Market Insights Advertising & Media Advertising

Digital Classifieds - Singapore

Singapore

Ad spending in the Digital Classifieds market in Singapore is forecasted to reach US$100.50m in 2024.
The expected annual growth rate (CAGR 2024-2029) for ad spending is 1.47%, leading to a projected market volume of US$108.10m by 2029.
When compared globally, the majority of ad spending will originate from China (US$7,661.00m in 2024).
The projected average ad spending per internet user in the Jobs classifieds market is US$6.01 in 2024.
Within the Digital Classifieds market, 48.68% of total ad spending is anticipated to be generated through mobile in 2029.
Singapore's digital classifieds market is experiencing a surge in user engagement and revenue growth, driven by innovative platforms and targeted advertising strategies.

Key regions: Asia, China, France, United States, Japan

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Analyst Opinion

The Digital Classifieds market in Singapore has experienced significant growth in recent years, driven by changing customer preferences and the rise of online platforms.

Customer preferences: Customers in Singapore have increasingly turned to digital classifieds platforms for their buying and selling needs. This shift can be attributed to several factors. Firstly, the convenience of online platforms allows users to browse and purchase items from the comfort of their own homes, eliminating the need for physical visits to stores or sellers. Secondly, the wide range of products and services available on digital classifieds platforms provides customers with more options and opportunities to find what they are looking for. Lastly, the ability to compare prices and read reviews from other customers helps customers make more informed purchasing decisions.

Trends in the market: One of the key trends in the Digital Classifieds market in Singapore is the growth of mobile usage. With the increasing adoption of smartphones and mobile internet, more customers are accessing digital classifieds platforms through their mobile devices. This trend has led to the development of mobile apps and optimized mobile websites, providing a seamless user experience for customers on the go. Additionally, the rise of social media platforms has also impacted the Digital Classifieds market, as customers are now able to easily share and promote listings to their network of friends and followers. Another trend in the market is the emergence of niche classifieds platforms catering to specific industries or interests. These platforms provide a targeted marketplace for customers looking for specialized products or services. For example, there are now digital classifieds platforms specifically for car enthusiasts, pet owners, and even job seekers. This trend reflects the growing demand for personalized and tailored experiences in the Digital Classifieds market.

Local special circumstances: Singapore's small size and high population density have contributed to the success of the Digital Classifieds market in the country. With limited physical space, customers in Singapore have turned to online platforms as a means of expanding their options and reaching a wider audience. Additionally, the high internet penetration rate in Singapore has made it easier for customers to access and use digital classifieds platforms.

Underlying macroeconomic factors: The strong economy and high disposable income levels in Singapore have also played a role in the growth of the Digital Classifieds market. Customers in Singapore have the means to make purchases and are willing to spend on a wide range of products and services. This has created a thriving marketplace for sellers and businesses on digital classifieds platforms. In conclusion, the Digital Classifieds market in Singapore has experienced significant growth due to changing customer preferences, the rise of mobile usage, and the emergence of niche platforms. The local special circumstances of Singapore's small size and high population density, coupled with the strong economy and high disposable income levels, have created a favorable environment for the development of the Digital Classifieds market.

Methodology

Data coverage:

Data encompasses enterprises (B2B). Figures are based on digital classifieds advertising spending and exclude agency commissions, rebates, production costs, and taxes. The market covers digital classifieds advertising fees paid by advertisers to display online jobs, motor, real estate, and general classifieds.

Modeling approach:

Market size is determined by a combined top-down and bottom-up approach. We use market data from industry association reports, third-party reports, and survey results from our primary research (e.g., Consumer Insights) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP, internet users, and digital consumer spending.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market. For instance, the S-curve function is well suited to forecast digital products due to the non-linear growth of technology adoption, whereas exponential trend smoothing (ETS) is more suited for projecting steady growth in traditional advertising markets.

Additional notes:

Data is modeled using current exchange rates. The impacts of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice per year in case market dynamics change.