Singapore has a developed industry and economy and is an important financial center and international trade transit station in Southeast Asia. It has high Internet and smartphone coverage and is one of the mature e-commerce markets in Southeast Asia.
Singapore has a small population and a high per capita GDP (Gross Domestic Product). According to statistics, Singapore’s per capita annual income ranked sixth in the world in 2018. Singaporeans have high spending power. However, local supply is limited and coupled with loose import policies, Singaporeans tend to buy goods that are not produced in the country. 60% of e-commerce transactions are cross-border transactions, which is higher than that of China, Japan, South Korea and other countries. By 2025, Singapore’s e-commerce market is expected to reach US$22 billion.
Cars in Singapore are expensive, so there is a market for car and motorcycle accessories and car beauty products. Singaporeans like environmentally friendly products, and products such as milk tea bags and folding cups are very popular. The consumption habits of Singaporeans are similar to those of Europeans and Americans, and they have higher requirements for the quality of product pictures and product detail pages.