Secret Lives of Singaporeans issue #10: Vintage goods, the return of NDP, and digital banks

SECRET LIVES OF SINGAPOREANS Issue #10 – Week commencing 6 June 2022 Authored with pride by Hakim AK and Lai Min Hui

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Secret Lives of Singaporeans is an ongoing collection of marketer-friendly briefs on the fascinating people of the little red dot, by planners and PR consultants from the big red agency. It’s not “thought leadership”, it’s “inspiration to DO”.

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Each issue comprises • One thing people in Singapore are talking about • One thing people in Singapore are searching for • One thing that’s in the news in Singapore

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One thing people in Singapore are talking about:

THRIFTING

Image Credits: Unsplash

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WHAT

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What do fashionable teens and bikers in their 60s have in common? They’re probably both wearing faded 80s graphic tees. As strong advocates of sustainability, Gen Z has found a way to contribute to the nation-wide goal of net zero carbon emissions through buying and selling second-hand clothes.

The other part of the appeal is the idea of having a truly unique piece of clothing – scarce commodities with their own histories stand out from the fast-fashion sea of sameness.

But young Singaporeans aren’t just waiting for retailers to bring them vintage – they’re sourcing, selling, and scoring big.

Niche networks of sellers have emerged, catering to even niche-r buyers who seek specific articles, brands or even items.

The resulting shadow economy in all things vintage has grown into a full-blown phenomenon on TikTok and Instagram where influencers styling vintage luxury rule the feeds and social selling is king.

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The clothing retail category is seemingly obsessed with fast fashion and seasonal trends.

Could young local consumers’ interest in thrifting be an opportunity for fashion brands to stand out – and even justify costing a premium – by shifting focus from keeping up with constantly-changing trends to embracing the timeless importance of quality?

SO WHAT

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One thing people in Singapore are searching for:

NATIONAL DAY 2022

Image Credits: Unsplash

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WHAT

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Family, Friends, and Fans of Singapore, rejoice! The surge in searches for all things NDP has begun, with balloting opening for coveted tickets to three shows in July and August, NDP with a vengeance: This year, as Singapore emerges into a year of lessened Covid restrictions, the mood is noticeably lighter, and with a subdued NDP 2020 and 2019 still in recent memory, residents will likely be out in force for the celebrations once more.

Extra-long weekend: For the pragmatic, the National Day 2022 public holiday (9th August) falling on a Tuesday isn’t just about celebrating the nation. For them, it’s an open invitation to plan for an extra-long weekend.

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Brands in Singapore may wish to plan in advance for: (i) Promotions, offers and events that cater to the expected ‘NDP with a vengeance’ mood, and the extended weekend people have to celebrate. (ii) Trendjacking the expected spike in number of people either applying for leave on or conveniently ‘falling ill’ on the Monday before National Day.

SO WHAT

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One thing in the news in Singapore:

FIVE DIGITAL BANKS LAUNCHING IN 2022

Image Credits: Google Images

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WHAT

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With the normalization of remote life over the past two years, organizations and consumers alike now operate with the idea that anything can be done online. With the launch of five digital banks in second half of 2022, consumers and enterprises will finally have the chance to try these services for themselves.

Just last week, Green Link Digital Bank (GLDB) became the first digital bank to open its virtual doors for business, serving businesses of all sizes. Likewise, Ant Group’s ANEXT is set to launch in H2 2022 with a similar suite of offerings. On the consumer front, Grab and Singtel’s GXS bank has already begun internal pilot runs of its cash advances. There's also the highly anticipated launch of Trust Bank born out of a partnership between Standard Chartered and NTUC. On the business side, these online-only business models are set to reduce overhead and cost to the end-user – but on the consumer side, will these come at the cost of traditional banks’ personal relationships and full suite of services?

What are incumbent banks to do? (i) In their customer experience: review processes, interfaces and operations to keep pace with these new digital-only banks, whose trump card is likely to be frictionless banking. This is a long-term play; enhancements will take time to implement. (ii) In their communications: double down on the fact that they are banks-turned-digital, not digital-turnedbanks. They have a wealth of attributes – hard-earned trust, financial credentials, the human touch, choice of experience – that the new players may find hard to match in the short term.

SO WHAT

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Hungry for more?

Talk to us at secretlivessg@ogilvy.com