Singapore shoppers' overseas spending spikes: YouTrip | WARC | The Feed

Singapore shoppers' overseas spending spikes: YouTrip

Singaporeans’ penchant for overseas shopping persists as purchases in the past 12 months nearly doubled, with international marketplaces being the key drivers of cross-border spending, according to Singapore multi-currency wallet YouTrip.

Why it matters

Cross-border spending makes up a key component of Singapore’s thriving e-commerce market – poised to reach US$8 billion in 2025 – and the continued closure of borders has encouraged the

frequency of transactions from overseas retail sites, with key marketplaces in China and the US driving most of Singaporeans’ overseas spending.

Key insights

• International marketplaces – Taobao (#1), Amazon (#2), Alibaba.com (#3) and eBay (#5) – dominated the list of top 10 overseas websites frequented by Singaporeans from July 2020 to June 2021.
• Singaporeans were not shy about increasing their spending with these online retailers, with transactions more than doubling on Taobao (131%) and Alibaba.com (120%) from the year before, as well as a 98% increase on eBay.
• Peak transactions were registered in the middle and end of the calendar year – in June, November and December – in line with mega sale events by overseas marketplaces.
• Three in five Singaporean consumers purchased from overseas shopping sites at least once a month, with half spending an average of S$51-S$150 per transaction.
• Purchases of bicycles and K-pop merchandise saw standout growth, more than doubling and tripling in transactions of their respective products.

Quote

“Singaporeans are becoming seasoned shoppers of marketplaces and brands from around the world. We’re expecting this overseas spending behaviour to persist when travel resumes, as echoed by nine in 10 of our users who have indicated their preference to continue shopping from foreign retailers after borders reopen. This high consumer demand positions Singapore as a key market for international retailers.” – Caecilia Chu, Co-founder and CEO, YouTrip