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S’porean millennials lead in online cross-border shopping

SINGAPORE — Millennials in Singapore lead the way in cross-border online shopping in the Asia-Pacific region, showed a survey by e-payments giant PayPal, the results of which were released yesterday.

SINGAPORE — Millennials in Singapore lead the way in cross-border online shopping in the Asia-Pacific region, showed a survey by e-payments giant PayPal, the results of which were released yesterday.

About 80 per cent of these shoppers, aged 18 to 34, shopped online in the past 12 months at the time of the survey — conducted from September to October last year — with the most spending on travel, event tickets and entertainment. Of this group, 69 per cent bought from overseas merchants, the highest out of the six key markets covered by PayPal in the survey — India, China, Singapore, Japan, Australia and South Korea.

Highlighting how confident millennials are in buying from overseas merchants, the survey found that 65 per cent of millennial shoppers in the Asia-Pacific markets have purchased in a foreign currency and 33 per cent have bought from a website that is not in their native language. With digital payments and social platforms becoming mainstream, the allure of becoming an entrepreneur to capture this key millennial market segment is rising.

Ms Cheryl Zhou, co-owner of Singaporean home decor e-commerce shop Republic Market, said: “Social media is very important for sellers who want to target the millennial group. In addition to maintaining a website, we also market our products aggressively via Carousell and Facebook. We notice that our millennial customers tend to prefer customised products.”

Mr Dennis Tay, founder of Singaporean multi-label retail store Naiise, said: “The products that Naiise carries represent local culture, local heritage and local designers, and we are able to sell a slice of local culture to any place in this world through our online store.”

The survey was released as part of PayPal’s Singapore launch of its New Money, which its general manager for Southeast Asia Rahul Shinghal said aims to make people’s lives easier by helping them move and manage money more securely and efficiently.

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