Banking in Singapore

Thus, Retail Banking, is an important service sector for Singaporean consumers. The recession provides valuable information regarding the saving idiosyncrasies of consumers. According to Datamonitor research, Singaporean consumers in spite of their age and earning capacity tend to be more conventional in terms of making financial decisions. However, this does not mean that they do not utilize banking services to the fullest. According to the same research, an average person in Singapore holds 12 financial products. Singaporeans also value ethical banking highly with customer relationships being of very high significance to the banks. Thus, the young Singaporean consumers of retail banking are certainly not reckless and make mature financial decisions. Further, in an effort to safeguard its consumers after the global financial crisis, the Singaporean Government improved its consumer protection whereby financial institutions and products were also included.

Singapore is known to be a hotspot for elegant and high fashion, an eclectic cultural community and fine dining. Singaporeans are known to be brand conscious and would rather buy a trusted brand rather than a counterfeit at a cheaper price. This applies to the technology sector as well as seen by a broad consumer survey conducted by Microsoft. According to this survey, like their worldwide counterparts, Singaporean consumers know that counterfeit software is not as reliable as the genuine one. Further, they are an aware lot and recognize the dangers of ID theft and data loss.

However, branding is not the only important aspect whilst buying a product. Most young Singaporeans are knowledgeable about trends in the fashion, mobile and technology sector but are quality conscious and study options before a purchase. They use internet and magazines to the fullest in finding about their desired product. Particular tastes remain a sketchy topic with apparel brands such as Nike or Adidas on their wish list alongside computer brands of Dell, Apple and Acer. Young Singapore consumers, it seems like to spend well yet like to save well.

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