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Source: Brand Alliance. Brand Alliance handed out the 2013 Influential Brands awards on November 2013. The 2014 Influential Brands conference will be held on 10 November 2014.
The survey has revealed that there are more than 100 Top Influential Brands in Singapore. More than 20 new brand categories were created in 2014. The new
categories may reflect the challenge of Gen X in finding a balance between discretionary and necessity spending.
The new categories in 2014 relevant to the Gen X consumers include:
- Budget airlines
- Dental clinics
- Electronic retailers
- Full service airlines
- Furniture shops
- Health and life insurance
- Milk powders
- Online platforms
- Preferred credit cards
- Preschool centres
- Property agencies
- Property developers
- Tuition centres
- Vitamins and health supplements
Brands which have captured the hearts of both Gen Y** in 2013 and Gen X in 2014 include household names such as ToastBox, NTUC FairPrice, DBS Bank, Gong Cha, Old Chang Kee, Din Tai Fung, Clinique and Watsons among others.
According to Brand Alliance, Gen X consumers in Singapore value convenience despite being price-sensitive. They tend to make brand decisions based on ease of obtaining a product or service, weighing elements such as location, accessibility and user-friendliness of online platforms when making decisions.
They are less influenced by recommendations when making brand decisions for the categories surveyed, unless they are making decisions about property.
Singapore Gen X consumers say they will consider recommendations from trusted sources from contacts when making property decisions, with one in five likely to consider recommendations when making a decision on property developers or property agencies.
While print is still highly relevant as a source of news for Singapore's Gen X, online and social platforms are rising to be their preferred news sources. “With increasing shifts in consumer behaviour driven by technology and digital platforms, both local and international brands are communicating with a distracted group of consumers.
"The window to capture attention and purchase decisions has shifted from traditional retail to include alternative platforms and this spells opportunities for brands to increase conversion for online platforms or increase engagement through multiple channels at various points of a consumer decision journey,” commented Jorge Rodriguez, Director of Strategy at Influential Brands.
Some of the 2014 Top Influential Brands are below.
Electronic retailers
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Foodcourts
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Facial Centres
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Best Denki
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Food Junction
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Bella Skin
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Challenger
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Food Republic
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BioSkin
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Courts
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Kopitiam
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Citispa
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Gain City
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NTUC Foodfare
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Jean Yip
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Harvey Norman
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New York Skin Solutions
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*Brand Alliance surveyed more than 3,000 Gen X respondents in Singapore between ages of 34 and 54 years old in the first half of 2014 about their preferred brands across industries.
**Gen Y would be the cohort born after Gen X, roughly aged 13 to 33.
