SG consumers least likely to raise year-end spending in SEA

Amongst spenders in Singapore, 48% plan to spend on travel and only 7% on shopping.

About 69% of consumers in Singapore are unlikely to increase their year-end spending, making them the most cautious in Southeast Asia.

Amongst those who intend to spend, 48% plan to spend on travel, 19% on home and family expenses, and only 7% on shopping, UnaFinancial found.

Only 14% said that their borrowings typically rise at year-end, it added.

A few or 15% have previously taken an online non-bank loan for festive occasions, and 27% plan to use one this year, with 17% using loans for a holiday trip.

UnaFinancial’s survey of 400 consumers across Singapore, the Philippines, Vietnam, and Indonesia studied the year-end spending momentum in Southeast Asia.

Seventy-three percent of consumers from the Philippines, 88% from Vietnam, and 84% from Indonesia showed intention to increase year-end spending. 

In the city-state, nearly eight in 10, or 79%, said they typically spend more, whilst 46% plan to take a digital loan for holiday celebration, UnaFinancial said.

In the region, travel is the top driver of increased spending (33%), followed by shopping for items such as clothes and electronics (25%), home and family expenses (20%), and gifts and celebrations (19%).

Borrowing rose for about a third of consumers (35%), whilst 31% said they do not borrow money, UnaFinancial said.