Y&R: Happiness more important than money to young Singaporeans

The “Generation Asia” poll of leading values among 18- to 35-year-olds in Singapore showed three-quarters of respondents think happiness is more important than money. A further 72 per cent expressed a desire to achieve great things that improve the lives of others.  

It also showed that the young people in Singapore think status is best conveyed by what one does in life, rather than owning luxury products.

Melvin Kuek, managing director at Y&R Singapore, said Singapore is at the crossroads as a society, straddling two visions of the world.

“Born into a system that was very successfully focussed on preparing them for material success, Singapore’s 18- to 35-year olds have witnessed rapid change in the socio-economic scenario, leading them to reflect on the price paid for that progress,” he said.

The study also revealed that 63 per cent of Singaporean's Generation Asia men are “beauty” conscious, believing that a man shouldn’t have rough skin or wrinkles, and showing a preference for men-specific skincare products.

But Singapore’s Generation Asia women think that it is confidence that makes one look attractive, also believing that you can’t really be beautiful if you don’t lead a healthy lifestyle.

The survey also revealed that nothing seems to deter Generation Asia in Singapore from wanting to own a car, suggesting that Singaporeans love the idea of driving and view it is an important factor in being seen as successful.

Hari Ramanathan, Y&R’s regional strategy director and one of the leads behind the study, said understanding the 18- to 35-year-old demographic is important, as they will take decisions that define the future landscape of global society, as well as the fate of brands.

“For a few years now there’s been talk of how Asia is starting to dominate world affairs, economically, socially and even culturally, and yet this powerful zeitgeist was not seen as the lens through which an entire generation is going to view their own lives,” he said.

Ramanathan added that marketing in Singapore is often based on the assumption that Singaporeans are materialistic, rather than understanding the underlying motivation.

“The trick is to find out what is their idea of happiness is,” he said. “Brands need to look at what brings them [Singapore’s Generation Asia] happiness within their category. It’s about emotional satisfaction, not merely the physical attribution of a product.”

The online survey of more than 1,400 respondents was carried out in June for Y&R by partner agency VML.