We are living in a unique time: Singapore is seeing increasing wealth amid global economic headwinds. The number of millionaires has risen by 40 percent from 2021 to over 240,000 individuals in 2022. The city-state is now the fifth richest country in the whole world.
Given the growing local and inbound number of high-net-worth individuals, Singapore needs to provide adequate lifestyle choices and offerings to meet their expectations and engage them.
While the pandemic may seem like a distant memory, it has left an indelible mark on consumer lifestyles and mindsets. Among our high-spending cardmembers, what stands out is that they are finding meaningful experiences and unforgettable adventures at home, not just abroad.
Looking at my lifestyle during the pandemic, from when borders were closed to when travel resumed, my family and I gained a newfound appreciation for Singapore. We went for staycation weekends, explored the city’s cultural treasures and amazing parks, and indulged in the fun and adventurous places children like to go to.
American Express Singapore’s data backs this. Our high-spending customers continue to explore and spend locally despite the resumption of travel.
To cater to this shift, we refreshed our products and experiences for them. Our Centurion cardmembers enjoy unforgettable experiences such as the Centurion Haus, a secret exclusive members-only space at the iconic Raffles Hotel Singapore. It allows for priority bookings to Michelinstarred restaurants and meet-and-greets with world-renowned chefs such as Alain Ducasse and Anne-Sophie Pic.
With our Platinum cardmembers, we have diversified benefits to include dining, entertainment, and lifestyle offers. These are in addition to those already offered by the the card’s popular travel benefits.
Gen Zs and millennials make up over 60 percent of our new consumers globally as of the first quarter of 2023. Our premium cardmembers are getting younger as well, which is a trend we see in Singapore. In the United States, millennials and Gen Zs power our highest spending growth.
I see that the successful and affluent are not only similar across different generations but also countries—I’ve lived in places like Singapore, Hong Kong and Thailand. Success is becoming more experiential. People are ambitious. They want to establish a legacy as creators who build businesses, networks, and wealth that grows across multiple generations.
Our latest research shows this emphasis on meaningful experiences, too. Eighty-four percent of Gen Zs and millennials surveyed in the American Express Global Travel Trends Report 2023 would rather spend on a dream vacation than purchase a new luxury item.
Whether in Singapore or overseas, this experience of adventure and exploration shines through. The same report found that people are inspired to travel to recreate favourite on-screen moments, uncover hidden gems, dine at specific restaurants, and engage local communities.
At the core of our strategy is building long-term relationships with our customers and growing with them as a reliable partner through life. These are becoming more important in this increasingly transactional world.
We back our customers during both good and difficult times. For example, during the pandemic, we took measures to ensure our cardmembers continue to get strong value from us. We provided credit to spend at local retailers and restaurants, and on groceries. Additionally, we curated online shopping and delivery offers for those working from home. With the new normal, we even refreshed our cards to meet their evolving lifestyles for local and international travel.
Providing the world’s best customer experience is at the core of our brand promise. Ultimately, it boils down to empathy, understanding what our cardmembers want and anticipating what they’ll need.
This empathy begins with our culture. Our colleagues share this value and treat each other with empathy and kindness, as we challenge ourselves to achieve excellence. If we treat each other well, our customers can hear and feel this.
I have been a cardmember since 1993, 18 years before I joined American Express. I loved how the brand treated me as a member and now strive to bring that same level of service and empathy to our customers today.
The words of poet Maya Angelou guide me: “People will forget what you said, people will forget what you did, but people will never forget how you made them feel.”
As we learned from the pandemic, things can change daily. For American Express, what’s important is staying focused on our customers, supporting them through thick and thin, growing with them as their needs and lifestyles change, and growing with them for the rest of their lives.
We have weathered many challenges in our 173-year history globally and 98 years in Singapore, and will continue to do so in the future.
