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The recovery of the economy was one of the major factors that spurred growth for the Singaporean foodservice market in 2010. Singapore's economy saw a drastic rebound, and grew by a record 15%. The recovery of the economy led to increased consumer confidence, and consumers were more willing to spend on dining out.
Consumers also traded up to mid and fine dining establishments, leading to healthy value sales growth for consumer foodservice.
Internet penetration in Singapore was 70% for the year in 2011, with the majority of people in Singapore preferring to dine out, and therefore booking a place in their favourite restaurants in advance became a priority.
In 2011, the proportion of the population aged 65 years and above in Singapore was recorded at 9.3%. The older population is becoming increasingly health conscious, which has led to a high demand for health food in the country.
Most of the professionals in Singapore are exposed to a busy lifestyle and at the same time are concerned about their health and the quality of the food they consume, which has motivated them to change their eating habits.
Singapore is a nation of mixed cultures and ethnic population, and there is no shortage of restaurants catering to such a variety of target consumers. Between 2006 and 2011, Singapore witnessed an increase in the number of ethnic restaurants that provide Malaysian, Chinese, Indian, Japanese, and Western cuisines.
New modern-style cafés and fast-food chains such as McCafé by McDonald's and Whopper Bar by Burger King have become a new trend in the Singaporean foodservice industry. The main aim behind this trend is to serve consumers in a better manner and with the best service.
The Singapore tourism industry witnessed a growth in tourist arrivals in 2011, with a 13.1% increase in the number of tourists since 2010. Such a high growth in the tourism industry has improved the performance of the foodservice market, which contributed to 10% of the total tourism receipt in 2011, and is also expected to grow through to 2016.
For more information on the Singaporean foodservice market, see the latest research: Singaporean Foodservice Market Report
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