Singapore millennials appear to prize consistency and reliability when making buying decisions.

In a survey of nearly 300 Singapore millennials by loyalty marketing agency ICLP, 74 per cent said they would buy more if their favourite retailers sold products that were more consistent and reliable, placing this as the top factor driving more purchases.

Meanwhile, 73 per cent said they would buy more if retailers rewarded them better, and 67 per cent would do so if retailers better understood their particular needs and requirements.

“Even as our economy evolves alongside a new generation, our findings about Singaporean millennials reiterate the fact that retail innovation is not just about creating the next trendy concept or offering,” says country manager Bruno Tay of ICLP, which ran the survey as part of an international study across nine markets.

“Fundamental factors like consistency and reliability, rewards and personalisation make shoppers feel truly special and will continue to form the foundation of a sustained relationship with brands.”

Compared to generations born before 1980, more of Singapore’s millennials also place an emphasis on personal recognition by brands and retailers, with 32 per cent considering it important for retailers to make recommendations tailored to their interests, compared with only 20 per cent of older shoppers. Similarly, 28 per cent of millennial shoppers think it is important for brands to remember their shopping, payment and delivery preferences, versus only 16 per cent of the older shoppers.

Relationship criteria

The survey seeks to shed light on Singaporean consumer behaviour and retail experience by modelling the brand relationships after the psychology of individual relationships with friends and romantic partners. Singaporean consumers were asked to rate their retail experience with brands on seven core relationship criteria – recognition, rewards, reciprocity, reliability, respect, trust and communication. These were then mapped onto a model based on Sternberg’s Triangular Theory of Love, in partnership with an expert on relationship dynamics, Professor Ron Rogge for the University of Rochester in the US.

In that regard, just 3 per cent of Singapore millennials see themselves as being devoted to their favourite brands. Another 28 per cent view their relationship with brands as casual, while 23 per cent merely like the brands without a strong element of commitment.

Such patterns reflect a broadly transactional outlook on brand relationships. Against the backdrop of Singapore’s uncertain retail landscape, this lack of emotional commitment underlines the urgency to engage consumers more deeply, says ICLP

“What millennial consumers feel today gives us a glimpse of the future of retail in Singapore,” says Tay. “The lack of emotional engagement, coupled with the emphasis on consistency and personalisation, points to fundamental gaps that brands and retailers need to fill. It calls for innovation that is purposeful and focussed.

“With the vast amount of data available today, they should step up their digital capabilities so they can understand and recognise every consumer as an individual, nurture each relationship and inspire devotion.”