This is a positive sign for the cosmetic industry, as the ever increasing buyers will help to boost the sales in future.
Income level of men consumers is increasing their expenditure for cosmetic and fragrance product is also increasing. Men are spending a large amount of their disposable income on the cosmetics and fragrance.
This direct relation between the income and consumption level of cosmetics will prove to be beneficial for the cosmetic and fragrance industry.
Plus Singapore GDP growth is comparable with other Asia countries, even with the small population, Singapore is able to outperform in terms of imports and exports. SGD is strong currency and with the currency intervened by MAS, these factors are more or less within control.
Due to the pull factors in Singapore, like there no taxes on cosmetics and fragrance and they do not need to apply for approval for placing or launching their product on the market will encourage more and more companies to invest in Singapore.
The living standard in Singapore is high and with the increasing awareness of health and beauty awareness, more and more people are willing to spend on beauty products and the spending power in Singapore is high. With all season summer in Singapore, there is no need to worry that weather will affect spending pattern.
The social-cultural forces are also unavoidable factors for marketing strategies. In few years, the number of single-men and men who are conscious about looking after their appearances are playing a major role in the consumption of personal care products.
Therefore, U.S Cosmetic Corporation which promptly grasps this market segment earns no less profitable.
Consumers are opening up and accepting the idea of men’s skin care due to the popularity of South Korean boy bands and Men are more image-conscious and showing a greater interest in personal grooming.