Experian has revealed with data from its Mosaic consumer classification that there has been a steady rise in the average monthly household income in Singapore. It also suggests that there is a narrowing of the income gap over the past five years. This last item may surprise many of you who live in Singapore.
In 2011, the average income for Singaporeans was $2,925, up by 25% from 2007.
The new Mosaic Singaporean groups are classified as follows:
Affluent Elegance (1.56% of Singaporeans)
Influential families with a global outlook and significant assets in prime central neighborhoods.
Cosmopolitan Central (1.69%)
Successful career professionals living fast-paced cosmopolitan lifestyles in city residences.
Upscale Pragmatists (6.68%)
Older well-to-do families, many retired and leading leisurely lives in mature low-density premier districts.
Well-heeled Clans (6.64%)
Larger families from upper middle-income brackets with children in established housing estates.
Cautious Community (9.89%)
Mainstream families who live in older central housing estates.
Expanding Kinfolk (21.03%)
Multi-racial and multi-generational families living in peripheral estates.
Contemporary Homemakers (19.01%)
Comprising younger households with modern aspirations, this group consists of young Singaporeans in their early 20s to late 30s.
Kopitiam Lifestyles (16.65%)
Ethnic enclaves in high-density heartlands, this largely Malay group occupies homes in the public housing estates on the outskirts of the city centre.
Working Class Traditionalists (16.85%)
Older people living at subsistence level in small, densely populated quarters.
Experian uses many sources to gain data including SingPost postcodes, Census 2010 data, property and market research data. Singapore households and consumers are placed in 30 unique segments and nine groups that share similar demographic and socio-economic characteristics.
This update comes after five years from the initial launch of Mosaic.