3 ways SG can benefit from rising interest from Central and Eastern Europe consumers

Singapore is the third most trusted market of consumers in central and eastern Europe.

Singapore's reputation amongst consumers in Central and Eastern Europe (CEE) has sharply risen over the past year, data from Rothman & Roman's latest Consumer Reputation Survey.

According to the survey, Singapore rose to third place in the list of Asian markets with the highest consumer reputation index (CRI), surpassing China. This means that Singapore is CEE consumers' most trusted market.

The improving reputation of Singapore to CEE consumers will likely lead to better trade opportunities for the Lion City, said Rothman & Roman.

"There may be increased demand for Singaporean manufactured products and services. This presents an opportunity for Singapore to expand its exports and strengthen its trade relationships with CEE countries," 

CEE consumers' growing perception of Asian economies as innovative and technologically advanced may also increase competition for Singaporean businesses in the global market, said  Rothman & Roman.

"Singaporean business may need to innovate and invest in research and  development to remain competitive with other Asian economies in industries where they operate," the strategic communications agency said.

Lastly,  Rothman & Roman said the changing perception of CEE countries towards Asian economies will also impact Singapore's talent pool.

"As more people in CEE countries become interested in working and studying in Asia, including Singapore, this could lead to a larger pool of skilled and talented workers and students in Singapore," the company said.

"The changing perceptions of consumers in CEE countries towards Asian economies, including Singapore can present both opportunities and challenges for Singapore. The key for Singapore will be to adapt to changing market conditions and leverage its strengths in order
to compete and succeed in the global marketplace," Rothman & Roman added.