Last Updated: 08 Jan 2024
Lifestyle and Food
As one of the world’s best places to live in, Singapore has its fingers on the pulse of global lifestyle demands. Our cosmopolitan population is a trendsetter and barometer for global lifestyle needs. Coupled with having the best business environment in the world, Singapore is a natural launchpad and international hub for lifestyle businesses looking for global success.
The lifestyle sector shapes the environment which Singaporean live, work and play. Players include international and local store retailers, internet retailers, across subsectors like supermarkets and convenience stores, department stores, consumer electronics, jewellery and timepieces, fashion and sporting goods.
Singapore is renowned as one of Asia Pacific’s food capitals. Not surprisingly, our Food Services industry plays a vital role in our economy. The industry contributes 0.8% of Singapore’s GDP and employs about 180,000 workers.
Growth Opportunities
The cosmopolitan character of Singapore’s lifestyle sector can capitalise on this positive growth by adapting to a globally competitive retail landscape and differentiating customer experience and product offerings for an increasingly technologically-savvy and sophisticated customer.
With Singapore boasting one of the highest internet penetration rates in the world, resourceful and innovative retailers have seized the opportunity to identify new growth and re-invent their business model and expansion through internet-retailing and process re-design of their traditional distribution and supply chain solutions. This drive for productivity is a critical step towards preparing the retail sector from future challenges and to take it to new heights.
Traditional roles such as retail assistants are evolving into specialized roles such as brand advocates and fashion stylists. New roles are also created at the back of house, with technology specialists in digital marketing, e-commerce, data analytics and supply chain management becoming increasingly important.
This vibrant food industry is also highly competitive. Increasingly, local food companies are leveraging technology and differentiating themselves with innovative dining concepts, products, and service offerings to boost efficiency and enhance customers’ dining experiences. More companies are also establishing their brands overseas through joint ventures, franchises or corporate-owned outlets.
Fun Facts
- Singapore is recognised globally as a vibrant lifestyle hub and ranked highly in BCG’s Cities of Choice and Schroders’ Global Cities Index.
- Singapore regularly hosts exciting lifestyle events such as F1 Singapore Grand Prix, Sentosa Food Fest, Wellness Festival Singapore, the World’s Top 50 Bars Competition, and retail fairs such as Boutique Fairs and Public Garden.