3. Consumer awareness
• People‘s thoughts and attitudes towards
spending their income and their choice of
goods and services
4. Comparison of
consumer awareness
on payment
• The swift pace of mobile
payments adoption in China
• By 2021 eMarketer projects
that 79.3% of smartphone
users in China will be tapping,
scanning and swiping and
swiping at the point of sale.
（Sources: Engen 2018)
6. Comparison of
consumer
awareness on
payment
Time Things
2009 China mobile to launch the first mobile
payment across 10 provinces
2011 China government allow third party operator
for cashless transaction.
2012 QR code payment appears in China
2014 QR code payment is permitted by the China
government
2016 Apple pay entry in to the China cashless
market.
7. Comparison of
consumer awareness
on payment
(Singapore)
TIME THINGS
2014 Singapore’s banking industry launched FAST (Fast and
Secure Transfers)
2017 PayNow and Paylah was launched.
2018 PayNow Corporate was introduced to allow businesses
and government agencies to pay and receive funds
instantaneously using a Unique Entity Number.
2018 Singapore launch the Singapore Quick Response Code
(SGQR) standard
2019 Non-bank players to get access to FAST
15. More than 88% of
Singapore consumers
were highly or
somewhat willing to
pay a premium for
products that came
with high-
quality/safety
standards.
(Insights, 2016a)
16. consumers are
willing to pay for a
premium price for
Personal
electronics and
clothing/shoes
(Insights, 2016a)
17. China
• More rational consumers
• Prices are more
transparent and price
comparison is easier and
more convenient.
18. • Only 9% of consumers willing to buy
products of better quality and at higher
prices.
• 15% of consumers willing to buy products
that satisfy the basic functions and at
lower prices.
(Sources: Nielsen, 2018)
20. Singapore
• High brand conscious
• High brand loyalty
• Like to experiment with new products
21. • 28% of locals invested in
stock or fund, spend more
on financial services.
• 51% of Singaporeans are
willing to spend on travel.
(Nielsen, 2019)
22. China
• Main consumer force is made up of
individuals in late 20s and early 30s
• Spend more on entertainment and online
shopping
23. • Consumer spent more
money on medical
expenses, education,
entertainment,
transportation and travel.
• Showing a willingness to
pay for services and
experiences.
(National Bureau of Statistics)
41. • Consumer innovativeness is defined as the
predisposition to purchase new and different
products and brands
• Singaporean: more innovative
• Chinese: less innovative
42. Price conscious has been defined as the
degree to which consumers focus on
paying a low price (Lichtenstein, Ridgway
and Netemeyer 1993, p. 235).
Singapore: more price conscious
China: Less price conscious
43. • Impulse buying is defined
as an unplanned and
spontaneous purchase
(Rook and Hoch 1985).
Both of Singaporeans and Chinese
have same level of unplanned
purchases
44. • Confused by Overchoice decision-
making is defined as an experience of
information overload.
• Singapore: more confused by
overchoice
• China: less confused by overchoice
45. • Brand loyalty measures the
extent to which consumers
make habitual purchases and
remain with their favorite
brands or stores (Sproles and
Kendall 1986).
Singaporean: more brand loyal
Chinese: less brand loyal
46. References
• Insights (2016a), Going premium: how Singaporeans are trading up in products and services.
[Online] available at: https://www.nielsen.com/sg/en/insights/reports/2016/going-premium-how-
singaporeans-are-trading-up-in-products-and-services.html [Accessed 5 May 2019].
• Insights (2016b), What's at the heart of the Singapore consumer in brands? [Online] available at:
https://www.nielsen.com/sg/en/insights/reports/2016/whats-at-the-heart-for-the-singapore-
consumer-in-brands.html [Accessed 5 May 2019].
• Nielsen, (2018) Ten trends of china's consumer market in 2018 . [Online] available at:
https://www.nielsen.com/cn/en/insights/news/2018/nielsen-report-ten-trends-of-chinas-consumer-
market-in-2018.html [Accessed 20 May 2019].
• National Bureau of Statistics (2018) [Online] available at:
http://data.stats.gov.cn/tablequery.htm?code=AD09 [Accessed 20 May 2019].
47. References
• Nielsen, (2019) Confidence tapers in first quarter of 2019 for Singaporean consumers. [Online]
available at: https://www.nielsen.com/sg/en/insights/news/2019/Confidence-Tapers-in-First-
Quarter-of-2019.html [Accessed 21 May 2019].
• Engen, (2018) There is no disputing that China is ahead of the rest of the world in mobile
payments. What insight does it offer U.S. bankers? . [Online] available at:
https://www.americanbanker.com/news/why-chinas-mobile-payments-revolution-matters-for-us-
bankers [Accessed 21 May 2019].
• Fintech news (2018) Singaporeans Confident To Go Cashless For Up To Three Days. [Online]
available at: http://fintechnews.sg/19650/mobile-payment/singaporeans-confident-to-go-cashless-
for-up-to-three-days/ [Accessed 22 May 2019].
• Kelly NG (2018) The Big Read: How e-payment ended the long reign of cash in Beijing, and the
lessons for Singapore. [Online] available at: https://www.todayonline.com/singapore/big-read-
beijing-cash-not-king-and-mobile-payment-reigns-supreme [Accessed 22 May 2019].
48. References
• Aaker, J. & Maheswaran, D. (1997),“The Effect of Cultural Orientation on Persuasion“, Journal of
Consumer Research, Vol. 24. pp. 315–328.
• Abe, S., Bagozzi, R. P. and Sadarangani, P. (1996),“An Investigation of Construct Validity and
Generalizability of the Self-Concept: Self-Consciousness in Japan and the United States”,
• Journal of International Consumer Marketing, Vol. 8, No. 3/4, pp. 97–123.
• Abraham, S. & Zeynep, A. (2003), “A Cross-Cultural Analysis of Participative Decision-Making in
Organizations“, Human Relations, Vol. 56, No. 4, pp. 453–474.
• Ackerman, D. and Tellis, G. (2001), “Can Culture Affect Prices? A Cross-Cultural Study of
Shopping and Retail Prices”, Journal of Retailing, Vol. 77, pp. 57 –82.
