Singapore Food & Drink Q1 2021
Growth in the Singapore’s food and non-alcoholic drinks market will slow over 2021, as the sector moves from higherthan normal growth over 2020, as a result of consumers reacting to the Covid-19 pandemic. Growth in alcoholic drinks spending willperform well over 2021, as the lockdown is lifted, consumer spending improves and consumer behaviour normalises. Our medium-term (2021-2024) outlook for Singapore’s food and drink spending growth is positive. There will be opportunities forpremiumisation in the alcoholic drinks sector, given the country’s affluent and ageing consumer base, and money will beincreasingly spent on quality rather than quantity.
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