Soups inflation in Singapore stood at 5.040% in April 2023, according to GlobalData’s report on the prices of stock keeping units (SKUs) supplied through online retailers. In Q2 2024, GlobalData monitored the pricing of 148 soups SKUs from companies such as Baxters, Campbell’s and Marks & Spencer that were sold by e-retailers. Buy the report here.
Pricing is crucial, especially in a challenging economic climate, as competitive pricing and price leadership impact consumers’ choices. GlobalData’s pricing analysis reveals that FairPrice offered lowest prices of the total SKUs within the soups category from April through June 2024, followed by Cold Storage and QOO10. According to the analysis, the price range of $5 and below was the most competitive, with 76 SKUs.
The chart below illustrates price leadership among the covered retailers which offer the highest number of low-priced products in the category. Of all retailers, FairPrice had greatest share of lowest prices for individual SKUs in soups in Singapore in Q2 2024.
Analysis of the quarterly price data showed that NULL offered the highest number of SKUs on discount among the listed SKUs for each retailer. Among variants, the tracker revealed mushroom cream and chicken cream as the most popular (by number of SKUs) soups variants. These were priced 47.36% lower than the average price of a soups SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were FairPrice, Cold Storage, QOO10, NULL and NULL. According to the analysis, QOO10 had the lowest average unit price, while the retailer with the widest product assortment was FairPrice.
The report brings attention to the intricate pricing dynamics within the soups market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, FairPrice, Cold Storage and QOO10 stood out as prominent e-retailers, providing competitive pricing for a substantial number of soups SKUs. However, to comprehensively grasp soups market in Singapore, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the Singapore soups market, buy the report here.
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