DUBLIN--(BUSINESS WIRE)--The "Singapore Loyalty Programs Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Loyalty Programs Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.
According to the Q1 2022 Global Loyalty Programs Survey, Loyalty Programs Market in Singapore is expected to grow by 12.4% on annual basis to reach US$ 700.1 million in 2022. In value terms, the Loyalty Programs Market in Singapore has recorded a CAGR of 13.1% during 2017-2021.
The Loyalty Programs Market in Singapore will continue to grow over the forecast period and is expected to record a CAGR of 12.0% during 2022-2026. Loyalty Programs Market in the country will increase from US$ 622.7 million in 2021 to reach US$ 1101.5 million by 2026.
In Singapore, consumers are always on the lookout for ways to add more value to their purchases. With the ever-changing consumer behavior, Singaporeans not only expect to be instantly rewarded for shopping at their favorite brands and use the rewards immediately at the point of sale, but they also expect optimal engagement with brands. As consumers continue to seek personalization, loyalty programs have started to become a key growth factor for businesses in Singapore.
According to the Q1 2022 Global Loyalty and Rewards Market Survey, more than 80% of the consumers stated that they would want to shop from a brand that has a loyalty program. Moreover, around 75% of the consumers stated that being part of the loyalty program encourages them to spend more with the retailers in Singapore. Based on these insights, brands and retailers need to prioritize giving their customers a personalized loyalty program that will meet the demand of the consumers in the country.
As consumers in increasing number seek out ways to add more value to their purchases, loyalty programs are helping retailers in Singapore to drive more consumer visits and heavier purchasing, especially in a saturated retail landscape. Over the next two to three years, the publisher expects more brands and businesses across different industry verticals to launch personalized loyalty programs for consumers in the country.
Mergers and acquisitions are rising in the Singaporean loyalty and rewards programs market
In the midst of the growing loyalty market industry in Singapore, global Fintech firms are looking to expand their footprint in Singapore and in other Southeast Asian markets. Consequently, firms are entering into mergers and acquisition deals to acquire Singapore-based loyalty and rewards programs providers.
Startups are raising funds to disrupt the loyalty industry in Singapore
Globally, there are billions of dollars in unused air miles. Consumers either find redeeming their loyalty points inconvenient, or they simply have no use for the promotions offered. To change this and to let consumers use their loyalty points more effectively, startups are innovating with their services and are also raising funding rounds to disrupt the loyalty industry in Singapore and globally.
Buy now, pay later firms are launching loyalty programs for their users in Singapore
Over the last two to three years, the popularity of innovative payment methods such as buy now pay later (BNPL) has surged significantly globally. Notably, the trends are similar in Singapore, where an increasing number of consumers, especially the young generation, are flocking toward the use of BNPL payment solutions.
This report provides in-depth, data-centric analysis of loyalty in Singapore. Below is a summary of key market segments:
Singapore Loyalty Spend Market Size and Future Growth Dynamics by Functional Domains, 2017-2026
- Loyalty Schemes
- Loyalty Platforms
Singapore Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Program Type, 2017-2026
- Point-based Loyalty Program
- Tiered Loyalty Program
- Subscription Loyalty Program
- Perks Loyalty Program
- Coalition Loyalty Program
- Hybrid Loyalty Program
Singapore Loyalty Spend Market Size and Future Growth Dynamics by Channel, 2017-2026
Singapore Loyalty Spend Market Size and Future Growth Dynamics by Key Sectors, 2017-2026
- Financial Services
- Healthcare & Wellness
- Restaurants & Food Delivery
- Travel & Hospitality (Cabs, Hotels, Airlines)
- Media & Entertainment
Singapore Loyalty Spend Market Size and Future Growth Dynamics by Retail, 2017-2026
- Diversified Retailers
- Department Stores
- Specialty Stores
- Clothing, Footwear & Accessories
- Toy & Hobby Shops
- Supermarket and Convenience Store
- Home Merchandise
Singapore Loyalty Spend Market Size and Future Growth Dynamics by Accessibility, 2017-2026
- Card Based Access
- Digital Access
Singapore Loyalty Spend Market Size and Future Growth Dynamics by Consumer Type, 2017-2026
- B2C Consumers
- B2B Consumers
Singapore Loyalty Spend Market Size and Future Growth Dynamics by Loyalty Platforms, 2017-2026
Singapore Loyalty Spend Market Size and Future Growth Dynamics by Software Platforms, 2017-2026
- Custom Built Platform
- Off the Shelf Platform
Singapore Loyalty Spend Market Size and Forecast by Consumer Demographics & Behavior, 2021
- By Age Group
- By Income Level
- By Gender
Reasons to buy
- In-depth Understanding of Loyalty Programs Market Dynamics: Understand market opportunities and key trends along with forecast (2017-2026).
- Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
- Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate loyalty strategy; assess market specific key trends, drivers, and risks in the industry.
For more information about this report visit https://www.researchandmarkets.com/r/1kcj