Sweet spreads inflation in Singapore stood at -6.720% in April 2023, according to GlobalData’s report on the prices of stock keeping units (SKUs) supplied through online retailers. In Q1 2024, GlobalData monitored the pricing of 438 sweet spreads SKUs from companies such as Skippy, Biona Organic and BlueHills Honey that were sold by e-retailers. Buy the report here.
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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 sweet spreads category from January through March 2024, followed by Cold Storage and Shopee Singapore. According to the analysis, the price range of $5 and $10 was the most competitive, with 138 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 sweet spreads in Singapore in Q1 2024.
Analysis of the quarterly price data showed that no discounts were offered for sweet spreads category by the retailers tracked by GlobalData. Among variants, the tracker revealed creamy; peanut butter and chunky; peanut butter as the most popular (by number of SKUs) sweet spreads variants. These were priced 119.88% lower than the average price of a sweet spreads SKU.
Among the e-retailers tracked by GlobalData, the leading ones, based on the number of SKUs, were FairPrice, Cold Storage, Shopee Singapore, and . According to the analysis, Cold Storage 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 sweet spreads market, examining both the SKU and retailer levels, and offering invaluable insights for stakeholders. Notably, FairPrice, Cold Storage and Shopee Singapore stood out as prominent e-retailers, providing competitive pricing for a substantial number of sweet spreads SKUs. However, to comprehensively grasp sweet spreads market in Singapore, continuous tracking of SKU pricing over time is necessary.
For a more detailed analysis of pricing trends in the Singapore sweet spreads market, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s online price intelligence platform helps users analyze price leadership and price gaps, as well as visualize product variants at the SKU level, across multiple geographies, retailers, and categories. The platform, a product of Consumer Intelligence Center provides price insights from more than 370 online retailers across 44 countries.
