Abstract
Why buy this report
- Get insight into trends in market performance
- Pinpoint growth sectors and identify factors driving change
- Identify market and brand leaders and understand the competitive
environment
Product coverage
Consumer foodservice by chained/independent; Consumer foodservice by type;
Consumer foodservice by type and chained/independent
Executive summary
Consumer foodservice continues to perform well in 2006
Increasingly hectic jobs and lifestyles and increased disposable income have
led to strong demand for consumer foodservice in Singapore, which continued to
perform well in 2006. From fast food to full-service restaurants, the
popularity of dining out has led to a strong surge in demand for different
type of consumer foodservice. Singapore is well known for its blend of ideas,
cultures and people and the Government of Singapore has also made great
efforts to make Singapore well known for its food through initiatives to boost
both foreign and regional tourism with large investments in the local
nightlife and entertainment scene and strong emphasis on consumer foodservice.
More vibrant retail environment helps to energise consumer foodservice
The retail environment, which is an important component of tourism and
consumer foodservice in Singapore has undergone continual development, through
the upgrading of existing shopping centres, in order to maximise space
allocation and to revitalise the consumer foodservice environment, and the
creation of new shopping centres. This development has been important as it
offers demanding consumers more variety.
Multinational brands lead in highly competitive consumer foodservice
In 2006, multinational brands McDonald' s, KFC and Burger King, which are the
three leading brands in fast food, continued to hold strong positions in
consumer foodservice. The increased affluence of urban consumers, particularly
young urban consumers, has helped to secure the success of these brands.
However, while multinational chained operators continually develop new
products to boost value sales, changing consumer tastes and increased
competition have led to encouraging signs of growth for other types of
consumer foodservice other than fast food.
More hectic lifestyles propel growth of 100% home-delivery/takeaway
Increasingly hectic lifestyles in Singapore have encouraged more consumers to
eat out so that they do not have to spend time cooking at home. This factor
helped to further boost the value share of take-away of consumer foodservice
in 2006 and to boost the popularity of 100% home delivery/takeaway.
Opportunities for 100% home-delivery/takeaway outlets have widened owing to
the number of office workers who need to purchase and consume their lunch
quickly as well as the increased perception of lack of time to indulge in
meals. While the number of 100% home delivery/takeaway outlets remained
relatively small in 2006, growth in the number of outlets was very promising.
Consumer foodservice expected to give strong forecast period performance
Consumer foodservice in Singapore is expected to continue its positive and
promising performance over the forecast period owing to various factors such
as steady continued increases in affluence among consumers, a buoyant economy,
increased demand for convenience and dining out and further emphasis on
Singapore as a tourism and entertainment hub. Various government initiatives,
such as the opening of Integrated Resorts, are also expected to ensure the
optimistic performance of consumer foodservice over the forecast period.
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