportunities to high-end brands.
4. Preference for light and not heavy makeup:
Due to climatic factors, consumers tend to wear light and not heavy makeup. Foundation, eyeshadow and lipstick are popular.
5. E-commerce platform is potential:
Large e-commerce platforms are the main purchasing channels and promotional activities attract more buyers.

Singaporean has a high per capita income and is less sensitive to price. This gives the middle to high-end brands a good opportunity to enter the market. Brands should utilize the diverse culture and provide sales promotion at the right time to gain the right publicity. Now that social media advertising is a thing, brands are recommended to run social media marketing and influencer marketing to increase brand exposure and recognition.