Market Trends of Singapore OOH And DOOH Industry
Retail and Consumer Goods to Witness Significant Growth
- Retailers invest in high-traffic areas such as shopping malls, transit hubs, and busy streets to maximize exposure. DOOH screens in these locations can capture a broad audience, including locals and tourists. 3D billboards, large digital screens, and other innovative formats can create a strong visual impact. These formats are particularly effective in grabbing attention and creating memorable brand experiences. As per data from the Singapore Department of Statistics, the total retail sales index in Singapore reached 96% in 2023, further driving the market.
- Utilizing a demand-side platform (DSP) for programmatic access, in-store DOOH advertising empowers brands to engage with audiences in retail and grocery settings through precise, data-driven, and measurable campaigns. Programmatic DOOH technology, tailored for media owners and retailers, including supply-side platforms (SSP) and ad servers, opens up fresh revenue streams for DOOH inventory holders.
- Programmatic DOOH, beyond traditional in-store visual and audio ads, offers advertisers an innovative tool to engage audiences at various touchpoints on their way to a retail destination. With advanced features like geo-location targeting, spanning screens at pivotal locations, data-driven audience segmentation, and the ability to analyze unique audience movement patterns, it crafts a highly targeted and efficient strategy, ensuring messages reach the right audience at the right moment and in the correct location.
- In Singapore, digital out-of-home (DOOH) billboards can be found in a variety of locations, including residential areas such as condominiums, housing developments, and high-rise office buildings. Movie theaters, sports stadiums, and various entertainment venues also embrace this technology.
- Many retailers are investing in advanced solutions to amplify reach and create a synergistic effect. For instance, Adsquare's Footfall Measurement solution facilitated data collection with the user consent of the consumers. This advanced technology links store visits to individuals who encountered Sunsilk's DOOH ads. Mindshare used this data to accurately gauge foot traffic at FairPrice supermarkets in Singapore, moving beyond traditional metrics like impressions or CPM. Real-time footfall measurements empowered Sunsilk and Mindshare to adjust their ad budgets dynamically, channeling funds into the most impactful strategies, thus optimizing their campaigns. This allowed the company to achieve an 8% value sales uplift in April 2023 compared to March 2023.
Understand The Key Trends Shaping This Market
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Billboards Hold the Largest Market Share
- Due to Singapore's dense billboard landscape, companies are leveraging DOOH advertising to significantly boost their brand's visibility. The segment has advanced in tracking DOOH interactions, utilizing features like interactive displays and QR code-enabled ads. This data empowers businesses to gauge the effectiveness of their campaigns, which is especially crucial given the substantial investments in digital billboard advertising across the nation.
- Recent innovations such as the evolution of 3D and mobile billboards are also expected to influence the growth of the market studied, as they significantly expand the use cases and support the new way of advertising, as well as help businesses enhance the customer experience in an innovative way.
- Singapore's continuous urban development and infrastructure projects provide new locations and surfaces for billboard installations. High-traffic areas such as new commercial centers and transport hubs are prime locations for billboards. In 2023, Singapore reaffirmed its status as a pivotal hub for meetings, incentives, conferences, and exhibitions (MICE) and business in the global-Asia landscape. As business travel to Singapore and the wider region picks up pace, the Singapore Tourism Board (STB) is increasing its efforts to draw and support top-tier business events. These events are strategically aligned with Singapore's key growth sectors, including advanced manufacturing, aerospace, logistics, health sciences, and finance.
- STB's efforts were successful, with the hosting of several major business events in Singapore for the first time in 2023. Notable mentions include SILMO Singapore, Transport Logistics Southeast Asia, Bar Convent Singapore, the 25th World Congress of Dermatology, the Million Dollar Round Table (MDRT) Global Conference, and the International Trademark Association (INTA) Annual Meeting Live+.
- Events like this encourage advertisers to invest in impactful billboards to drive sales from tourists. Moreover, as per data by the Singapore Tourism Board, the shopping segment recorded USD 3.74 billion in sales (SGD 4.95 billion) in 2023 and overall USD 20.57 USD billion in tourism receipts.
